Highlights

1. The emerging insurtech & healthtech platform based in Vietnam has been backed with an undisclosed amount in Series A funding from its existing investors.
2. Medici takes a unique approach to tackle the extremely low 2.8% insurance penetration rate, by empowering their nationwide advisor network with technology to provide insurance to their community. Medici’s ecosystem, with their existing healthcare arm including an extensive network of hospitals and clinics, health consultants and influencer doctors, has fostered customers’ trust and grounded comprehensive healthcare offerings for their customers.
3. The company hit double-digit m-o-m growth and has made a nationwide presence with more than 35 branch offices across almost 40 provinces in Vietnam. Their partnerships with Vietnam’s top 10 both life and non-life insurance companies have consistently strengthened: Cathay Life, Liberty, Bao Viet, PVI, PTI, VBI, MIC, Bao Minh and most recently – Chubb Life.
4. Foundational to their recent growth has been Medici’s successful rollout of technology solutions to enhance advisor performance in the form of MediciPro, a platform offering advisors multiple key functions to support their key activities of serving customers.

01 September 2022, Medici – The emerging insurtech & healthtech platform based in Vietnam, has been backed with an undisclosed amount in Series A funding from its existing investors, including lead investor Jungle Ventures, Insignia Ventures Partners and Wavemaker Partners. The new capital will be invested into Medici’s technology infrastructure to capture the tremendous growth opportunity of Vietnam’s insurance and healthcare market.

Medici envisions equal access to trustworthy and affordable insurance and healthcare for every Vietnamese through technology. Given the complex nature of insurance products and lack of technology-enabled distribution channels, the insurtech business model, while attractive with vast market size potential, has been a challenge for any regional or local players in Vietnam. Medici takes an unique approach to tackle the extremely low 2.8% insurance penetration rate, by empowering their nationwide advisor network with technology to provide insurance to their community. Medici’s ecosystem, with their existing healthcare arm including an extensive network of hospitals and clinics, health consultants and influencer doctors, has fostered customers’ trust and grounded comprehensive healthcare offerings for their customers.

Having launched their insurance business, fully licensed by the Ministry of Finance, Medici has seen massive growth across all business areas within less than a year. The company hit double-digit m-o-m growth, and has made a nationwide presence with more than 35 branch offices across almost 40 provinces in Vietnam. Their partnerships with Vietnam’s top 10 both life and non-life insurance companies have consistently strengthened: Cathay Life, Liberty, Bao Viet, PVI, PTI, VBI, MIC, Bao Minh and most recently – Chubb Life.

Foundational to their recent growth has been Medici’s successful rollout of technology solutions to enhance advisor performance in the form of MediciPro. MediciPro is a platform offering advisors multiple key functions to support their key activities of serving customers: a data processing system, and a variety of tools that help advisors grow their competency with e-training programs and content library for personal branding and customer relationship management.

MediciPro – Medici’s latest initiatives to empower its insurance advisors with technology

Commenting on the announcement, Duc Anh Ngo, founder and CEO of Medici, says: “Insurance is a complex product, hence advisors’ credibility and expertise lies at the core of the business. At Medici, the technology we have built like MediciPro does not take the insurance advisor’s place, but empowers them to be micro-entrepreneurs, adapt to the changing insurance landscape and become the catalyst for much-needed greater access to insurance across Vietnam. We are proud and thankful that our early investors have shared this vision with us throughout our journey, and continue to support us in this new round of funding”.

Learn more about the origins of Medici and how it has built the foundations for its advantage in Vietnam’s insurtech space in this podcast with Duc Anh Ngo

Yash Sankrityayan, Managing Partner at Jungle Ventures, adds: “The $10bn insurance industry of Vietnam is ramping up its transformation and we believe Medici stands at the forefront of growth with unrivaled advantages. Medici’s team gathers insurance veterans with more than 20 years of industry experience and technology entrepreneurs from leading tech start-ups, combining local nuance with technology initiatives to deliver impressive business results. We have seen the success of a similar model in Turtlemint, one of the leading insurtech start-ups in India and we look forward to supporting Medici to achieve the next milestones.” 

With this new funding, Medici will further strengthen their technology infrastructure to empower the Medici advisor network through training, recruiting, and marketing with higher efficiency.

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About Medici

Medici is a technology firm endeavoring to provide accessible, trustable and affordable insurance and healthcare service to every Vietnamese. Medici’s ecosystem embraces the entire customers’ protection and care journey with a nationwide insurance and healthcare partner network over 35 branch offices across almost 40 provinces in Vietnam. Medici has been invested by prestigious regional venture capitals known as Jungle Ventures, Insignia Ventures Partners, and Wavemaker Partners.

Find out more at: https://www.linkedin.com/company/medicivn/