Insmart

What Insmart does

Insmart (legal name: Công ty Cổ phần Insmart) is a Vietnam-based Third-Party Administrator (TPA) that intermediates health-insurance claims and direct billing between insurance carriers and healthcare providers. Founded in 2010 and headquartered in Hanoi (with a regional office in Ho Chi Minh City), the company operates 2 reimbursement centers and works with 26 insurance company partners — including major global and domestic carriers such as Prudential, Manulife, Allianz, Chubb, Sun Life, FWD, Hanwha, MSIG, Tokio Marine, MB Ageas, Shinhan Life, Bảo Minh, PJICO, and MIC — alongside 550+ domestic healthcare providers spanning all 34 Vietnamese provinces and 80+ overseas providers across 7 countries.

The company's core technology is a cloud-based TPA platform built around two stakeholder portals: InsPortal for insurers (member lookup, claim status, reporting) and HosPortal for healthcare providers (patient management, appointments, invoicing). Member-facing layers include an Electronic Insurance Card (E-Card), an online E-Claim submission system, a Pre-Authorization (PreA) service that issues guarantee letters before treatment, and a TeleHealth consultation module. Distribution extends to mobile via the Click + Cure app (iOS and Android) and a Mini App on Zalo. Insmart also operates value-added corporate programs — Health Screening, Health Talks/Webinars, Chronic Disease Programs, Medical Service Organization (MSO), and Insmart Medical Alliance (IMA) for international medical assistance — targeting corporate HR departments as an additional revenue stream.

Insmart monetizes through B2B managed services contracts with insurance companies and corporate clients; pricing is not publicly disclosed. The GTM motion is enterprise field sales into insurance carriers and corporate HR, supplemented by self-serve member tools (E-Card, E-Claim, mobile apps, Zalo Mini App). The company processes 1M+ claim requests annually, indicating mid-scale operational throughput rather than early-stage experimentation. No funding rounds, M&A, or revenue disclosures are available in the input data.

Name

Insmart

Legal name

Công ty Cổ phần Insmart

Website

https://insmart.com.vn

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Insmart is a Vietnam-based Third-Party Administrator that intermediates health-insurance direct billing and claims between 26 insurance carriers, 550+ domestic healthcare providers, and 80+ overseas facilities across 7 countries, processing 1M+ claims annually through its InsPortal, HosPortal, and member-facing mobile apps.

Ownership category

akta.pro rank

Product category

Health Insurance Third-Party Administration

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Insurance Agents, Brokers & Service (6411), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Individual Health Insurance Administration (TPA/ASO) (FSAIAEAK)

akta.pro secondary industries

Care Management & Population Health Program Administration (HLAEALAG), Self-Funded Employer Plan TPA (ASO Administration) (HLAEALAA)

Keywords

• Health insurance administration
• Third party administration
• Claims management services
• Direct billing network
• Corporate wellness programs

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. TPA Services: Third-Party Administration services providing comprehensive claims management and healthcare cost control for insurance companies, including direct billing, pre-authorization, and member management services

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Insmart operates as a Third-Party Administrator (TPA) for insurance companies in Vietnam, providing direct billing services (Bảo lãnh viện phí) that connect insurance providers with a network of healthcare facilities. The company manages claims processing, pre-authorization, member administration, and corporate wellness programs through integrated web portals (InsPortal, HosPortal) and mobile applications (Click + Cure, Zalo Mini App). It serves insurance companies, corporate HR departments, healthcare providers, and individual insured members via a nationwide network of 550+ domestic providers and 80+ international facilities.

Product overview

Insmart is a Third-Party Administration (TPA) company operating a platform-plus-services model centered on Direct Billing (Bảo lãnh viện phí) for health insurance. The core platform enables direct settlement between insurance companies and healthcare providers, supported by modules including PreA (pre-authorization), TeleHealth (online consultations), E-Claim (digital claims), E-Card (electronic insurance card), and the Click + Cure mobile app. For corporate clients, Insmart offers value-added services including Health Screening Programs, Health Talks/Webinars, Chronic Diseases Programs, Medical Service Organization (MSO), Insmart Medical Alliance (IMA) for international healthcare, and Health Newsletters. The company serves insurance companies, healthcare providers, and businesses through dedicated portals including InsPortal and hosPortal.

