Medici, the insurtech and healthtech firm featured in Forbes Asia 100 to Watch 2022, today announced a strategic partnership agreement with Chubb Life Vietnam, a member of the global leading insurance company Chubb Group.
The new partnership allows Medici to significantly expand its portfolio with global-standard insurance products and health services, aiming to fulfil the aspiration of trustworthy and affordable insurance for everyone in Vietnam.
Under the partnership, Medici can introduce Chubb Life Vietnam’s insurance products to their customers via its tech-enabled agent network.
|The strategic partnership between Medici and Chubb Life Vietnam aims to give Vietnamese more access to global insurance products |
Medici’s agents across Vietnam will now receive extensive training and technology incentives to understand Chubb Life Vietnam's products quickly, to bring Vietnamese-centric yet global standard solutions of Chubb Life Vietnam to a wider range of customers.
“Strategic partnerships with leading insurance companies have always been a key driver of our business. Under the world's leading insurance company - Chubb Group, Chubb Life Vietnam is pushing the bar higher for the Vietnam insurance market with customer-centric product design and constant technology innovation,” said Ngo Duc Anh, CEO of Medici.
“We believe this partnership will enable Medici to introduce a more diverse and quality insurance experience for customers, consolidating our mutual vision of protecting millions of Vietnamese families,” he said.
Nguyen Hong Son, country president of Chubb Life Vietnam, said: “Our goal is to deliver the true value of life insurance through the right distribution channels. At Chubb Life Vietnam, we select our partners very carefully, and our new partnership agreement with Medici is a perfect example of our well-thought-out process. We believe Medici's experienced team of professionals, modern business model, and solid technology foundation will complement Chubb Life Vietnam in accelerating our plan to bring more life insurance protection to Vietnamese customers.”
|Despite the limited penetration rate of life insurance in Vietnam, the demand for solutions has seen double-digit growth in both new premiums and contracts over recent years. |
Despite the limited penetration rate of life insurance in Vietnam, the demand for solutions has seen double-digit growth in both new premiums and contracts over recent years.
This positive trend can be attributed to the increased awareness of life insurance and the rising need for health and financial protection triggered during the global pandemic.
The partnership of Chubb Life Vietnam and Medici is also in step with the changing market landscape, bringing life insurance closer to the Vietnamese so they can live their lives secured with good health protection and strong financial standing.
Medici is a technology firm endeavouring to provide accessible, trustable, affordable insurance and healthcare services to all Vietnamese.
The company's ecosystem embraces the entire customer protection and care journey with a nationwide insurance and healthcare partner network with over 37 branch offices across almost 40 cities and provinces in Vietnam.
| ||Vietnam an attractive life insurance market |
The life insurance market remains attractive despite slowing down of late, according to the Insurance Association of Vietnam.
| ||Digital-led initiatives lift up life insurers in Vietnam |
Vietnam’s life insurance landscape is being offered upbeat projections, with digital competencies being the driving force.
Medici has been invested in by prestigious regional venture capital firms such as Jungle Ventures, Insignia Ventures Partners, and Wavemaker Partners.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
Chubb Life is the international life insurance division of Chubb Group. Chubb Life has been in Vietnam since 2005, offering a range of life protection, health, savings, and investment-linked insurance solutions through its agents and wide network of offices.