Huize, a digital insurance coverage product and companies platform from China, has introduced the acquisition of Vietnam’s insurtech firm International Look after an undisclosed sum.
The transfer represents step one in Huize’s ASEAN enlargement via its new worldwide model, Poni Insurtech.
Established in 2017, International Care specialises in digital transformation options for the insurance coverage sector.
Its cloud-based utility programming options and cell apps are utilized by shoppers to supply an array of embedded and customised insurance coverage merchandise.
International Care connects insurance coverage firms with retailers and distribution channels, together with e-commerce platforms akin to Seize and Ahamove.
In 2023, International Care’s platform is claimed to have facilitated the issuance of 13.5 million insurance policies, with revenues greater than quadrupling from the earlier yr.
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The corporate additionally noticed its registered person base develop to over 1.3 million, Huize famous.
Huize’s Poni Insurtech will purchase a controlling stake in International Care via the acquisition of current shares and the subscription of recent shares in a number of closings, as per the transaction paperwork.
International Care’s backer VinaCapital Ventures will obtain newly issued class A standard shares of Huize as partial consideration for the acquisition.
This can characterize roughly 1.7% of Huize’s issued share capital on a fully-diluted foundation, with half of those shares being locked up for one yr.
Following the acquisition’s completion, International Care will function as a subsidiary of Huize, and its monetary outcomes might be consolidated into Huize’s monetary statements.
Huize co-chief monetary officer and head of worldwide enterprise Ron Tam stated: “Vietnam is a extremely enticing rising marketplace for insurance coverage with a large, younger and digital-native demographic of 100 million individuals, coupled with robust macro tailwinds and FDI inflows driving sturdy GDP progress within the coming decade.
“This acquisition is predicted to generate vital synergies that may drive market share progress for International Care by accelerating new product improvement via leveraging Huize’s know-how stack and AI options, in addition to current partnerships with main world insurance coverage manufacturers.”
International Care founder and CEO Dinh Thi Ngoc Niem stated: “Empowered by Huize’s applied sciences, business alliances and intensive operational expertise, we can considerably improve our choices and broaden our attain.”
This deal comes shortly after Huize’s partnership with PICC Life Insurance coverage in April, which noticed the introduction of a brand new customised crucial sickness insurance coverage product, i Wu You – Low-Threshold Version.