Differentiator

Problem solved

Functional benefit

Products and services

• Direct Billing Service (Bảo lãnh viện phí) A third-party administration (TPA) service that allows insured persons to use direct billing at networked medical providers, where eligible expenses are guaranteed and settled directly between Insmart and the healthcare facility. The insured member only pays the portion not covered by insurance.
• TPA Service Third Party Administration service providing comprehensive claims management and healthcare cost control solutions for insurance companies, including direct billing operations, pre-authorization, and member management services.
• PreA (Pre-Authorization Direct Billing) Pre-Authorization service allowing customers to verify insurance benefits and receive a Guarantee Letter before treatment, enabling proactive financial planning and streamlined hospital admission for inpatient and outpatient services.
• TeleHealth Service Online health consultation service connecting customers with specialist doctors for medical advice, diagnosis, and treatment guidance anytime, anywhere. Available to corporate employees and individual insured members.
• E-Claim Online insurance claims submission platform allowing customers to submit reimbursement claims, track processing status, and receive results digitally without paperwork or in-person visits. Designed for non-life insurance policyholders.
• E-Card (Electronic Insurance Card) Electronic insurance card service accessible via the Insmart Mini App, allowing users to view and present their digital insurance card anytime, anywhere at partner healthcare facilities.
• Health Screening Program Corporate wellness service supporting companies in monitoring employee health through regular check-ups to detect potential health issues early and enhance workplace productivity.
• Health Talk / Webinar Educational health seminars and webinars organized for corporate clients to raise awareness and promote a healthy workplace culture among employees.
• Chronic Diseases Programs Continuous care programs designed to assist employees with chronic conditions in managing their health and improving quality of life through ongoing support and monitoring.
• Medical Service Organization (MSO)

Quantifiable outcome

• Over 1 million claim requests processed annually
• +3 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

17 partnerships are on record, tiered core.

