EP 73 – Hung Phan – co-Founder and CEO, Papaya Insurtech – Focused On the Customer Experience

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Michael Waitze has been podcasting with some of the best investors and business builders globally and discussing all things startup with them from an Asian perspective. Michael worked in Global Finance for more than 20 years, employed by firms like Citigroup, Morgan Stanley, and Goldman Sachs, primarily in Tokyo. Michael always maintained a particular focus on how technology could be used successfully to make businesses more efficient and to drive P/L growth. Michael is quite skilled at connecting people and capital to innovative ideas and is a trusted advisor to both investors and founders. Michael is a leader in the digital media space, having pioneered the concept of a podcast network in Asia while building the biggest and fastest-growing listener base in the region. His flagship website, AsiaTechPodcast.com, has listeners in over 100 countries and is available on virtually every podcast player that supports RSS feeds.

Guest
Hung Phan

Hung is passionate about providing financial protection for those in need.

This episode is brought to you by:

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

 
Interested to learn more about the Vietnam market? Listen to our episode with Quang Ninh Tran.

This episode is brought to you by

To get in touch with the Uncharted team, email them at info@uncharted.global

The audio on this episode was expertly edited and produced by the talented Alanis Braun.  You can see her portfolio here and her LinkedIn profile here.

The music on this episode was created by Jay Man and is called “Soaring”.

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