Taiwanese insurer Shin Kong Life and AIFT partner to venture into Vietnam

Taiwanese life insurer Shin Kong Life (新光人壽) and technology firm AIFT have signed a strategic cooperation agreement that aims to transform Vietnam's digital insurance market.

This partnership signifies a joint commitment to transforming Vietnam's digital insurance market through AIFT’s insurtech arm, IXT, which offers modern digital insurance capabilities. Together with Shin Kong Vietnam and its local distribution channels and operational expertise, they aim to create a pioneering hybrid insurance ecosystem.

The collaboration stems from AIFT's involvement with FinTechSpace Taiwan, an initiative supported by the Taiwan Financial Regulatory Commission. Under Shin Kong Life Taiwan's chairman Mark Wei's (pictured second right) mentorship, both parties have strategised their entry into Vietnam’s digital insurance space, initially targeting Taiwanese enterprises and individuals, with plans to address the needs of local Vietnamese and broader Southeast Asia in future phases.

As part of the partnership, AIFT will introduce its digital insurance SaaS system, IXT, which features a modular architecture, open integration, and an automated rule engine. This system is designed to adapt swiftly to local market requirements by enhancing policy administration efficiency and customer experiences. The synergy between IXT’s digital functionalities and Shin Kong Vietnam’s market expertise aims to bring a seamless online-to-offline (O2O) digital insurance service model to fruition.

At its debut, Shin Kong Vietnam has partnered with PetroVietnam Insurance (PVI), a key player in general insurance in Vietnam, to offer personal protection products, including car, travel, and health insurance. Utilising IXT's low-code product templates and workflows, Shin Kong Vietnam has planned to introduce a digital insurance application journey developed within three months, aiming to expand offerings to include scenario-based, commercial, and group insurance products. Additionally, Shin Kong Vietnam has planned to collaborate further with Dai-Ichi Life Vietnam branch.

To enhance localisation and ensure cybersecurity standards, AIFT and Shin Kong Vietnam have chosen Chunghwa Telecom Vietnam subsidiary as their strategic partner for data centre and cloud infrastructure services. This tri-party collaboration exemplifies cross-border synergies between Taiwanese and Vietnamese enterprises, contributing to the development of a new digital insurance landscape that better serves various customer segments.

This initiative marks an important step in the international expansion of Taiwan's financial technology innovation and sets the stage for ongoing partnerships with Shin Kong Life to promote Taiwan’s digital insurance solutions across Southeast Asian markets, fostering competitive, scalable, and regulation-compliant insurtech models, according to the release. 

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"Shin Kong Life has been actively seeking innovative partners with technical capabilities and market experience. AIFT not only possesses a highly flexible technical platform but also the capability to establish operations in the Vietnamese market. We believe this cooperation will mark an important step in the internationalisation of Taiwan's insurance technology," Wei said.

Michelle Ip (pictured centred), CEO, AIFT Enterprise, said: "As a tech enabler, we have always believed insurance could be made simpler, more accessible, and closer to life through technology adoption and innovation. AIFT aims to connect insurers with offline and online digital players to create an unprecedented digital ecosystem.”

“AIFT will continue to cultivate the Southeast Asian market and work with partners such as Shin Kong Life, which possesses deep operational experience, to drive innovation. We are honored to become Shin Kong Life's strategic partner and jointly create a new generation of digital insurance paradigm,” Ip added.

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