Launching the first car insurance package on the Vietnamese market with a compensation value of up to VND 200 million
It is no exaggeration to say, the appearance of Zoomcar – India’s “bloody” startup at the end of 2021, has really stirred up the self-driving car rental market in Vietnam.
After raising $92 million from SternAegis Ventures fund, Zoomcar decided to attack the fertile Southeast Asian market strongly. Accordingly, the startup from India has decided to pour 25 million USD into Vietnam – one of the largest markets in the region.
As a result, Zoomcar can introduce many attractive promotions and policies to its partners that many domestic and FDI competitors cannot.
To attract customers for Zoomcar Host, like many seniors before Uber/Grab, Zoomcar also started to “burn money” to attract partners and users.
Firstly, for the first three months after registration, Zoomcar will provide car owners with a guaranteed payment for every hour their vehicle is listed on the platform, even if the vehicle is not booked. After the above time, car owners will participate in a revenue sharing model based on the total amount of car bookings with Zoomcar.
The listing period is flexible and can be changed according to the individual needs of the vehicle owner: simply share the vehicle when not in use, with a minimum period of 24 hours to list the vehicle. In order to further simplify the process, the weekly income will be deposited directly into the car owner’s bank account by Zoomcar.
Second, Zoomcar will offer a referral fee of up to 1,000,000 VND for users who invite friends to join Zoomcar Host. The program will also provide enhanced incentives to vehicle owners if they receive high ratings from customers on the platform.
On its Fanpage, although it does not commit, but Zoomcar constantly mentions the number 30 million when talking about the income of car owners.
Recently, Zoomcar has just announced that it has signed a cooperation agreement with PJICO, the leading non-life insurance company in Vietnam, to provide a comprehensive insurance package for both car owners and renters in Vietnam. on the Zoomcar platform.
For the first time in Vietnam, the self-driving car rental industry has appeared an outstanding cooperation program that provides users with optimal assurance with a compensation package worth from VND 200 million or more for the following cases. loss and damage to the vehicle. The program is applicable to all Zoomcar car owners and car rental customers.
Coverage also covers the cost of avoiding and mitigating any consequential damage as well as the cost of returning and transporting damaged vehicles.
Mr. Kiet Pham, Vice President and Country Director of Zoomcar Vietnam said: “Our partnership with PJICO is an important milestone in our strategic business vision to universalize access to cars and self-driving cars in Vietnam.“.
According to Zoomcar, the rate of car ownership in Vietnam continues to have the fastest growth rate globally and is one of the countries with the fastest growth in personal car purchasing power in the past 10 years. .
Although only 5.7% of households in Vietnam own a car in 2020, this number is forecast to increase significantly to around 9% in 2025, on par with other markets, including including India and the Philippines. This number is expected to surpass 30% by 2030.
In addition, motor vehicle insurance has yet to experience a remarkable growth, even though it is the second largest type of premium revenue with an increasing number of vehicle owners.
Mr. Kiet Pham – Country Director of Zoomcar Vietnam and his team.
Additionally, one of the biggest barriers to owning and renting a car is affordability and access to car insurance. Car insurance purchased from companies that offer extremely limited coverage with coverage of VND 100 million for both bodily injury and physical damage to another vehicle.
According to the Vietnam Insurance Association (VIA), the total premium revenue of the non-life insurance market reached over $221 million in November 2021. In which, motor vehicle insurance is the second largest type, accounting for 27.4% of the market (accounting for about 60.74 million USD), after health care (31%). Both categories are forecast to be the major drivers of insurance growth in the domestic market.
The above two reasons are the main motivation for the cooperation between Zoomcar and PJICO.
“We are excited to start working with the leading self-driving car sharing platform – Zoomcar. With both leading positions in their respective markets, the partnership will accelerate the transformation of the motor vehicle insurance market and ensure that more auto users have access to reasonable safeguards“, grandfather Ha Thanh Nam – Director of Petrolimex Insurance Joint Stock Company – Gia Dinh Branch said.
With many promotional stimulus measures, Zoomcar has completed its plan to attract 1,000 cars on the app after the first quarter of 2022. As for this new insurance service, the company wants to have more “leverage” for its goal of significantly expanding the scale and number of vehicles by 2022.
Zoomcar launched its first car rental platform in India in 2013 and became a leader in the car rental ecosystem. They currently have around 10,000 vehicles on their platform across Asia and the MENA (Middle East and North Africa) region. Zoomcar allows individuals to rent a variety of vehicles by the hour or by the day.
Headquartered in Bangalore India, Zoomcar currently has more than 300 employees, operating in more than 50 cities.
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