The Vietnam Insurance Association signed an agreement with a technology partner to introduce a no-claims discount (NCD) system. This marks an important step toward building a platform for sharing voluntary automobile insurance data.
The Vietnam Insurance Association held a signing ceremony for a service-level agreement (SLA) with Fermion Merimen for the implementation of an NCD system. The initiative is intended to encourage insurers to participate in building a platform for sharing voluntary automobile insurance data.
Total automobile insurance revenue from January to September 2026 was VND 16.29 trillion, up 9.4% year on year. Claims paid amounted to approximately VND 8.172 trillion, with a claims payment ratio of 50.2%. Revenue from voluntary automobile insurance alone was approximately VND 11.883 trillion, while claims paid amounted to approximately VND 7.315 trillion, with a claims payment ratio of 61.6%.
The NCD system is designed to collect, standardize and share vehicle-specific claims data, including the number of claims, amounts paid and reserves for each policy period. Users can search by license plate number, chassis number or engine number, and the system displays up to 3 of the most recent contracts. A 3-year free trial period is planned.