BaoViet Insurance
Driving Innovation
in Insurance
Bao Viet Insurance is one of Vietnam’s largest insurers, providing medical and life coverage to customers. Partnering with Hitachi, Bao Viet Insurance uses the power of big data and artificial intelligence (AI) to innovate ahead.
An Insurance Market Ripe for Innovation
As Vietnam experiences rapid economic growth and the rise of its middle-class population, lifestyle-related diseases are growing, hence increasing the need for adequate insurance coverage.
However, many Vietnamese delay getting insurance until medical treatment or intervention is necessary. To better reach this growing market, Bao Viet Insurance was looking to provide a new insurance service to improve health by allowing users to measure the risk of developing any lifestyle-related diseases and receive health guidance.
With the help of digital technologies including machine learning, AI and big data analysis, Baoviet Insurance was able to accomplish this. The insight gathered helped the company to accurately predict health risks to alert customers. In turn, the company was in a better position to target the right insurance coverage to their customers.
Partnering to Better Predict Future Risks and Raise Health Awareness
Utilising our Lumada Risk Simulator solution, our proprietary AI helps to analyse the medical big data of Bao Viet including users’ health checkup results and insurance claims to form prediction models.
This helps to assess the future risk of hospitalisation caused by eight major lifestyle-related diseases. The solution allows Bao Viet Insurance policyholders to check their future risks of lifestyle-related diseases by simply entering their health checkup results and past medical history into the mobile app.
This provides them with the factors for risks and advice for improvement allowing them to better facilitate behavioral changes for healthier lifestyle habits as well as to identify if further coverage is needed.
Providing Equal Healthcare Coverage
The solution has added value to existing customers, increase channel expansion and create opportunities to access more medical care services.
In addition, the risk prediction service will be linked to the other medical care services provided by Bao Viet Insurance to help improve the lives of customers and people living in the more remote areas of the country.
This collaboration seeks to drive a positive impact on Vietnam’s ageing population and help democratise healthcare services through early detection through the mobile app.
Creating Value through Partnerships
At Hitachi, we partner with major financial institutions across Asia and beyond including SBI Sumishin Net Bank, Bao Viet Insurance and VietCredit to optimise their operations and launch innovative new services for their customers.
We believe in a culture of partnership, collaboration and co-creation to unlock the most value for our clients and deliver truly exceptional products to the market.
Together we can revolutionise insurance, provide greater coverage and build healthier communities. Let’s harness the power of technology and artificial intelligence together.
