Bao Viet teams up with Hitachi to harness AI, big data in insurance

Bao Viet Insurance signed an agreement with Hitachi and its local subsidiary Hitachi Asia (Vietnam) to integrate digital technologies like AI and big data analysis into the insurance business to raise health awareness, prevent development and aggravation of diseases in the country.

Under this agreement, Bao Viet Insurance will introduce Hitachi’s leading technologies for analysing medical big data to Bao Viet Direct, an app provided to Bao Viet Insurance policyholders.

Bao Viet Insurance is an operating company of Bao Viet Holdings, the largest financial group in Vietnam, in which the Ministry of Finance holds more than 65% of outstanding shares. It has more than one million medical insurance policyholders. 

As part of efforts to develop high-value added insurance services that apply new technologies, Bao Viet Insurance has adopted Hitachi’s Risk Simulator for Insurance — a Lumada solution that analyses medical big data using Hitachi’s proprietary AI. 

The solution can predict the future risk of hospitalisation caused by eight major lifestyle-related diseases using medical big data, that includes users’ health checkup results and health insurance claims.

The new service enables Bao Viet Insurance policyholders to easily check their future risks of the eight major lifestyle-related diseases simply by entering their health checkup results and past medical history into the mobile app. 

The app also displays factors for risks and offers advice for improvement. The information can enable specific behavioral changes and lifestyle habits to support health improvement.

The solution will enable further channel expansion and create opportunities at the time of insurance application. For example, the risk prediction service will be linked to the remote medical care services provided by Bao Viet Insurance. 

In addition, these services will be combined with various health data management functions of Bao Viet Direct app for a customised, centralised and integrated administration of health information that supports wellbeing and productivity management of companies.

Hitachi intends to enhance its services further based on achievements from joint initiatives with Bao Viet Insurance and expand them to other Southeast Asian countries and other countries where demand is expected.