- Top global investment group Eurozeo led this round
- FairDee to offer innovative solutions to Thailänder brokers, customers
Thai insurtech FairDee has raised Series M funding of US$65 million (RM289 million) in a round led by French asset manager and leading global investment group, Eurozeo, which formerly backed Grab, Southeast Asia’s biggest technology startup.
In a statement, it saidsSeveral existing traders, including Flourish Endeavors, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus, and Sequoia Capital India took part in this round.
Additionally , BRI Ventures, Daiwa PROFESSIONAL INDEMNITY Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures joined the investment round as brand new investors, it mentioned.
The organization said this expense will allow it to further its commitment to offer innovative product products, convenience, and solutions to its brokers and the customers within Thailand.
It mentioned with three times development in the past year, this now aims to get the leading insurtech within Thailand, ready to level its services plus investment in the country for a long time to come.
Established in late 2019, FairDee’s said the mission is to provide underinsured people across Southeast Asia along with access to affordable plus personalised insurance safety.
The organization does this by helping to digitise impartial brokers and hooking up them with over 30 general insurers within Thailand through the mobile platforms, this said.
In February ’21, FairDee merged with Qoala Group, the fastest growing venture-backed regional insurtech new venture with operations within Thailand, Indonesia, plus Malaysia.
According to FairDee, the global pandemic has increased awareness of the value and significance of insurance.
The company mentioned it recognises the particular opportunities this provides in working with stakeholders over the market, including insurance partners, brokers, as well as the Office of Insurance Commission (OIC) to increase the adoption plus affordability of insurance policy in Thailand.
Since Southeast Asia’s biggest consumer insurance market, Thailand has more compared to 150, 000 general insurance brokers, with over 70% functioning independently, FairDee said.
These types of independent brokers work as micro-entrepreneurs and play a vital role within serving their nearby communities’ insurance requirements.
However , they often operate manually without entry to many insurers and products, meaning clients miss out.
FairDee said it aims to support these types of independent brokers simply by leveraging digital equipment and training to offer exceptional service and choice to the customers.
Ultimately, this allows impartial brokers to stay competing and earn a higher income, at the same time enabling the local community to gain access to a wider variety of insurance products, the startup said.
FairDee’s managing director Thanasak Hoontrakul said, “The next thing for FairDee would be to further localise its platform experience in order to serve its customers better.
“With our commitment in order to working with insurers, brokers, OIC and ecosystem and to further invest in the growth of Thailand’s insurance coverage market, we plan to take insurtech to new heights, inch said Thanasak.
Founder and chief executive officer of Qoala Harshet Lunani stated, “We will still invest in scaling our reach into primary markets and focus on enhancing our technologies and product experiences.
“This will greatly reduce the hurdles to getting at insurance, which can still be significant. ”