SET-listed Dhipaya Group Holdings is launching the motor insurance company Insurverse, which claims to be Thailand's first pure digital insurance company to meet the needs of the younger generation's digital lifestyles.
Chief executive Somporn Suebthawilkul said Insurverse is the first non-life insurance company offering full digital services with a mission to use technology to help customers and develop products that are easily accessible digitally.
"It will feature products that can be individualised to suit each customer's own needs, and will be available without going through a broker. It allows customers to purchase, claim and track the status of a claim by themselves on a 100% online platform that is fast, transparent and simple to use," he said.
In the future, Insurverse wants to expand to a variety of products including those in travel, accident, health and pet insurance, said Mr Somporn.
Puttha Wiriyabowon, deputy chief executive of Dhipaya, said Insurverse is targeting millennials aged between 25-39 who are digital natives and want to customise products to suit their lifestyle.
"Insurverse digital insurance can provide a fast, uncomplicated service at every step, whether customers are requesting a quotation, customising coverage or buying insurance," said Insurverse managing director Kittinun Phupongphankul.
This service makes buying insurance easier as there is a wide range of online payment channels, and customers can buy insurance at anytime, he said, with service available 24 hours a day.
"In the future, customers will be able to make claims via the Insurverse app. Our digital system enables faster claims approvals, within a single business day," Mr Kittinun said.
Mr Somporn said Insurverse expects to have 300 million baht worth of insurance premiums this year. The firm is targeting 300,000 customers in five years, he said.
In 2-3 years, Insurverse plans to expand into the markets of Cambodia, Laos, Myanmar and Vietnam, where Dhipaya already has a foothold, said Mr Somporn.
