Eazy Digital, a Thai InsurTech startup that provides digital platforms for insurance companies, has raised $850,000 in an oversubscribed seed funding round.
The round was led by Wavemaker Partners, with participation from Seedstars International Ventures, Wing Vasiksiri, and Sasin Bangkok Venture Club.
Founded by insurance industry veterans Harprem Doowa and Maethavee Sukul, Eazy Digital is a platform that aims to help insurance companies manage their agents, operations, user referrals, and engagement.
Eazy Digital’s platform is designed to provide a SaaS solution to small and medium-sized insurance companies that lack the resources to digitise their processes and distribution.
Thailand, the Philippines, and Indonesia are home to a fast-growing number of insurance companies.
In the current landscape, however, Eazy Digital said larger players in the industry enjoy major advantages due to their funding sources or parent entities’ support for digitisation projects, while smaller-to-medium insurers may not have those resources at their disposal, putting them at risk of being left behind. The Thai InsurTech is on a mission to close this gap.
Doowa is the former co-founded and CEO of digital broker Frank Insurance, which was acquired by bolttech.
Maethavee Sukul, Eazy Digital’s co-founded and head of operations previously led operation at Frank, bolttech insurance broker and Benix.
Doowa said, “The insurance industry is still in its infancy in the journey of digitisation. Current startups are focused on the digital distribution of products via partnerships (embedded insurance), direct-to-consumers, and agency platforms. However, insurance companies themselves have been left unattended and have to often find their own solutions to the digitization of processes and distribution.”
Sukul added, “Our primary goal is to provide a platform that helps insurance companies, large and small, to digitize and streamline their operations. We want to revolutionize the industry by enabling increased competition and providing access for smaller players in the market.”
Last year, Indonesia-based InsurTech startup Qoala secured $65m in its Series B funding round.
Copyright © 2023 FinTech Global