Ideal Life, an insurance technology company in Vietnam, has recently announced the launch of its mobile insurtech app called IZIon24.
As per the news reports, 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 each product's purpose and benefits.’
Available on both Android and iOS devices, IZIon24 is being touted to be the first pocket insurance app in Vietnam.
It is also expected to soon offer insurance products tailored to a customer's needs, in an attempt to expand its product portfolio.
In Vietnam, there seems to be a growing insurtech ecosystem.
Local insurtech player INSO also has a mobile app for purchasing insurance. Telecommunication giant Viettel has partnered with global insurtech company bolttech to offer insurance products via the Viettel consumer app. AI-powered insurtech platform SaveMoney has also teamed up with another telecommunications company, Vinaphone, to reach millions of uninsured Vietnamese people.
It is forecasted that Vietnam's general insurance industry will grow to $3.5 billion in 2026 from $2.6 billion last year, growing at an 8.5% CAGR, according to GlobalData.
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