Name
Global FinTech Guide
Country _ Name
Vietnam
SectionTitle
InsurTech
Body
InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.

Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.

Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.

Introduction

Attitude of the country towards InsurTech-services

Vietnam generally holds a positive and encouraging attitude towards InsurTech services, recognizing their potential to modernize the insurance sector, and expand financial inclusion. With the insurance market growing at a double-digit rate annually, along with positive economic growth prospects and national digital economy development policies, Vietnam’s InsurTech market is expected to expand significantly. Recently, the InsurTech landscape in Vietnam has seen rapid development, with a noticeable wave of tech-based insurance startups and significant growth in net revenue for InsurTech players. Currently, there are around 20 InsurTech companies operating in the Vietnamese market. According to statistics from FiinGroup, “during the 2018–2022 period, the net revenue of these companies consistently recorded a compound annual growth rate, with some cases experiencing extraordinary growth of up to 255%”.

There is also a strong trend of increased investment in technology by insurance companies, with a high percentage planning to increase their tech investments. Vietnam’s Law on Insurance Business No. 08/2022/QH15 dated 16 June 2022, which took effect on 1 January 2023, further facilitates the development of new insurance products for the market in the application of information technology and introduces more specific regulations on online insurance distribution, which might serve as a ground to accelerate the growth of Vietnam’s InsurTech market in the near future. Accordingly, technology has evolved from merely a supporting tool into the most critical "key to transformation" for the insurance industry. According to a survey by Vietnam Report, 100% of insurance companies identified technology as the greatest opportunity in 2025. Surveys reported that the percentage of insurers planning to increase their investment in technology rose from 95.5% in 2024 to 98.7% in 2025, clearly reflecting the industry’s strong determination to pursue digital transformation. In practice, the implementation of InsurTech in Vietnam has made significant strides. Within just one year, there has been a significant increase in the number of insurers integrating technologies such as AI, Optical Character Recognition (OCR), cloud computing, and chatbots into their operations.
Additionally, foreign InsurTech companies are also identifying Vietnam as a burgeoning market and are exploring strategic partnership and expansion opportunities. According to VnEconomy, “the appeal of the InsurTech sector in Vietnam is further demonstrated by the surge in investor funding since the 2021–2022 period, which led to a sharp increase in capital raised within the InsurTech segment”.

Against the foregoing landscape, the development of InsurTech businesses in Vietnam is facing challenges related to infrastructure, workforce, distinguished legal frameworks, and brand recognition (as “emerging InsurTech platforms have yet to build strong brand awareness and trust, especially among middle-aged and older customers”, according to VnEconomy). However, the situation might change soon, given the current substantial room for InsurTech development in Vietnam, and the recently promulgated Resolution No. 222/2025/QH15 of the National Assembly dated 27 June 2025 on International Financial Centers in Vietnam (“Resolution 222”), which prescribes the establishment, operation, management, monitoring, and special mechanisms and policies applicable to international financial centers in Vietnam. Accordingly, the state will adopt special, preferential mechanisms and policies to encourage and facilitate the attraction of capital sources, technology, modern management methods, high-quality human resources, and infrastructure development into the international financial centers with a view to developing the insurance market in Vietnam and integrating it with the international market. Such mechanisms notably include permitting members of the international financial centers to apply simplified procedures and order in deploying insurance market development solutions. With insurance products and services being included as the products and services to be provided in the international financial centers, and insurance companies being eligible to register to be members of the international financial centers, Resolution 222 is expected to open new opportunities for the development of InsurTech in Vietnam.



Legal affairs

Obligations and requirements to provide InsurTech-services

Currently, Vietnam does not have a dedicated legal framework for these technologies but instead applies general regulations governing the insurance and technology sectors. Specifically, by law, in addition to the License for Establishment and Operations of Insurance Business, enterprises offering insurance services and products online must notify the Ministry of Finance regarding the provision of insurance services and products in an online environment. Particularly, insurance enterprises, branches of foreign non-life insurance enterprises, mutual organizations providing microinsurance, and insurance brokerage enterprises must notify the Ministry of Finance of information regarding the enterprise, insurance services, insurance products, forms of organization for such provision, and other information related to the provision of insurance services and products via the online environment.

In the event that insurance companies wish to be members of the international financial centers in Vietnam, they must also comply with certain requirements, including the mandatory registration for membership at the international financial centers (note that investors in the insurance field must establish a local presence in the form of a limited liability company under the License for Establishment and Operations granted by the Ministry of Finance), together with other ongoing compliance obligations related to AML, anti-terrorism financing, non-proliferation, tax obligations and other financial obligations, investment regulations, data security standards, etc.

Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area

N/A.



Economic conditions

Market size for InsurTech-services and biggest companies in this business area

Despite a high compound annual growth rate, with some cases experiencing extraordinary growth of up to 255%, “the market share of InsurTech companies remains relatively modest and only accounts for only 0.75% of total life and non-life insurance premiums in 2022” while recording impressive revenue growth, according to FiinGroup. In addition, “revenue from InsurTech products currently accounts for only 2–3% of the total market revenue in Vietnam”, according to ICT Vietnam.

Market analysis reports indicate that insurance penetration in Vietnam remains low. “Insurance premiums account for approximately 2% of GDP, significantly lower than in other Asia-Pacific countries such as Malaysia, Thailand, and India” (ICT Vietnam), indicating considerable room for implementing new insurance initiatives in the coming time.
Major InsurTech players in the Vietnamese market include:

  • Papaya: A digital platform offering employee benefits and insurance integration solutions.
  • Saladin: A multi-channel insurance platform, focusing on simplifying insurance comparison and purchase.
  • Igloo: A hybrid InsurTech company operating in both B2B and B2B2C models.
  • Ahamove: Delivery apps offering embedded insurance for personal accidents and goods delivery.
Baoviet, FWD, Manulife, and AIA Vietnam: Traditional insurers that have developed strong digital platforms or

Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area

Investment: InsurTech companies need to secure significant funding to develop and implement technology solutions and compete with traditional insurers, especially given Vietnamese people’s preference towards traditional insurance options.

Competition: The InsurTech market is becoming increasingly competitive, with both established players and new entrants vying for market share.

Growth Potential: The modest insurance penetration rate and growing demand in Vietnam present significant growth opportunities for InsurTech.

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