Vivien Van Le had several realizations and frustrations during her corporate career in different industries, including online travel, consumer finance, ride-hailing/delivery, and entrepreneurship.

One of her key realizations was the need for travel insurance for visa applications and protection against travel-related risks like flight delays and hospitalizations. She also noticed inadequate coverage in the ride-hailing and delivery sectors, as well as challenges in obtaining healthcare insurance, highlighting broader difficulties in accessing insurance for millennials and Gen Zs.

These experiences revealed significant gaps in insurance accessibility and understanding in Vietnam and Southeast Asia. Motivated to address these challenges, Le founded Saladin in 2021 with the goal of making insurance more accessible and understandable for everyone.

Saladin is a digital platform that connects insurers, intermediaries, and customers. It offers advanced pricing solutions, claims management tools, and resources to help customers and agents find affordable and personalized insurance options.

In Southeast Asia, insurance penetration rates are significantly lower than global averages, with the region averaging 3.6 percent compared to the global 6.3 percent, and per capita premiums standing at US$135 versus the global US$682.

Empowering millions in Southeast Asia

“Saladin aims to empower millions of customers and agents to find the best insurance offers that are personalized, competitively priced, easily accessible, and efficiently delivered. Our main goal is to ensure greater protection and risk-sharing among individuals and businesses,” said Le.

Saladin has an in-house team of insurance agents who provide consulting and customer service support before and after sales to enhance the customer experience. As a licensed insurance broker, corporate insurance agency, and Third-Party Administrator (TPA) in Vietnam, the startup primarily focuses on non-life insurance but plans to expand into life insurance soon.

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Le emphasized the value of Saladin’s tech-driven products and services in enhancing efficiency and customer relationships. For example, the platform allows customers and agents to obtain car insurance quotes from multiple insurers within seconds and complete purchases in minutes with instant policy issuance, a process that typically takes several days in the general market.

Saladin serves consumers, agents, and insurers across the region.

• Consumers benefit from a one-stop insurance solution that simplifies the process of finding suitable packages, allowing easy comparison, selection, payment, e-policy receipt, and claims submission.
• Agents have access to free online tools that connect them with potential customers and enable them to introduce various insurance products and earn commissions without extensive expertise.
• Insurers benefit from Saladin’s tech-driven approach, attracting millennials and Gen Z customers who prefer efficient online platforms. The technology services, customer support, and online claims platform enhance productivity, security, customer experience, and fraud control.

The company has partnered with nine leading insurers in Vietnam and claims to have served about 600,000 unique customers with nearly 10 million policies sold.

“Our agile and cost-effective solutions help overcome barriers associated with legacy systems, enabling insurers to reach customers faster with innovative products through revenue-sharing principles,” remarked Le.

Overcoming challenges and building trust

Le noted that the challenges in the insurtech industry resemble those in other sectors, such as e-commerce, ride-hailing, online travel agencies, consumer finance, and digital banks. These challenges include migrating customers from traditional offline practices to digital methods and building credibility as a new player like Saladin.

“To tackle these challenges, we’ve focused on market education and collaboration with leading insurers and trusted partners nationwide,” explained Le. “By demonstrating the benefits of digital transformation and ensuring seamless integration with existing systems, we’ve built trust amongst stakeholders at all levels.”

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Le also mentioned the significant investments Saladin has made in compliance, both in technology and business operations, to meet stringent regulatory standards in more developed markets. Obtaining broker insurance and TPA licenses in Vietnam and implementing rigorous training programs for staff have been crucial steps in ensuring top service standards and strict regulatory compliance.

Saladin’s investment journey and future aspirations

Saladin has received funding through a combination of angel and VC investments. Last year, it completed its Series A round, led by Monk’s Hill Ventures, with participation from Peak XV Partners, Venturra Capital, and Patamar Capital, as well as a group of angel investors.

The company is open to exploring additional funding opportunities to accelerate growth and expand market reach. The new round of funding will support product development, market expansion, and talent acquisition.

Saladin’s long-term aspiration is to become the premier insurtech platform in Southeast Asia, delivering substantial value to stakeholders by continually raising its standards as operations evolve.

“Our satisfaction comes from helping both new and returning customers effectively, refining and enhancing our services based on feedback for the future,” concluded Le.

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Image credit: Saladin

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