Saladin’s Series A Signals New Phase for Vietnam’s Digital Insurance Market

Backed by SBI Ven Capital and regional investors, the insurtech plans to expand into life and health insurance as Vietnam undergoes major regulatory and digital transformation.

Vietnam-based insurtech startup Saladin has closed an undisclosed Series A round backed by a group of regional and global investors. The round was led by SBI Ven Capital together with NTUitive and Kyobo Securities, and also saw participation from ICMG, Peak XV Partners, and Monk’s Hill Ventures, underscoring sustained interest in Saladin’s position in Vietnam’s expanding digital insurance market.

With fresh capital, the company will expand from non-life products into categories that traditionally required face-to-face consulting, such as term life and comprehensive health insurance. The move signals Saladin’s ambition to build a full-stack digital insurance platform that appeals to Vietnam’s increasingly tech-savvy population.

Expanding into more complex insurance categories

Saladin’s next phase is centered on broadening product depth and improving the customer experience. The company plans to introduce life insurance offerings designed specifically for online distribution. This includes both ready-made packages and tailored financial protection plans that can adapt to individual customer needs.

While online life insurance remains relatively new in Vietnam, Saladin believes that improved digital literacy and shifting consumer expectations make this the right moment to enter the segment. To support this expansion, the firm is strengthening its claims processes, customer support systems, and service operations — all areas that must be seamless for higher-trust insurance categories.

Leveraging AI and partnerships for scale

Saladin is also stepping up its use of AI-driven tools to personalize recommendations, improve risk assessment, streamline claims, and enhance customer support. The company says these capabilities will help improve efficiency at scale while building trust in digital-first interactions.

Partnerships will remain a core strategy. Saladin plans to work with large enterprises in healthcare, life insurance, and travel to co-develop specialized protection products. This complements its embedded B2B2C distribution model, which integrates insurance offerings into partner ecosystems such as payment platforms, travel services, and healthcare networks.

A growing distribution network

Another foundation of Saladin’s growth is Saladin Pro, the company’s agent and collaborator network. With more than 15,000 registered partners, the program supports training, onboarding tools, and financial literacy content to help agents transition to hybrid digital sales models. Despite digital adoption increasing, insurance remains a trust-heavy product category in Vietnam. Saladin’s combined digital + agent strategy reflects an understanding of this market reality and bridges the gap between fully online journeys and traditional advisory roles.

So far, Saladin has partnered with 15 leading insurers and served nearly one million unique customers, indicating strong traction within just a few years of operation.

Why timing matters: Vietnam enters a transitional phase

Saladin’s funding arrives at a moment when Vietnam’s insurance market is undergoing major structural changes. Recent reforms have reshaped the bancassurance sector, which previously dominated distribution but faced regulatory action due to mis-selling and loan-linked products. As traditional channels adjust to stricter oversight, digital brokers and independent distributors have an opportunity to gain ground.

Several macro trends are also accelerating insurtech adoption:

• Rising digital penetration

With more than 70% internet penetration and millions of smartphone users, Vietnam’s consumers increasingly expect seamless digital services — including insurance.

• Low insurance coverage

Vietnam still lags behind regional peers in insurance penetration, leaving significant room for growth, especially in health and life categories.

• Government support for digital transformation

Ongoing legal reforms aim to modernize the insurance industry, improve transparency, and encourage digital solutions.

• Growing cost pressures in healthcare

Rising medical expenses are pushing consumers to seek financial protection, creating demand for more flexible online insurance products.

These factors create favorable conditions for a platform like Saladin, which combines digital onboarding, embedded distribution, and agent-assisted advisory.

Investor confidence: a broader opportunity

Investors view Vietnam as one of Southeast Asia’s next major insurtech markets. SBI Ven Capital CEO Eiichiro So said Saladin’s customer- and carrier-centric design positions the company well for long-term growth. The firm’s technology-led approach, he noted, supports not only online distribution but also improved workflows for insurers and agents.

Similarly, founder and CEO Vivien Vân Lê described Vietnam’s regulatory overhaul and digital initiatives as paving the way for “a new chapter of innovation” across insurance, fintech, and healthtech. She believes 2026–2027 will be pivotal years as the country moves toward more transparent, convenient, and consumer-friendly insurance experiences.

Conclusion: 

Saladin’s Series A is more than just a funding milestone — it’s a signal of where Vietnam’s insurance industry is heading. As regulatory frameworks evolve, trust improves, and consumers embrace digital services, the market is opening up for agile, technology-backed distribution models. Saladin’s hybrid approach — combining embedded insurance, agent networks, and AI-driven personalisation — positions it well to shape this transformation.

If executed effectively, the company could become one of the key players accelerating Vietnam’s shift toward accessible, data-driven, and customer-centric insurance services.

Quick Takeaways

• Saladin secures new Series A funding led by SBI Ven Capital, with participation from NTUitive, Kyobo Securities, ICMG, Peak XV Partners, and Monk’s Hill Ventures.
• Funding will support expansion into online life and health insurance, moving into categories traditionally reliant on offline agents.
• The startup plans to offer term life, comprehensive health protection, and custom financial safety packages designed specifically for digital distribution.
• AI-driven enhancements will upgrade the customer journey—from claims processing to personalised recommendations—aiming to build trust in digital insurance.
• Saladin will deepen enterprise partnerships in health, life, and travel insurance to co-develop tailored protection solutions for end-users.
• Vietnam’s insurance market is entering a major transition, driven by regulatory reforms and rising digital adoption, creating opportunities for insurtech players.