At its core, Saladin is focused on transforming the insurance landscape in Vietnam through its innovative one-touch insurance platform, which incorporates a multi-channel distribution system powered by technology. The platform caters to millions of Vietnamese customers, providing them with a curated selection of insurance products and options from various insurers.
Initially concentrated on personalized embedded microinsurance, Saladin has now expanded its offerings to include a wider range of non-life and health insurance products, serving both retail customers and micro, small, and medium-sized enterprises (MSMEs). This comprehensive approach covers various protection needs, such as car insurance, health insurance, travel insurance, and more. The company has connected with 9 leading insurers in Vietnam to date, and served about 600,000 unique customers with nearly 10 million insurance policies sold.
One of Saladin’s standout features is its seamless integration of the traditional insurance process with modern technology and user-friendly design. This includes utilizing API integration, modular design principles, and harnessing big data intelligence to swiftly recommend tailored and cost-effective insurance solutions to its customers.
“We believe that an effective solution for insurance services should offer end users protection from prevalent risks through fair insurance terms and fees. By employing cutting-edge techniques like predictive modeling, along with innovative product design and robust data analytics, we can create and implement such solutions at scale. Our true success lies in our unwavering commitment to safeguarding and uplifting individuals. With each person protected, we not only secure lives and financial well-being but also cultivate lasting peace of mind,” said Vivien Le, co-founder and CEO of Saladin.
The funding will be strategically allocated to expedite the technology and insurance product offerings, as well as expansion of Saladin’s marketing, sales partnership networks and customer support services. Collaborative efforts with insurers and re-insurers will play a crucial role in shaping these advancements.
“What makes Saladin stand out among local insurtech players in Vietnam is its unique approach of reaching and educating consumers by working with partners to integrate its insurance solutions into their platforms. The company is built with the goal of bringing differentiated solutions and making insurance purchases and claims personalized, transparent, fast, and convenient, while matching consumers with the most suitable insurance solution. Insurance penetration in Vietnam is amongst the lowest in the region, so we are delighted to join forces with Saladin to bring this important financial product to the masses,” said Justin Nguyen, General Partner of Monk’s Hill Ventures.
Other investors in the previous round include Peak XV Partners, Patamar, and Venturra among angel investors.