Huize Holding Limited, a leading insurance technology platform in Asia, has acquired Global Care Consulting Joint Stock Company, a pioneering InsurTech company in Vietnam, specializing in digital transformation solutions for the insurance industry.
The acquisition is driven by Huize’s strategy to expand its footprint internationally, marking its first foray into the ASEAN region starting with Vietnam. This move aligns with the launch of its new international brand, Poni Insurtech. The deal’s financial details were not disclosed.
Huize operates as a connector in the insurance technology space, providing a platform that integrates consumers with insurance solutions through sophisticated digital channels. On the other hand, Global Care, established in 2017, enhances the capabilities of insurers in Vietnam by digitizing sales processes and policy management through cloud-based solutions and mobile applications.
Global Care’s achievements in 2023 included facilitating 13.5 million policies, quadrupling its revenue year-over-year, and growing its registered users to over 1.3 million.
Huize Co-Chief Financial Officer and Head of International Business Ron Tam commented, “Vietnam is a highly attractive emerging market for insurance with a sizable, young and digital-native demographic of 100 million people, coupled with strong macro tailwinds and FDI inflows driving robust GDP growth in the coming decade. We are delighted to be entering Vietnam via a strategic investment in Global Care with founder Niem and her experienced team firmly establishing the company as a trailblazer in the delivery of innovative digital insurance solutions for the Vietnamese insurance industry.
“This acquisition is expected to generate significant synergies that will drive market share growth for Global Care by accelerating new product development through leveraging Huize’s technology stack and AI solutions, as well as existing partnerships with leading global insurance brands. We are also very pleased to introduce VinaCapital as a strategic shareholder of Huize through this transaction, and we are highly confident in driving further collaboration opportunities in Vietnam leveraging on VinaCapital’s vast resources and network in the local market.”
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