Tokio Marine Insurance’s Vietnamese subsidiary has launched “TM Care”, an insurance app for Japanese companies operating in the country.

The insurer stated that Japanese firms operating in Vietnam are looking to offer insurance coverage to their employees to enhance their employee benefits programmes.

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Citing the rising smartphone penetration in Vietnam, Tokio Marine stated that the app can be used as a platform to offer employees access to insurance cover.

With the county’s public medical insurance still under development and a 70% co-payment rate for medical treatments at non-designated hospitals, demand for private medical insurance is rising.

Leveraging Tokio Marine’s expertise in online insurance sales in Japan, the app is said to offer paperless, cashless, and contactless insurance cover.

Employees can buy private medical insurance through the app, which also offers personal accident insurance, automobile insurance and personal liability insurance.

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The app, first launched in November 2021, will also be used as a platform for offering digital insurance cover in Vietnam.

Additionally, Tokio Marine will consider it for other applications including the B2B2C market for members, partnerships with point services and target marketing using AI.

Earlier this year, AIA Vietnam allied with e-commerce platform Tiki to offer latter’s customers access to life and health insurance offerings.

In other Asian insurance news, recently, Indian financial services firm Edelweiss reportedly turned down Tokio Marine’s offer to acquire a controlling stake in their life insurance joint venture.