Vietnam leads the application of AI in insurance thanks to high digitalization

Predictive AI has the ability to synthesize and make decisions based on data, combining the content creation power (text, images, videos) of GenAI and the multi-tasking ability of AI Agents, factors that experts expect to help insurance businesses automate products and user experiences at large scale.

The insurance industry’s value chain from consulting, sales, appraisal, compensation and customer care can integrate AI to automate and personalize products. According to The Digital Insurer’s TDI Techmap 25 report, GenAI and Predictive AI are being applied by insurance businesses at a “breakneck” speed. According to experts, if in 2023, many insurance businesses only have the intention, or apply AI in basic steps, then by 2025, AI application in the industry will have reached a popular and popular level.

At the InsurInnovation Connect Vietnam 2025 event, gathering more than 400 leaders in the insurance field, Mr. Duong Le Minh Duc, Director of AI Business Center, FPT Smart Cloud, FPT Group shared about the future of the new generation insurance business that is being shaped, revolving around 5 main transformation pillars and AI core technology.

The first change lies in the business model, moving from “pay when sick” to “prediction and prevention”, integrating a comprehensive healthcare ecosystem with AI. Second, the sales method is supported by AI Agents, “AI personnel” who can rely on exchange history and behavioral data to analyze and make appropriate sales suggestions.

The third pillar is a product structure designed towards “super personalization”, such as small and micro health insurance packages. According to Mr. Duc, this trend helps increase penetration rate, suitable for markets with many gaps like Vietnam. Fourth is deploying smart distribution channels with the support of AI and new generation consultants (Agent 4.0) supported across multiple channels. AI assistants can synthesize information from many distribution channels, then provide product information, consulting suggestions, product packages…

Finally, there is operations, when AI helps businesses conduct real-time “zero touch claim” appraisal processes, an operational breakthrough in recent years. “Customers just need to scan invoices or choose services from affiliated hospitals. The AI ​​solution reads medical invoices (OCR-Y), classifies ICD codes, detects fraud and helps businesses manage risks. The solution helps reduce the situation of “paper records, waiting 14 days” to just a few minutes”, Mr. Duong Le Minh Duc shared.

Vietnam is in a favorable position to make a breakthrough thanks to AI, when the legal corridor on digital transformation is gradually completed, the level of digitalization is rapid, and people are familiar with online financial, medical and insurance experiences, from cashless payments to remote medical examination. According to experts from FPT, customers today expect a quick, transparent process that can be processed on the phone anytime, anywhere, instead of thick documents and waiting for weeks. This is both pressure and a push for insurance businesses to transform.

In Vietnam, the application of AI in the insurance industry has had success stories. Specifically, FPT AI Adjust solution helps automate the claim processing process at a leading insurance brand in Vietnam (with more than 1.2 million customers), at a speed of 0.5 – 1 second for each image, with an accuracy of more than 95%. FPT.AI representative said that this solution helps the productivity of the document processing team increase by 45%, reduces manual data entry errors by 15%, significantly shortens payment time and optimizes operating costs.

At the InsurInnovation Connect Vietnam 2025 event, experts also realized the expectation of “how fast businesses will go with AI”, instead of “should they apply AI or not”, because businesses that act early can lead the game, dominate market share and open up new growth opportunities.