Building a Market Entry Thesis for Vietnam's Insurance Sector
Designed a full investment thesis on Vietnam's insurance market from scratch, reverse-engineering from Leapfrog's investment decision.
Sauravjeet Singh
Operations Lead at Self-employed
From their time as
Research and Investment Analyst
TresVista • 2023 - 2025
Overview
Sauravjeet was asked to build a full thesis on Vietnam's insurance market when Leapfrog was exploring Southeast Asian investment opportunities. Before pulling any data, he asked the IC what decision the research needed to enable. The answer was clear: they were looking for investable companies in the Vietnamese market.
The Story
Sauravjeet was asked to build a full thesis on Vietnam's insurance market when Leapfrog was exploring Southeast Asian investment opportunities. Before pulling any data, he asked the IC what decision the research needed to enable. The answer was clear: they were looking for investable companies in the Vietnamese market.
He reverse-engineered the research structure from that outcome. He started with the macro picture, examining insurance penetration as a percentage of GDP, which was materially below comparable developing markets. That established the growth headroom.
He then mapped the competitive landscape, finding that premium share was concentrated among a small number of top players, which signaled both the market's early stage and the potential entry points for a new institutional investor.
He synthesized the penetration data, competitive concentration, and growth trajectory into a structured thesis and presented it to the IC. The output moved Leapfrog from exploration to active company sourcing in the Vietnamese insurance market.