In this episode, Michael Waitze talks to Hung Phan, co-founder, and CEO of Vietnamese InsurTech Papaya. Coming from a banking background, Hung’s first experience with insurance was when he joined newly launched FWD Vietnam in 2017. In 2018, Hung started Papaya and focuses on employee benefits and simplifying benefits administration for corporations.
Michael and Hung talk about the insurance landscape in Vietnam. The country has a very low insurance penetration rate, lacking behind even countries like Thailand and Indonesia. In order to solve distribution and reach the last mile, partnering with ecosystems and large networks like telcos or the national postal service can be a solution. But conversion is always a problem, especially in a country with low financial literacy and general mistrust of insurance.
Hung explains how Papaya is focused on the customer experience. In order to ensure a smooth customer journey, the startup took over the claims management process in order to ensure quality service at the moment of truth. In order to make direct payments, Papaya is working with local hospitals and is creating their own healthcare network including a claims platform for insurance claims. By taking over claims management, Papaya also benefits from connecting with the insured employees. This allows the startup to collect data on customer behaviour and promote cross-sell activities at the right moment.
Other companies mentioned in this episode: Tiki
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The music on this episode was created by Jay Man and is called “Soaring”.