Liberty Insurance Ltd. launches online automobile insurance for first time in Vietnam

Liberty Insurance Ltd. launches online automobile insurance for the first time in Vietnam

Liberty Insurance Vietnam has launched three insurance packages for automobiles, which offer flexible and reasonable fees for small- and mid-sizes autos, which include VND4 million ($175), VND6 million ($260) and VND8 million ($345) packages. On the same occasion, Liberty Insurance also debuted its web-based online insurance interface.

According to a report by DataReportal, as of early 2020, the total number of internet users in Vietnam was 68.17 million, accounting for 70 per cent of the population. In addition, in the pandemic and post-pandemic period, online shopping became more popular. Realising these opportunities, a growing number of enterprises have developed digital services.

Liberty Mutual Insurance (the parent company of Liberty Insurance Vietnam), an insurance brand from the US, also saw a chance on these trends. In August, via subsidiary Liberty Insurance Vietnam, it entered into a cooperation with the e-wallet MoMo to roll out online insurance payments. After three months, Liberty upgraded this method to an online insurance service interface on its website and mobile phones.

Three new insurance packages of Liberty Insurance Vietnam

Vo Tran Duy, director of Direct & Digital, Business Development, and Southern & Central Regions at Liberty Insurance Limited, said, “Liberty Vietnam has always been a pioneer in applying technology in its business activities and the company will continue to upgrade our digital experience for customers, including launching Vietnam's first online automobile insurance interface. Liberty expects to bring flexible insurance packages for customers while safeguarding the security of customers' information.”

According to statistics published by the Vietnam Automobile Manufacturers’ Association (VAMA) in 2019, 320,322 cars were sold across the country, up 12 per cent on-year. With the increasing demand, online insurance not only adds convenience and makes for an easier customer journey but can also capitalise on the growing demand for car insurance in the new normal.

Liberty Mutal Insurance was the sixth-largest global property and casualty insurer in 2019. It is present in more than 30 countries and markets around the world and employs over 50,000 people.

In 2003, Liberty Mutual Insurance opened its first representative office in Hanoi, which marked its entrance into the Vietnamese market. It offers a wide range of insurance products and services, including personal automobile, property, speciality lines, reinsurance, commercial multiple-peril, workers' compensation, commercial automobile, general liability, surety, and commercial property.