International insurtech group bolttech under Pacific Century Group (PCG) has just announced its expansion to Vietnam with the merger of GiNET Vietnam – a Vietnamese non-life insurance broker and agent into its family.
|GiNET has been renamed to bolttech |
GiNET Vietnam Insurance Broker JSC has changed its name to bolttech Vietnam Insurance Broker JSC. This followed PCG’s latest investment into GiNet, which leads to the merger of GiNET into bolttech. The move marks bolttech’s deeper penetration into the market after its expansion into Vietnam’s potential device protection business last year.
GiNET has supported bolttech to expand its burgeoning business in Vietnam as well as bringing the group closer to its goal of building an insurance and protection ecosystem with the state-of-the-art technology.
|Ngo Thanh Nam, member of the Board of Directors of bolttech |
Ngo Thanh Nam, member of the Board of Directors of bolttech Vietnam, said, “We are very excited to join bolttech and PCG to grab new opportunities in Vietnam’s digital insurance market. Our goal is to take advantage of technology and digital platforms to deliver better customer experience. Entering the new phase of development under bolttech, we are ready to grow with a key focus on this goal.”
The event also marks an important milestone in Vietnam’s insurance market with the arrival of two global insurance brands under PCG, namely bolttech and FWD (the life insurance company with the largest capital in Vietnam).
By joining bolttech group, GiNET will become part of bolttech's innovative insurtech service network in Vietnam. Thus, it can connect insurance providers with individual and corporate customers to quickly and easily offer digital insurance products.
Two GiNET co-founders and executives, Ngo Thanh Nam and Ta Chien, said that bolttech Vietnam will continue to apply its extensive experience and expertise and cooperate with bolttech's professional team to implement modern insurtech solutions for the Vietnamese market.
Connected ecosystem drives bolttech’s overseas success
Ta Chien, Head of Brokerage, Vietnam at bolttech, said that with the new brand name, the company will become a member of the multinational corporation operating in three continents with strong financial and technology capability along with the ecosystem connecting customers and partners in many fields.
“This will help bolttech Vietnam deliver more professional services for our customers as well as opening up new business opportunities thanks to bolttech’s strong resources of technology, finance, and its extensive experience of development practice in overseas market,” he said.
bolttech Vietnam will operate under a modern and effective management model, focusing on improving skills and knowledge of staffs. It aims to create more professional services and bring more benefits to customers and partners.
According to the company's strategists, bolttech Vietnam’s core values will not only create new and unique products for the Vietnamese insurance market in general and the insurance players in particular but also a change in the way of distribution and services for insurance and protection products.
Bolttech aims to deliver its next-generation protection offering to their customers ranging from mobile devices to non-life and life insurance products.
“To facilitate this goal, we need abundant resources, technology support, and above all, connecting to a larger ecosystem,” he stressed, adding that bolttech has successfully developed the connected ecosystem in dozens of overseas markets including the US, transacting up to $3 billion in premiums in 2020 and achieved two million insurance policies.
Bolttech’s ambition for the Vietnamese market
|Rob Schimek, Group Chief Executive Officer of bolttech Group |
The announcement marks an impressive step forward for our brand in the region when GiNET becomes an important vehicle for us to achieve our vision of connecting people with digital solutions to get better protection.
We have big ambition for the Vietnamese market and this will create new opportunities for customers, staff, and partners of GiNET when we integrate our insurtech capability into bolttech’s operation in Vietnam.
Established since 2005, GiNET is a leading professional and innovative insurance broker in Vietnam operating comprehensive digital platforms to compare and sell consumer insurance products. GiNET has offices in Hanoi and Ho Chi Minh City with more than 40 employees.
Bolttech is present in 12 markets across three continents, including Asia, North America, and Europe. Its commercial activities are spreading in Austria, Hong Kong, Indonesia, India, Italy, Malaysia, the Philippines, Singapore, Taiwan, Thailand, the US, and Vietnam.
Pacific Century Group (PCG) is an Asia-based private investment group established in 1993 with interests across three core business pillars – technology, media and telecommunications; financial services; and property. In the field of financial services, PCG owns PineBridge Investments and FWD Group.