Taiwan’s Shin Kong Life Insurance and insurtech firm AIFT have joined forces to introduce digital insurance solutions in Vietnam, marking a strategic push to blend technology with traditional insurance services in Southeast Asia.
The partnership, supported by Taiwan’s FinTechSpace program and involving Shin Kong Vietnam, aims initially at Taiwanese expatriates and businesses in Vietnam, before expanding to serve the local population and nearby markets. Combining Shin Kong Life’s regional expertise with AIFT’s technology infrastructure, the companies plan to deploy a blended distribution model to accelerate market entry.
Central to the initiative is AIFT’s IXT platform—a cloud-based, modular insurance solution featuring a low-code environment and automated rule engine. This technology allows quick localization and integration with existing insurance systems. Shin Kong Vietnam has begun developing products in collaboration with PetroVietnam Insurance (PVI), the country’s leading general insurer. Early offerings include digital applications for auto, health, and travel insurance, developed within three months using the IXT system.
The partnership also plans to extend its product range to commercial and group insurance lines, with ongoing talks to collaborate with Dai-Ichi Life’s operations in Vietnam. To ensure robust infrastructure and compliance with data sovereignty laws, Chunghwa Telecom’s Vietnam branch will provide essential data center services. This three-way alliance exemplifies a strategy that leverages Taiwanese insurance technology alongside Vietnamese distribution networks.
Shin Kong Life chair Mark Wei emphasized the significance of the collaboration in fostering cross-border innovation. “We believe this cooperation will mark an important step in the internationalisation of Taiwan’s insurance technology,” he said. Meanwhile, AIFT CEO Michelle Ip highlighted the firm’s vision to simplify and broaden insurance access through a connected digital ecosystem, noting their commitment to cultivating the Southeast Asian market alongside experienced partners like Shin Kong Life.
The move comes as Taiwan’s life insurance sector faces financial headwinds from foreign exchange volatility and rising global bond yields. The Taiwan dollar’s recent 10% appreciation since Q1 has resulted in significant unrealized valuation losses on overseas assets. Bloomberg estimates these losses could reach NT$18 billion due to largely unhedged foreign currency exposures, with Goldman Sachs reporting that about 28% of Taiwan’s offshore insurance investments remain unhedged.
This partnership reflects the growing trend toward digital transformation and innovation in insurance across Asia, underlining the importance of trustworthy insurance platforms and modern technology-driven business insurance coverage to meet evolving market demands.
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