Thailand-based insurance broker gettgo has secured $6.7 million funding from its parent company Muang Thai Group Holding Co as it aims to reach $33.3 million of premium in the next three years.
The funding will be used for gettgo’s platform development and to further develop its distribution channel to now include online insurance under Muang Thai Group Holding, according to managing director Tanat Jakrawatana.
Founded in 2018, gettgo is an online insurance comparison website that seeks allows consumers the chance to compare products by themselves before deciding to purchase them online.
It offers a selection of online insurance, including motor insurance, travel insurance, home insurance, and COVID insurance.
Last year, gettgo launched a customizable online comparison platform for health and life insurance products, responding to the need of simplicity in the age when being “personalized” is everything.
“This online insurance platform is a game-changer in the health industry, allowing comparison of health insurance for individual purposes,” the company said.
Tanat also revealed the three-year plan to achieve the target of $33.3m of premium, including:
- Adding new products and a number of insurance partners on the health and life insurance platform
- Initiating the development for the smarter health and life insurance platform through the use of Aggregator Data for product recommendations that are suitable for customers
with different needs and profiles. - Launching another online insurance platform for insurance brokers in order to provide a tool and crucial reinforcement that can assist and stay by every broker’s side during the shift from offline insurance sales to online.
“Over the past 3 years, gettgo has rapidly grown in every aspect, which is considered the success as targeted. The number of website users has increased from thousands in the beginning to millions in no time,” Tanat added.
gettgo also noticed that over the past year, Thai people did not just become more conscious of their health but also paid attention to mitigation of health risks through the purchases of health insurance. – BusinessNewsAsia.com