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.