Tokio Marine deploys insurance app in Vietnam
The app targets employees of Japanese firms operating in the country.
Tokio Marine Insurance Vietnam Co., Ltd., the Vietnamese (TMIV) subsidiary of Tokio Marine Holdings, Inc., has launched its newest insurance app TM Care for Japanese companies operating in Vietnam.
Vietnam is still developing its public medical insurance system and currently there is a 70% co-payment rate for medical treatments at non-designated hospitals, which has created needs for private medical insurance.
According to Tokio Marine, Japanese companies operating in Vietnam are increasingly looking to establish insurance plans for their employees to enhance their employee benefits programs. With smartphone penetration rate in Vietnam rising to more than 60%, there exist an opportunity to create a platform that allows employees to purchase insurance conveniently through smartphones and tablets
With that, TMIV has developed TM Care, an insurance app for employees of Japanese companies operating in Vietnam.
Leveraging on Tokio Marine Group's expertise in online insurance sales in Japan, the app lets employees purchase private medical insurance without increasing their administrative burden.
In addition to medical insurance, the app also seeks to promote insurance protection in the country by offering automobile insurance and personal liability insurance, which currently have a low penetration rate in Vietnam.
According to TMIV, it plans to use the app as a platform for providing digital insurance in Vietnam and consider it to be used in a wider range of applications including the B2B2C market for members, collaboration with point services and target marketing leveraging on AI.