VinaCapital invests in Vietnamese insurtech startup GlobalCare

GlobalCare, a Vietnamese insurance technology (insurtech) startup, announced raising an undisclosed amount of investment from VinaCapital Ventures, the technology investment platform of VinaCapital Group.

The insurtech startup allows insurance companies and agents to sell policies via 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, the solution provides a convenient access point for their non-life insurance needs and in addition to being able to file claims, can communicate directly with Global Care staff for customer service.

The startup was founded by Dihn Thi Ngoc Niem and co-founder Hang Minh Loi in 2017. It has since grown and now has more than 3,000 offline to online stores as distributors and agencies. Through these distributors and agencies, consumers can purchase a wide range of insurance products.

Global Care itself is not an insurance company but a digital solution provider for the insurance industry that enables distributors and agents to provide a convenient, accurate, and smooth customer experience. Its solution transforms the process of buying insurance – which can often take days – into one that takes just minutes.

Dinh Thi Ngoc Niem, Founder and Chairwoman of GlobalCare, commented,

“The insurance industry in Vietnam is still in an early period of development. As Vietnamese learn more about the importance of having insurance to protect them, their families, and their businesses, we aim to provide a platform that removes the inconveniences that can occur when buying insurance products,” said Dinh Thi Ngoc Niem, founder and chairwoman of GlobalCare.

Niem is a veteran of the insurance industry, with more than 15 years of experience at companies such as Bao Viet, PVI, Liberty, as well as at GIC in a variety of operational roles.

Commenting on the investment, Hoang Duc Trung, partner at VinaCapital Ventures, said GlobalCare is the kind of startup that the venture capital firm wants 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, and a committed and experienced founder and team,” Trung said.