OPES: The Journey to Becoming the Insurtech of the Year 2024

At the Vietnam Insurance Summit 2024, held in Nha Trang on August 2, a representative from Sapiens Software Solutions introduced OPES Insurance Joint Stock Company (OPES) as a success story in implementing Sapiens’ digital transformation solutions.

With over 40 years of experience in providing technology solutions to the global financial industry, Sapiens was chosen by OPES as a partner to provide CORE solutions to enhance their operational efficiency and develop their digital insurance model. This collaboration included the implementation of the Core IDITSuite, a comprehensive end-to-end digital platform, along with Sapiens Intelligence data and reporting solutions.

According to Sapiens, the partnership has been smooth and effective, with on-site training programs enabling OPES to independently manage their ecosystem. Within just seven months of deploying the CORE project, OPES migrated over 6 million customers to the new system, enhancing their operational capacity and efficiency in underwriting accident and motor insurance products. For a young and relatively small company, this is an impressive achievement compared to Sapiens’ global track record with insurance companies.

Leveraging its technological capabilities, OPES accelerated project implementation, improved product configuration, and automated transaction processes, reducing paperwork. This enhanced the customer experience by providing a seamless journey on a single platform. Customers can easily identify their needs, select suitable products within their financial means, make online payments, request electronic invoices, and track claims in real-time. The system also supports quick and transparent claim calculations and payments, enabling adjusters to work remotely and receive requests at any time.

Additionally, OPES simultaneously implemented a cloud infrastructure project with Microsoft Azure, increasing operational efficiency and security. Both projects have been effectively executed by OPES and received positive feedback from partners.

Since its inception, the company has aimed to become Vietnam’s leading digital insurer, using technology as a springboard for business growth, customer service, and market positioning within the traditional and established insurance industry.

According to a senior representative of OPES, to become a comprehensive digital insurer, the company needs to accommodate diverse business models, offer simple insurance products, convenient processes, and optimize dedicated human resources to handle the exponential growth in policies and customers year over year, while ensuring the operational aspects of non-life insurance.

By leveraging technology, OPES has reduced resources by 50% compared to traditional models and decreased paperwork processes by 70%. The Microsoft Azure cloud infrastructure project has also contributed to a 50% reduction in claims processing time.

OPES remains steadfast in its commitment to pioneer digitization to enhance user experience.

Furthermore, according to the 2023 financial report, the company’s operating costs decreased significantly by nearly 40% while maintaining stable revenue growth, validating their successful strategy of optimizing human resources through technology solutions.

Additionally, OPES has been enriching its product portfolio with a focus on tailor-made products for partners and customers, expanding its business across online platforms. To date, OPES has collaborated with over 30 reputable partners in various fields, including financial institutions, multi-platform service providers, and leading Insurtech companies in Southeast Asia.

Being named “Digital Insurer of the Year” at the Insurance Asia Awards 2024 and participating in the Vietnam Insurance Summit 2024 alongside established industry players, once again underscores the effectiveness of OPES’ strategy to leverage technology as a core differentiator and focus on digital transformation across all operational processes.