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Baokim and IXT cooperate to design a comprehensive technology platform for the insurance industry

Press Release Oct 13, 2022

On October 5, 2022, a comprehensive cooperation agreement between Baokim (Bao Kim E-Commerce Joint Stock Company) and IXT was officially signed at Baokim headquarters in the presence of BSH (Saigon – Hanoi Insurance Corporation).

Mr. Hoang The Thanh (CEO of Baokim) and Ms. Nguyen Thanh Thuy (Vietnam Country Head of IXT) sign the comprehensive cooperation contract to begin a digital and commercial technology collaboration aimed at providing the insurance industry with transformative embedded digital insurance experiences.

With a “user-centered” criterion in mind, IXT provides a set of platform solutions for insurance companies with key functions such as product management, policy processing, member administration, marketing services and can operate the system based on highly flexible technology. Helping businesses in innovating and developing new insurance products while providing the best possible user experience.

This technology of IXT combined with Baokim’s modern and comprehensive payment solution, is expected to form a comprehensive platform ecosystem for buying and paying insurance in Vietnam. Based on the actual needs of vendors using Baokim’s payment system, IXT supports insurance companies in designing embedded insurance and microinsurance product packages suitable for meeting the needs of vendors and end-consumers.

Baokim and IXT exchanged minutes of comprehensive cooperation with the witness of BSH.

Talking about the benefits of cooperation between Baokim and IXT for insurance companies, Anh Hoang The Thanh, CEO of Baokim emphasized: “Baokim is ready to support insurance service providers in transforming technology and technical applications in business. This comprehensive insurance purchase and payment ecosystem can serve as an extension for insurance companies, assisting them in managing the insurance business journey in a systematic, fast, and growing manner. Innovative product packages that are close to the needs of buyers can be developed to expand new insurance sales channels beyond the existing traditional insurance sales channels”.

Commenting on the potential of this cooperation, Ms. Nguyen Thanh Thuy – Country Head of IXT also said: “With experience in implementing many projects across Asian countries, we clearly see the potential of this cooperation and development of insurance services in Vietnam. Not only with traditional insurance service packages, but this cooperation can completely open new insurance service packages such as fashion insurance, pet insurance, travel insurance, …” Thuy affirmed, “IXT and Baokim will make efforts to design solutions in terms of platform technology to maximize support for insurance companies to penetrate into every corner of life and reach customers more easily, maximizing revenue with innovative and customized insurance packages.”

The cooperation event between a payment platform provider (Baokim) and an innovative solution provider for the insurance industry (IXT) promises to provide insurance companies with opportunities to dominate new markets while providing a great experience for vendors and end-consumers.

Currently, when transacting on websites that integrate the payment system of Baokim (Bao Kim E-Commerce Joint Stock Company), end-consumers are free to choose and experience modern payment methods that Baokim provides automatically, such as: payment via QR code, payment via ATM card, payment via credit card, COD payment, and even installment payment via credit card or prepaid and postpaid with the support of financial companies.  In addition to being able to easily manage sales, the seller can choose to sell more digital goods on the website interface or the Baokim app to maximize revenue. Insurance will be one of the more attractive options for sellers to use to upsell to their existing customer base in the future.

Aside from traditional sales channels, insurance companies can quickly see the potential to expand new insurance sales channels once this payment system is integrated. Platform companies specializing in insurance industry solutions, such as IXT, have opened more doors for insurance companies interested in acquiring and growing their customer base in the Vietnam insurance industry. IXT was named IDC Future Enterprise’s Best in Future for Digital Innovation (2021), Insurance Asia Awards’ Core Insurance System of the Year (2021), and Hong Kong ICT Awards’ FinTech award (2020).