Singapore’s Vouch Insurtech launches in Thailand as Fairdee
By Digital News Asia July 18, 2018
- Includes a community cashback feature for safe drivers to form their own groups
- Fairdee is the first startup approved by the Thai OIC to take part in the regulatory sandbox
SINGAPORE-based Vouch Insurtech, together with six leading Thai insurers, launched in Thailand as Fairdee, www.FairDee.co.th.
A digital insurance platform, Fairdee aims to promote safer driving and reduce fraudulent claims by giving up to 30% on annual premiums back to consumers who do not make any claims within that policy year.
“The high rate of road accidents in Thailand resulted in a high claim frequency of 65% of total number of policies. Motor insurance premiums are expensive in Thailand, relative to the region, and there are few measures to prevent fraudulent claims or encourage safer driving”, said Vouch Insurtech co-founder and country manager Thanasak Hoontrakul.
FairDee’s market research has shown that safe drivers are penalised when premiums increase, as insurers seek to cover the risks of unsafe drivers.
Further research also showed that colleagues, friends, and family are often best informed about an individual’s driving behaviour.
This insight allowed Fairdee to incorporate a community aspect to the insurance cashback by grouping at least four customers of similar driving profiles together.
Customers get 15% cashback of their premium if they themselves do not claim and an additional 15% if the entire group does not submit a claim.
FairDee works with six major insurers: Bangkok Insurance, Dhipaya Insurance, MSIG Insurance, Thaivivat Insurance, Thanachart Insurance, Tokio Marine Insurance as well as one leading broker, Maxi Insurance Broker.
“FairDee’s insurance innovation is a great channel to promote a safe-driving culture in Thailand. The rate of car accidents directly affects car insurance premiums. Therefore, safer roads would result in affordable premiums. I am delighted to see young professionals coming into the industry and creating an innovation which benefits both insurers and customers,” said Thai General Insurance Association president Jiraphant Asavatanakul.
FairDee is also the first startup to be approved by Office of Insurance Commission (OIC) to take part in the insurance regulatory sandbox.
“OIC established the insurance regulatory sandbox in order to encourage innovation in the insurance industry. Startups should be supported to meet customer needs in the digital era, promote safe driving, and deliver fairer insurance policies to consumers” said Office of Insurance Commission secretary general Dr Suthiphon Thaveechaiyagarn.
Established in 2016, Vouch gained strong traction in 2018, having raised a seed round and launching in Singapore earlier in the year.