OPES Insurance partners with IMS for mobile telematics insurance in Vietnam, The Canadian Business Journal

garretschoenbergNovember 8, 2022

LONDON, UK & WATERLOO, ON, CANADA, Nov. 7, 2022 (GLOBE NEWSWIRE) — OPES, Vietnam’s first digital-only insurance company, has partnered with IMS, a global connected insurance solutions business, to offer smartphone app-based We provide services. Telematics insurance for car drivers in Vietnam. A new product, O∙Car, which uses the IMS One App SDK to deliver core functionality, was launched to the market earlier this month.

OPES is owned by Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) and is the first fully digital telematics-based insurance product in Vietnam, according to IMS CEO Paul Stacy. Nearly 3 million motor vehicle drivers in the country.

Paul says: (IMS patented BLE IOT sensor add-on) Helps identify the insured’s vehicle. This connected insurance technology evaluates driving style and uses the resulting data to personalize the insurance products offered to OPES customers. OPES will also run contests and other campaigns outside the app to reward good driving behavior, Paul said.

He continues: Vietnam’s traffic is so congested and slow-moving that the IMS analytics team had to develop an entirely new driver behavior scoring system specific to the Vietnamese market. OPES and IMS have tested thousands of drivers and his 60,000+ rides to create the scoring criteria. ”

OPES CEO Dang Hoang Tung said: We are not only excited to enter the auto insurance market with this innovative new product, but also look forward to promoting and building a safe driving culture among Vietnamese drivers to reduce accident rates in the long run. We want to help. ”

Paul Stacy continues: He also said there are about 76 million registered motorists in ASEAN countries, representing a huge untapped market for telematics and connected insurance.

Turning to the OPES contract, Paul said: We also look forward to helping OPES introduce mileage-based insurance to policyholders in the future. ”

Paul Stacey said the OPES deal underlines IMS’s growing international presence beyond the UK, Europe and North America. “Our approach to dealmaking is consultative and leverages our own deep insurance expertise. We work with clients such as OPES to achieve the results insurers want. We prefer to implement solutions that look not only to the present, but also to the future.”