• Sun Life VietnamcoreChannel Partner/ Reseller/ DistributorSun Life Vietnam is a life insurance company partner that utilizes Insmart's direct billing network for policyholder healthcare services in Vietnam.
• MB Ageas LifecoreChannel Partner/ Reseller/ DistributorMB Ageas Life is a life insurance company partner utilizing Insmart's TPA services for direct billing network access.
• FWD VietnamcoreChannel Partner/ Reseller/ DistributorFWD Vietnam life insurance company partners with Insmart for direct billing and claims administration services.
• Hanwha Life VietnamcoreChannel Partner/ Reseller/ DistributorHanwha Life Vietnam utilizes Insmart's healthcare provider network and TPA services for policyholder benefits.
• Prudential VietnamcoreChannel Partner/ Reseller/ DistributorPrudential Vietnam is a major life insurance partner using Insmart's direct billing network services.
• Manulife VietnamcoreChannel Partner/ Reseller/ DistributorManulife Vietnam life insurance company partners with Insmart for healthcare network access and claims processing.
• Chubb Life VietnamcoreChannel Partner/ Reseller/ DistributorChubb Life Vietnam utilizes Insmart's TPA and direct billing services for employee and individual policies.
• MSIG VietnamcoreChannel Partner/ Reseller/ DistributorMSIG Vietnam is a non-life insurance partner using Insmart's direct billing network for health insurance claims.
• Tokio Marine VietnamcoreChannel Partner/ Reseller/ DistributorTokio Marine Vietnam insurance company utilizes Insmart's healthcare provider network for direct billing services.
• Allianz VietnamcoreChannel Partner/ Reseller/ DistributorAllianz Vietnam insurance company partners with Insmart for direct billing and claims administration.
• Shinhan LifecoreChannel Partner/ Reseller/ DistributorShinhan Life Vietnam utilizes Insmart's direct billing network and TPA services for policyholder healthcare.
• Bảo MinhcoreChannel Partner/ Reseller/ DistributorBảo Minh is a Vietnamese insurance company partner for direct billing network services.
• PJICOcoreChannel Partner/ Reseller/ DistributorPetrolimex Insurance Corporation (PJICO) partners with Insmart for healthcare direct billing services.
• MIC (Military Insurance Corporation)coreChannel Partner/ Reseller/ DistributorMIC Vietnam utilizes Insmart's TPA services and healthcare provider network for policyholder benefits.
• Marine Benefits (Norway)coreChannel Partner/ Reseller/ DistributorNorwegian insurance company Marine Benefits provides international insurance coverage through Insmart's Vietnam network.
• Overseas Healthcare Providers NetworkcoreChannel Partner/ Reseller/ DistributorInsmart partners with 80+ overseas healthcare facilities across Malaysia, Singapore, Thailand, Cambodia, China, Taiwan, and India, including hospitals like Raffles, Gleneagles, Parkway East, and international hospital networks certified by reputable international organizations.
• Vietnamese Healthcare Provider NetworkcoreChannel Partner/ Reseller/ DistributorNetwork of 550+ hospitals and clinics across Vietnam including major hospitals like Vinmec,FV Hospital, and others, covering all 34 provinces and cities.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bao Viet Healthcare (BVC): Bao Viet Healthcare is a Vietnamese health insurance administrator affiliated with the Bao Viet Holdings group, providing direct billing, claims and wellness services. It is directly comparable to Insmart as a domestic Vietnamese competitor offering the same TPA-style services to both insurers and corporate clients.
• MedNet: MedNet is a healthcare TPA and managed-care services provider operating across the Middle East, Africa and Asia, offering direct billing networks, claims management and provider administration. It is directly comparable to Insmart because it runs a multi-country provider network on behalf of insurers, with overlapping products such as pre-authorization, claims processing and corporate wellness programs.
• iXchange: iXchange is an Asia-Pacific third-party administrator specializing in direct billing, claims management and provider network services for international health insurers. Like Insmart, it acts as the operational intermediary between insurers, healthcare providers and members across multiple Asian markets.
• MSH International: MSH International is a global health insurance TPA and assistance provider serving corporate and individual clients across more than 200 countries. It is directly comparable to Insmart because it manages cross-border direct billing, claims administration and provider network access for international insurers and corporate plans.
• APRIL International: APRIL International designs, distributes and administers international health and travel insurance, including direct billing networks in Asia. It overlaps with Insmart's TPA and direct-billing proposition for expatriates and globally mobile Vietnamese policyholders.
• Pacific Cross Vietnam: Pacific Cross Vietnam is a health insurance provider in Vietnam that operates its own direct billing and claims administration capabilities for both local and expatriate clients. It is directly comparable to Insmart as a Vietnam-based health insurance administrator serving overlapping corporate and individual segments.

Broad incumbents

• Cigna Healthcare: Cigna Healthcare is a global health services company that underwrites health insurance and operates in-house TPA, direct billing and care management capabilities across Asia. It overlaps with Insmart on claims administration and provider network services, but does so as part of a much broader global insurance portfolio.
• Bupa Global: Bupa Global is an international health insurer that runs its own provider networks, claims administration and direct billing arrangements across Asia. It is comparable to Insmart on cross-border direct billing and TPA-style services, but operates at significantly larger scale and as part of a wider Bupa portfolio.
• AIA Vietnam: AIA Vietnam is one of the largest life and health insurers in Vietnam and operates direct billing, claims and wellness programs at scale. It is comparable to Insmart on the health insurance administration and corporate wellness side, though its primary role is insurer rather than third-party administrator.

Emerging players

• International SOS: International SOS is a global medical and travel assistance, evacuation and care management provider serving corporate clients. It is comparable to Insmart's Insmart Medical Alliance (IMA) and TeleHealth offerings, focusing on a narrower, higher-acuity international assistance niche rather than broad retail TPA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/insmartvn
• LinkedInlinkedin.com/company/insmart-vietnam

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Insmart