OPES, a digital-only insurance firm, has joined forces with IMS to offer app-based telematics insurance solutions in Vietnam.
The new offering, called “O.Car”, was launched earlier this month and is aimed at the country’s around three million car drivers.
According to IMS CEO Paul Stacy, the insurance offering will be the first wholly digital, telematics-based auto insurance solution in Vietnam.
O∙Car leverages the IMS One App SDK and IMS Wedge, a patented technology, to identify the insured’s vehicle.
The technology is also used to evaluate driving style and the data is leveraged to offer bespoke insurance solutions to OPES customers.
OPES, a subsidiary of Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), will also use IMS’ technology to offer different services such as ‘try-before-you-buy’ functionality and a behavioural-based rewards programme.
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Stacy said: “We have been working with OPES and their parent VPBank to trial the app among their own employees and customers. Because the traffic in Vietnam is highly congested and slow-moving, the IMS analytics team had to develop a whole new driver behaviour scoring system that is unique to the Vietnamese market.
“Having developed the process for Vietnam, we think something very similar will apply to other Southeast Asian markets where traffic flow is very different from the West.”
The firms are also working together to launch a milage-based insurance solution in future.
OPES CEO Dang Hoang Tung said: “This is a groundbreaking opportunity for telematics-motor insurance in Vietnam and we are very excited to be pioneering the new OPES insurance app in partnership with IMS after a successful trial.”