Interest in Thailand’s insurtech sector is picking up, with companies in the space closing million dollar funding rounds, incumbents ramping up digital capabilities, and foreign companies entering the market.
So far, 2021 has seen two Thai insurtech companies securing funding. The two Series A rounds were closed by Muang Thai Broker (US$6.7 million), the operator of online insurance comparison platform and sales platform Gettgo, and AppMan (US$4.6 million), the operator of AgentMate, an electronic point-of-sale (POS) that digitizes the sales process of life and non-life insurance.
AppMan, one of Thailand’s insurtech pioneers, said it will use the proceeds to expand and develop innovative technologies in the Asia Pacific (APAC) region, including artificial intelligence (AI) for insights screening for insurance and financial services incumbents.
MTB gets B200m capital boost for online expansion
published : 29 Jan 2021 at 04:00
The injection has increased MTB s total registered capital to 324 million baht.
MTB is the only MTGH subsidiary authorised by the Office of the Insurance Commission to sell both life and non-life insurance products.
In 2018, MTB launched Gettgo, a price comparison and online sales platform, in response to the increasing role of smartphones and fintech in the insurance industry.
Advanced mobile technologies have changed the behaviour of insurance customers. The insurance brokerage business has been growing quite well over the past few years, especially sales through online distribution channels spurred by new lifestyles, said Tanat Jakrawatana, MTB s managing director.