At a ceremony held in Ho Chi Minh City, Global Care, a leading Insurtech company in Vietnam, announced that Poni Insurtech has become a strategic shareholder, acquiring a significant stake in the company.
The partnership marks a major milestone in Global Care’s growth and expansion, as it also launched its new insurance comparison platform on the same day.
The new health insurance comparison platform, likened to an “insurance supermarket,” provides customers with a comprehensive tool for selecting suitable insurance products from a variety of insurers. This platform aims to enhance the customer experience by offering a streamlined and transparent insurance purchasing process.
Global Care has established itself as a major player in Vietnam’s Insurtech market. Through its multi-platform digital ecosystem, the company connects insurers, corporate partners, and collaborators with customers. Currently collaborating with most of Vietnam’s leading insurance companies, Global Care offers digital insurance products that meet customer needs efficiently and transparently. The company processes over 1.5 million policies per month and issued 13.5 million policies in 2023, with revenue more than quadrupling compared to the previous year.
Poni Insurtech, a Singapore-based Insurtech platform, brings advanced AI, data analytics, and digital capabilities to the partnership. The company provides technology-driven solutions for insurance consultation, customer engagement, marketing, risk management, and claims services. By becoming a strategic shareholder in Global Care, Poni Insurtech aims to support Global Care’s growth with its financial resources, industry expertise, and international management standards.
“The acquisition marks a significant milestone for Global Care,” said Mrs. Dinh Thi Ngoc Niem, CEO of Global Care. “Poni Insurtech’s backing will give us a unique edge in this exciting market. With their technology, financial strength, and experience, we will enhance our service quality and expand our reach. Most importantly, we share a common mission and vision, and together, we are poised to create strategic value for our partners, customers, and stakeholders.”
Mrs. Niem also expressed gratitude to VinaCapital Ventures for facilitating the partnership between Global Care and Poni Insurtech, emphasizing the potential for future collaborations.
This acquisition represents Poni Insurtech’s first step in its global expansion, starting with ASEAN markets. Ron Tam, CEO of Poni Insurtech, expressed his excitement about the company’s entry into Vietnam. “We are delighted to invest in Global Care, a trailblazer in delivering innovative digital insurance solutions. This partnership will generate significant synergies, driving market share growth by accelerating product development through Poni Insurtech’s technology stack and AI solutions,” said Tam.
In conjunction with the partnership announcement, Global Care launched its Insurance Comparison Platform, GlobalCare.vn. This platform allows customers to search for, compare, and customize insurance packages quickly and easily. Insurers can digitize their products without the need for an in-house technology team, simplifying the process of bringing new offerings to market.
The platform also integrates AI to streamline the claims process, supporting quick and accurate approvals. Not only does this benefit customers, but it also provides a valuable tool for insurance agents and collaborators to find suitable insurance packages for their clients while earning competitive commissions.
In a digital-first world, Global Care’s platform represents a unique approach to insurance by offering customers a dedicated channel to visually compare products, enhancing transparency and efficiency in the insurance purchasing process.