Fuse, an insurtech startup from Indonesia, has recently announced its ambitious target of becoming a major insurtech player in Viet Nam.
Fuse announced that more than 5 million policies have been generated by Fuse Vietnam since inception in Viet Nam in 2021.
This is the company's first sizable traction outside Indonesia, Fuse stressed.
"The momentum in Viet Nam is very encouraging and it seems that the impact of the pandemic is starting to decline. Our strategy is to combine technology with our know-how to create a business that truly captures Viet Nam's insurance needs. It's not just about business growth but also how we can make more Vietnamese people get insurance protection easily," Fuse's CEO Andy Yeung said.
Fuse has been operating in Viet Nam since last year, offering small-ticket size digital insurance products that are affordable for everyone through e-commerce channel partners.
Recently, Fuse replicated the B2A2C agent partners model, which has proven successful in the Indonesian market, in Viet Nam. Using the Fuse Pro app, Vietnamese agents and brokers can use a digitisation tool which helps them convert offline business to online.
Viet Nam's insurance industry has huge potential and room for further development, given the fact that the market penetration is relatively low when compared to other Southeast Asia (SEA) countries. It becomes an opportunity for an insurtech player like Fuse, which has successful hands-on experience deploying technology innovation to increase insurance adoption and penetration rates.
This potential is reflected in the e-Conomy SEA 2022 report published by Google, Temasek and Bain & Company which predicted that Viet Nam's digital economy will reach a Gross Merchandise Value (GMV) of US$23 billion by the end of 2022 and $49 billion in 2025. The general insurance industry in Viet Nam is also predicted to grow, attributed to a strong economic recovery, increased frequency of natural disasters, and growing compulsory insurance classes.
Founded in 2017, Fuse is a pioneer in deploying mobile technology platforms to revolutionise insurance distribution channels to improve efficiency and experience for end-customers. The company has more than 500 teammates, with 24 branch offices across Indonesia, Viet Nam, and China to support local insurance companies and distribution partners to serve their customers better. — VNS