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Banking & Finance

Liberty & MoMo partner in Insurtech revolution

Released at: 13:56, 18/05/2018

Liberty & MoMo partner in Insurtech revolution

Photo: Liberty

Insurance company and e-wallet provider cooperate in combining insurance and technology.

by Hong Nhung

From April to May, two of Liberty Insurance’s leading products - cancer insurance CancerCa$h and travel insurance TravelCare - began to be distributed on the MoMo E-wallet, a strategic step for both corporations in combining insurance and technology, called Insurtech, to provide cheaper, faster and simpler insurance services.

Simply by logging in to the MoMo app, users can easily and securely purchase and pay for Liberty CancerCa$h and TravelCare insurance.

“For Liberty, MoMo E-wallet is one of our critical strategic partners helping deliver the best user experience,” said Mr. Nguyen Ngoc Duc, Marketing Director at Liberty. “Liberty will continue rolling out its products to MoMo in the near future, as well as integrating multi-channels to create an eco-friendly system for Liberty consumers to shop leisurely with easy payment and access.”

“Inheriting the experience and success of the Insurtech promotion strategy from the Liberty Mutual Group in the US and Liberty across the globe, the cooperation with MoMo E-wallet is an important step by Liberty Vietnam to be the pioneer in the Insurtech revolution,” he added. “MoMo E-wallet is one of Liberty’s critical strategic partners in the digital era.”

In order to catch up with the technology of other insurance companies, Liberty has invested heavily in its IT systems, including a three-tier data center (the highest standard in evaluating the infrastructure capacity of a data center), setting up a 24/7 customer service center, by Avaya, the world’s largest provider of customer service centers, and introducing claims automation.

As a result of these innovations, Liberty can guarantee consistency, transparency, and security in all transactions between customers and partners. In 2010, Liberty also became the first company to distribute online insurance, at libertyinsurance.com.vn, and to issue online insurance certificates.

“Insurtech is a crucial trend in the digital age,” Mr. Duc went on. “As every insurance company moves on the evolution of technology, Insurtech is not just a playground for the fast-paced. Inheriting the vision and experience of the parent corporation, Liberty Vietnam is committed to working together to take long-term, solid steps. For that reason, working with partners who share common goals and mission is critical.”

Mr. Nguyen Ba Diep, Vice Chairman of MoMo, said that from booking flight, train, and bus tickets, MoMo users can now also obtain travel insurance for their trip - a complete experience - via the electronic wallet.

“In 2018, MoMo will focus on developing within Vietnam’s $20-billion tourism market,” he said. “Customers can not only book flights directly on the MoMo app, they can now also purchase travel and health insurance. We are delighted to build the partnership with Liberty, a well-known insurance company for a hundred years and a pioneer in providing insurance products in conjunction with fintech units such as MoMo.”

“With the distribution of Liberty TravelCare insurance on MoMo, it takes customers only one minute to be able to purchase travel insurance,” he went on. “We hope this new method of providing insurance will enable people to easily and quickly access the service, bringing joy and peace of mind on every journey.”

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