Launches Insurance Influencer Platform in Vietnam by Global Care
In the bustling digital landscape of Southeast Asia, Global Care, a leading Vietnamese insurtech platform, is making waves with its innovative Key Opinion Leader (KOL) platform. This groundbreaking model, which has already proven successful in China, aims to spread positive insurance values to the Vietnamese people.
The KOL-driven insurance sales model is a strategic innovation that leverages Key Opinion Leaders (KOLs) to expand insurance distribution. By empowering ordinary individuals, such as lawyers or stay-at-home mothers, with digital tools and platforms, they are transformed into insurance sellers. This approach taps into social networks, driving customer acquisition more effectively than traditional sales channels.
Global Care was the first to launch an insurance KOL platform in Vietnam, enabling a wide range of people to participate in insurance sales, and earn substantial and stable income. The model's success is underpinned by four key factors:
- Broadening Reach: By enabling a large, decentralized network of KOLs, the companies exponentially expand their insurance sales reach beyond conventional agents.
- Income Incentives: Offering stable and significant earnings attracts diverse participants who are motivated to sell insurance actively.
- Digital Enablement: The platform supports non-experts in selling insurance confidently, lowering barriers to entry and enabling scalable distribution.
- Community Trust: Leveraging trusted voices (KOLs) helps build stronger customer trust and engagement, which is crucial in the insurance market.
The KOL-driven model has achieved remarkable results in China, with Huize Group being the market leader, generating approximately $67 million in 2024, accounting for nearly half of the group's total revenue.
Addressing legal concerns about selling insurance on social media, Economist Tran Nguyen Dan, a member of the Vietnam Bar Association, stated that insurance products are government-licensed and encouraged, and the key is to create content that complies with the Insurance Business Law so people understand their needs.
Global Care's product development director, Nguyen Chi Muoi, shared that the system currently processes 180 orders per second and can scale instantly, allowing billions of policies per year with security at developed-nation standards.
The KOL platform also serves to help collaborators expand their customer base and increase their income. Managing activity on a unified platform like Global Care lets the company moderate content to legal standards, ensuring users need not fear violations because income tax, content moderation, and compliance are handled rigorously.
Singapore-based Poni Insurtech has invested in Global Care, joining hands in this digital revolution in Vietnam's insurance sector. Foreign insurtech companies have identified Vietnam as a burgeoning epicentre for industry innovation and growth, driven by its modest insurance penetration rate and growing demand.
Income Insurance, a composite insurance company in Singapore, is exploring potential partnership opportunities, including mergers and acquisitions (M&A), to expand its presence in Vietnam. This strategic move underscores the potential of the KOL-driven insurance sales model in transforming the insurance landscape in Vietnam and beyond.
Technology plays a significant role in the KOL-driven insurance sales model, as digital platforms empower ordinary individuals to confidently sell insurance products. This digital enablement helps in scaling distribution efficiently and overcomes barriers to entry for non-experts.
The success of the KOL platform, as demonstrated by Global Care in Vietnam, is underpinned by technology that enables seamless processing of insurance orders, ensuring security at developed-nation standards and the ability to scale rapidly to billions of policies per year.
