Vietnam-based insurtech and healthtech platform Medici has been backed with an undisclosed amount in Series A funding from its existing investors, including lead investor Jungle Ventures, Insignia Ventures Partners and Wavemaker Partners.
Medici said in a statement on Thursday the new capital will be invested into Medici’s technology infrastructure to capture the tremendous growth opportunity of Vietnam’s insurance and healthcare market.
With this new funding, Medici will further strengthen their technology infrastructure to empower the Medici advisor network through training, recruiting, and marketing with higher efficiency.
“Insurance is a complex product, hence advisors’ credibility and expertise lies at the core of the business. At Medici, the technology we have built like MediciPro does not take the insurance advisor’s place, but empowers them to be micro-entrepreneurs, adapt to the changing insurance landscape and become the catalyst for much-needed greater access to insurance across Vietnam,” said Duc Anh Ngo, Founder and Chief Executive Officer of Medici.
Medici is a technology firm endeavoring to provide accessible, trustable and affordable insurance and healthcare service to Vietnamese.
Given the complex nature of insurance products and lack of technology-enabled distribution channels, Medici said the insurtech business model, while attractive with vast market size potential, has been a challenge for any regional or local players in Vietnam.
It said Medici takes an unique approach to tackle the extremely low 2.8 percent insurance penetration rate, by empowering their nationwide advisor network with technology to provide insurance to their community.
Medici’s ecosystem, with their existing healthcare arm including an extensive network of hospitals and clinics, health consultants and influencer doctors, has fostered customers’ trust and ground a comprehensive healthcare offerings for their customers.
Having launched their insurance business, fully licensed by the Ministry of Finance, Medici has seen massive growth across all business areas within less than a year.
The company hit double digit month on month growth, and has made a nationwide presence with more than 35 branch offices across almost 40 provinces in Vietnam.
Their partnerships with Vietnam’s top ten both life and non-life insurance companies have consistently strengthened: Cathay Life, Liberty, Bao Viet, PVI, PTI, VBI, MIC, Bao Minh and most recently – Chubb Life.
Foundational to their recent growth has been Medici’s successful roll out of technology solutions to enhance advisor performance in the form of MediciPro.
MediciPro is a platform offering advisors multiple key functions to support their key activities of serving customers: a data processing system, and a variety of tools that help advisors grow their competency with e-training programs and content library for personal branding and customer relationship management.
“The $10 billion insurance industry of Vietnam is ramping up its transformation and we believe Medici stands at the forefront of growth with unrivaled advantages. Medici’s team gathers insurance veterans with more than 20 years of industry experience and technology entrepreneurs from leading tech start-ups, combining local nuance with technology initiatives to deliver impressive business results,
“We have seen the success of a similar model in Turtlemint, one of the leading insurtech start-ups in India and we look forward to supporting Medici to achieve the next milestones,” said Yash Sankrityayan, Managing Partner at Jungle Ventures.