VinaCapital Ventures backs insurtech GlobalCare

Terms of the investment were not disclosed.

The technology investment arm of VinaCapital Group, VinaCapital Ventures, has taken a stake in insurtech GlobalCare for an undisclosed amount.

Founded in 2017 by Dinh Thi Ngoc Niem and her co-founder, Hang Minh Loi, GlobalCare’s innovative platform allows insurance companies and agents to sell policies via a cloud-based and on-premises app that enables end-to-end service management to monitor transaction history and process claims, amongst 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.

GlobalCare’s distributors and agencies include more than 3,000 offline to online stores, where consumers can purchase a wide range of insurance products, and one of the top ride-sharing platforms, which provides insurance policies for its drivers and users. It provides a complete technology solution for more than 10 major insurance distribution channels and 200,000 agents.

“GlobalCare is exactly the kind of startup we want 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. The non-life insurance segment in Vietnam was about $2.3b in 2019. We are confident that GlobalCare is positioned to capture a significant part of the growth that is expected in Vietnam’s insurance industry,” Hoang Duc Trung, partner of VinaCapital Ventures said.