Ideal Life, an insurance technology company in Vietnam, recently launched its insurtech mobile application.
Called IZIon24, the app allows users to browse and choose from a list of insurance products, purchase and manage their policies, and claim compensation.
With an intuitive interface, it also allows users to compare insurance packages and easily understand the purpose and benefits of each product.
Available on Android and iOS devices, IZIon24 will soon offer insurance products tailored to customer needs. There are also plans to expand its product portfolio.
IZIon24 is touted as the first pocket insurance app in Vietnam. However, there is already a growing insurtech ecosystem in the country.
Local insurtech player INSO also has a mobile application for purchasing insurance. Telecommunications giant Viettel has teamed up with global insurtech company bolttech to offer insurance products through the consumer app Viettel. AI-based insurtech platform SaveMoney has also partnered with another telecom company, Vinaphone, to reach millions of uninsured Vietnamese.
Meanwhile, Singapore-based insurtech company igloo offers Home Content Insurance in Vietnam through its partnership with e-commerce platform Shopee.
It is expected that the general insurance industry in Vietnam will grow to reach $3.5 billion in 2026 from $2.6 billion last year, growing at a CAGR of 8.5%, according to GlobalData.
“IZIon24 was established with the intention of serving as a bridge to bring appropriate insurance products closer to customers and leverage advanced technological solutions to meet their needs. In this sense, we also want to change the perception of Vietnamese people. [people] on insurance by providing a simple, value-added experience through IZIon24,” said Ideal Life CEO Nguyen Thanh Duy.