Insurance is now sold online 'small, compact, fast', buyers need to be careful

Insurance products sold online are very diverse, conveniently reaching tech-savvy customers - Photo: AI

The online insurance market is booming, with the cooperation of many large enterprises. With a simple and convenient process, customers can easily own insurance products from many different companies. However, care must be taken to ensure that benefits are guaranteed.

Race to sell insurance online

Ms. Tran Thanh Thao (28 years old, living in Ho Chi Minh City) shared that she has gotten into the habit of buying compulsory motorbike insurance on MoMo e-wallet, instead of having to go directly to the seller. "If the traffic police ask, I usually open my MoMo wallet and show my electronic insurance certificate," Ms. Thao said.

According to records, insurance products sold on e-wallets are currently very diverse, with fees ranging from a few tens of thousands to nearly 1 million VND, notably including: compulsory motorbike insurance, motorbike insurance and rescue, car civil liability insurance, car physical damage insurance, personal accident insurance and travel insurance.

With this deal, the e-wallet side is responsible for distribution, while insurance companies such as PVI, Cathay, GIC, Liberty, and MIC play a role in resolving complaints and compensation.

Meanwhile, many life and non-life insurance companies are also racing to bring their products to the applications of many major banks. For example, in early 2025, Vietcombank said that customers can buy health insurance from FWD with just a few steps via the VCB Digibank application.

Vietcombank also cooperates with PJICO to sell many non-life products on the banking application such as: private home insurance, motorbike liability insurance, car liability insurance. Customers can easily pay online right on VCB Digibank.

PTI Insurance also leverages TPBank's ecosystem, collaborating with HIVE By Income - one of the leading hybrid insurance companies in Singapore - to launch an accumulation insurance product, integrated with the bank's online transactions.

Or three years ago, Manulife Vietnam partnered with VietinBank to launch a health insurance product called "Max - Live Healthy" on the VietinBank iPay Mobile application. The insurance company believes that this deal will help more than 10 million existing customers of VietinBank have more opportunities to access insurance solutions at reasonable costs.

E-commerce platform with "mini insurance"

Currently, when accessing many e-commerce platforms, in addition to food, clothing, household appliances... customers can also buy insurance.

Typically, just go to the Shopee app and click on the word "insurance", many options will immediately appear, customers can conveniently buy personal accident insurance from MSIG Vietnam and PVI. This platform also sells many strange types of insurance: mother and baby fashion insurance, fashion insurance, consumer protection insurance, broken screen insurance, electronic device insurance...

With prices ranging from approximately 300 VND to 29,500 VND per insurance product, and a large number of customers, Shopee has the advantage of bringing in good income from the insurance segment.

This platform has a default setting, customers can easily buy "mini insurance" when they go to the "payment" section. For example, when buying a dress worth 1.2 million VND, the platform has a "fashion insurance" section priced at 12,000 VND, customers can tick to buy.

"I often buy mini insurance on Shopee, but have never complained. Overall, the price is reasonable. The terms are quite long, I only read the summary. The amount of money spent is not much, so if I have a problem, I am not sure I will complain to the end," said Ms. Bich Ngan (22 years old, Ho Chi Minh City).

Meanwhile, Tiki also has exclusive comprehensive cooperation with AIA, aiming to support medical expenses when customers have accidents, are hospitalized...

Be careful with online insurance

Ms. Ho Thi Ngoc Nhu, Academy of Insurance and Financial Risk Management (IFRM), believes that micro-insurance products, "mini insurance" with reasonable prices, are completely accessible to customers to buy, increasing convenience.

However, insurance is a special financial product. When buying online (without a human agent to advise), customers need to actively read and understand the terms. Ms. Nhu also noted that buyers should be careful, fill in the information completely, accurately and honestly.

"It is possible to buy insurance online with short-term, simple products with clear benefits. Long-term, high-value products with complex terms require careful consultation, with direct participation between agents, experts and customers," Ms. Ngoc Nhu stated her opinion.

From the perspective of a technology insurance company, Mr. PeterTay, digital transformation director of Income Insurance Limited (Singapore), believes that based on Vietnam's demographics, the development opportunity for "digital" insurance is huge.

Digital transformation can bring many benefits if implemented correctly. It helps to simplify many traditional insurance processes, minimize manual intervention and human error. This helps to serve customers more effectively and reduce operating costs.

Recently, many customers said they fell into scams and lost money when buying insurance through social networking platforms.

Ms. Lam (Da Nang) shared that she recently searched for a plane ticket online and saw a good price on a Facebook page so she went there. When she transferred the money, the seller asked her to buy "flight insurance" to get the ticket. Realizing that she had been scammed, she reacted and was immediately blocked from receiving messages and unable to contact them.

Meanwhile, many insurance companies recommend that consumers be more vigilant when paying and buying insurance online.

There are cases where customers lost money because subjects created Facebook pages and Zalo accounts with the name "goods insurance" and then scammed, posted links and instructions on entering codes to steal money from the account.

* Mr. PeterTay (Digital Transformation Director of Income Insurance Limited):

Ensuring transparency for customers

Mr. PeterTay (Digital Transformation Director of Income Insurance Limited)

Artificial intelligence and machine learning are playing an increasingly important role in many aspects of the insurance process.

For example, evaluating historical data or customer needs based on collected information as well as their behavior, contributing to improving the customer experience.

When designing insurance, researching the customer journey is just as important as the product benefits.

However, transparency is key. It is necessary to give the insured the ability to control the information they request. This avoids ambiguity, which can affect the legitimate interests of customers.

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Source: https://tuoitre.vn/bao-hiem-gio-ban-online-nho-gon-le-nguoi-mua-can-than-trong-20250420223737971.htm