The open architecture insurance arm of Muang Thai Group Holding (MTGH), Muangthai Broker (MTB) is seeking to capture THB60m ($1.96m)in online premium sales and THB10m commission fee revenue this year with its newly-launched price comparison and online sales platform called Gettgo.
According to a report from Bangkok Post, Gettgo has seen over 20,000 purchases of online insurance products in the past 18 months of its operations. The large majority of its buyers are aged between 28 to 40 years with auto insurance contributing around 80% of total premiums sold and over 20% of repeat purchases.
Founded in the beginning of 2018 as part of the Gettgo project, MTB offers various general insurance, accident, health and life insurance from over 14 insurance partners to customers.
It seeks to alleviate problems faced by customers such as the complexity of price comparisons, the complicated legal wording of insurance products as well as the time-consuming issuance and approval of insurance policies.
Currently, the insurer is developing online home insurance and expects to launch the product in the final quarter of 2019 followed by online health insurance and life insurance with non-complicated policies.
In 2020, it plans to launch an offline sales distribution channel called GetMore which provides ‘person-to-person services’ via insurance agents. It also aims to provide IT services branded as GetTech for insurers and will start with companies under the MTGH umbrella.