Fin Insurance Broker, an insurance tech startup, has set an ambitious target to list as a top three player in the Thai industry by offering a full range of insurance products and focusing on technology to facilitate customers.
To drive business growth, Fin wants to list on the Market for Alternative Investment in three years, chief executive Punyawat Phosrithong said yesterday.
Mr Punyawat said the company continues to deploy technology to drive the development of the insurance platform under the online-to-offline business model to connect insurance brokers and insured customers on all sales channels.
Fin set a vision to become an insurance expert and consultant offering comprehensive products.
The company wants to upgrade the Thai insurance industry to insurtech, which refers to the use of technological innovations to reduce costs and boost efficiency.
He said the company offers a full range of insurance products, including auto, life, health, travel, accident, fire and miscellaneous insurances.
Fin uses artificial intelligence (AI), the Internet of Things and big data to develop policy offerings to suit various types of customers.
The company is launching Fin Insurance App, an application for car insurance that enables customers to have easy access to buy policies online.
The app uses a platform to support policyholders that can track car status and contact people involved with a claim, including car care partners or maintenance operators.
The goal is to create a good experience for buyers with modern and convenient services that are easy to use, said Mr Punyawat.
"We are ready to bring more than 10 years of technological development, experience and expertise to service our customers. We are investing in technology through various channels to keep up with global insurance business trends," he said.
"The technology applies a tracking device to monitor the behaviour of policyholders, such as car usage, then charges a premium rate based on usage. By using a smart contract system, insurance claims can be calculated automatically through an intermediary to support them quickly and accurately."
