Ideal Life, an insurance technology company in Vietnam, has recently launched its mobile insurtech app.

Called IZIon24, 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 will soon offer insurance products tailored to a customer's needs. There is also a plan to expand its product portfolio. 

MARKET SNAPSHOT

IZIon24 is touted to be the first pocket insurance app in Vietnam. However, there is already a growing insurtech ecosystem in the country. 

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. 

Meanwhile, Singapore-based insurtech company igloo has been offering Home Content insurance in Vietnam via its partnership with e-commerce platform Shopee. 

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.

ON THE RECORD

"IZIon24 was created with the intention of serving as a bridge to bring suitable insurance products closer to customers, and leverage advanced technology solutions to answer their needs. In that sense, we also want to change the perception of Vietnamese [people] about insurance by providing an easy experience with added value through IZIon24," said Ideal Life CEO Nguyen Thanh Duy.