Huize Holding Limited, a prominent insurance technology platform in Asia, has acquired Global Care Consulting Joint Stock Company, a leading InsurTech firm in Vietnam that specializes in digital transformation solutions for the insurance industry.
This acquisition aligns with Huize’s strategic goal of expanding its international presence, marking its initial entry into the ASEAN region with Vietnam as the starting point. The acquisition coincides with the launch of Huize’s new international brand, Poni Insurtech. Financial terms of the deal were not disclosed.
Huize acts as a bridge in the insurance technology sector, offering a platform that seamlessly connects consumers with insurance solutions via advanced digital channels. In contrast, Global Care, founded in 2017, empowers Vietnamese insurers by digitizing sales processes and policy management through cloud-based solutions and mobile applications.
In 2023, Global Care achieved significant milestones, including the facilitation of 13.5 million policies, a fourfold increase in revenue year-over-year, and an expansion of its registered user base to over 1.3 million.
Huize Co-Chief Financial Officer and Head of International Business Ron Tam commented, “Vietnam is a highly attractive emerging market for insurance with a sizable, young and digital-native demographic of 100 million people, coupled with strong macro tailwinds and FDI inflows driving robust GDP growth in the coming decade. We are delighted to be entering Vietnam via a strategic investment in Global Care with founder Niem and her experienced team firmly establishing the company as a trailblazer in the delivery of innovative digital insurance solutions for the Vietnamese insurance industry.
“We anticipate this acquisition will create substantial synergies that will propel Global Care’s market share growth by accelerating new product development through the integration of Huize’s technology stack and AI solutions, as well as leveraging existing partnerships with leading global insurance brands. Additionally, we are excited to welcome VinaCapital as a strategic shareholder in Huize through this transaction, and we are confident in fostering further collaboration opportunities in Vietnam by leveraging VinaCapital’s extensive resources and network in the local market.”
