VinaCapital Ventures, a technology investment platform belonging to VinaCapital Group, announced it has invested in insurtech company GlobalCare.

But it provided no details.

Global Care is not an insurance company but an aggregator for the insurance industry.

It transforms the process of buying insurance which can often take days into one that takes just minutes.

Founded in 2017, GlobalCare’s platform allows insurance companies and agents to sell policies via a cloud-based and on-premises app that enables end-to-end service management to monitor transaction history and process claims, among other functions.

For consumers, it provides a convenient access point for their non-life insurance needs, and in addition to being able to file claims, they can communicate directly with company staff for customer service.

The company’s distributors and agencies include more than 3000 offline to online stores which provide a wide range of insurance products.

GlobalCare said it provides complete technology solutions to more than 10 major insurance distribution channels and 200,000 agents.

More than 15 types of insurance products can be bought on the platform, including health, business interruption, mobile phone, car, and personal accident policies. Its key insurance partners include Bao Viet, PVI, PTI, Pjico, MIC, and Liberty.

Hoang Duc Trung, partner at VinaCapital Ventures, said: “GlobalCare is exactly the kind of start-up we want to invest in. It offers a product that solves a pain point, a very clear and realistic business plan that has the potential to scale up, and a committed and experienced founder and team.

“The non-life insurance segment in Vietnam was worth about US$2.3 billion in 2019. We are confident that GlobalCare is positioned to capture a significant part of the growth that is expected in Vietnam’s insurance industry.” — VNS