Thailand: Online car insurance broking startup targets US$3 bln premiums in 1st year
Source: Asia Insurance Review | Aug 2017
Carpool Insurance Broker, a Thai InsurTech firm, is aiming for THB100 million (US$3 million) of premiums during its first year of operations.
The broker, which started operations in April, has rolled out a product that requires owners of at least five cars to pool in the same group to buy a car insurance policy. They will receive a 30% cashback on the premium in case of no claim, reported The Bangkok Post.
The company expects that 600-1,000 vehicle insurance pools, involving a total of 6,000 cars, will take part in its “Carpool Drive with Cash Back” this year. The product is underwritten by Muang Thai Insurance, the country’s fourth largest insurance company.
If claims are made in respect of some insured cars in a group, the cashback will be lower than 30%. Those without any insurance claim history and who continue to have a good driving record are eligible to receive a discount of up to 50% on premiums in the following year.
Carpool Insurance Broker is owned 49% by Thai Re Services, and 40% by Silver Spoon, a company owned by Mr Ed Sirivallop who is a director of the InsurTech firm. Two minor shareholders hold the remaining stake. Carpool Insurance has paid-up capital of about THB22.5 million. A