First automated insurance application launched in Vietnam

November 05, 2018 | 14:20
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The founder of famous insurance brand AAA has returned to the non-life insurance market with the launch of the very first automated insurance application in Vietnam, LIAN, expecting to heat up competition in the market.
first automated insurance application launched in vietnam
Lien made speech at the launch of LIAN

On October 30, 2018, Do Thi Kim Lien, founder of AAA, announced LIAN, the very first automated insurance application in Vietnam. “Buy in 1 minute – Receive compensation in 30 seconds” is the simple yet satisfying message that Lien would like to bring to the community.

The app follows the long-term, customer-oriented, and sustainable investment and development strategy drawn up by Lien, who is also special senior advisor of Vien Dong Assurance Corporation (VASS).

LIAN provides an opportunity for Vietnamese youths, officials, housewives, and students who are looking to improve their incomes by actively and independently doing business. With user-friendly and up-to-date design, LIAN has been receiving many positive feedbacks from users throughout the test period.

After two months of trial, there were more than 13,000 downloads and over 1,000 insurance contracts were sold. The most popular insurance product is residential fire insurance, driven by recent serious apartment fires. The Fourth Industrial Revolution is the outcome of science and technology breakthroughs and has a powerful impact on every aspect of social life.

In order to reach the primary target of covering all Vietnamese families with insurance from all risks, it is essential to allow customers to approach insurance in a fast, convenient, safe, and clear way and offer competitive prices.

LIAN – 24/7 Insurance was designed to be compatible with Android and iOS. Users can easily download and install the app from Google Play and the App Store.

first automated insurance application launched in vietnam
Users try the new application

Lien founded AAA Insurance in 2005. However, she sold the entire stake in the company to Australia’s IAG Group in 2012.

Lien was one of the most successful business women in the field of non-life insurance. After many years of experimentation and multiple successes in other industries, she decided to return to the insurance market.

In late 2013, Lien founded AAA Plus, which provides financial and M&A consultancy services, asset management, as well as business and investment brokerage. She is now also chairman of Aqua One Group, which focuses investment in clean water projects, BOT transport infrastructure projects, and seaports. Lien is also the honorary South African Consul in Ho Chi Minh City.

The Vietnamese non-life insurance market recorded a turnover of VND40.5 trillion ($1.76 billion) in 2017, up 11 per cent on-year.

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), the total assets of non-life insurance companies reached VND73.6 trillion ($3.2 billion) in 2017, of which VND38.8 trillion ($1.72 billion) was re-invested into the economy.

For 2018, local insurers are expecting a turnover of VND44.7 trillion ($1.94 billion) and assets of about VND77.3 trillion ($3.36 billion).

Non-life insurance giants include Bao Viet Insurance Corporation, BIDV Insurance Corporation (BIC), and Vietnam National Aviation Insurance Corporation.

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By Bich Thuy

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