Thai Insurtech FairDee raises US$65 mil in Series B
By Digital News Asia July 21, 2022
- Leading global investment group Eurozeo led this round
- FairDee to offer innovative solutions to Thai brokers, customers
Thai insurtech FairDee has raised Series B funding of US$65 million (RM289 million) in a round led by French asset manager and leading global investment group, Eurozeo, which previously backed Grab, Southeast Asia's biggest tech startup.
In a statement, it said several existing investors, including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus, and Sequoia Capital India participated in this round.
Additionally, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures joined the investment round as new investors, it said.
The company said this investment will allow it to further its commitment to provide innovative product offerings, convenience, and services to its brokers and the customers in Thailand.
It said with three times growth in the past year, it now aims to become the leading insurtech in Thailand, ready to scale its services and investment in the country for years to come.
Established in late 2019, FairDee's said its mission is to provide underinsured people across Southeast Asia with access to affordable and personalised insurance protection.
The company does this by helping to digitise independent brokers and connecting them with over 30 general insurers in Thailand through its mobile platforms, it said.
In February '21, FairDee merged with Qoala Group, the fastest growing venture-backed regional insurtech startup with operations in Thailand, Indonesia, and Malaysia.
According to FairDee, the global pandemic has increased awareness of the value and importance of insurance.
The company said it recognises the opportunities this provides in working with stakeholders across the market, including insurance partners, brokers, and the Office of Insurance Commission (OIC) to increase the adoption and affordability of insurance in Thailand.
As Southeast Asia's largest consumer insurance market, Thailand has more than 150,000 general insurance brokers, with over 70% working independently, FairDee said.
These independent brokers operate as micro-entrepreneurs and play a vital role in serving their local communities' insurance needs.
However, they often operate manually without access to many insurers and products, meaning customers miss out.
FairDee said it aims to support these independent brokers by leveraging digital tools and training to offer exceptional service and choice to the customers.
Ultimately, this allows independent brokers to stay competitive and earn a higher income, at the same time enabling the local community to access a wider variety of insurance products, the startup said.
FairDee’s managing director Thanasak Hoontrakul said, “The next step for FairDee is to further localise its platform experience to serve its customers better.
“With our commitment to working with insurers, brokers, OIC and ecosystem and to further invest in the growth of Thailand's insurance market, we plan to take insurtech to new heights," said Thanasak.
Founder and chief executive officer of Qoala Harshet Lunani said, “We will continue to invest in scaling our reach into core markets and focus on enhancing our technology and product experiences.
“This will greatly reduce the hurdles to accessing insurance, which can still be significant."
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