Thai insurtech startup AppMan raises US$4.6 million in funds

Thailand-based insurtech SaSS startup, AppMan, has raised US$4.6 million in a Series A funding round from investors including Siam Alpha Equity (SAE) , Krungsri Finnovate, Casmatt, KTBST Group, and POEMS Ventures (PhillipCapital Group). 

This brings the total capital raised by the startup since its launch in 2011 to US$5 million with the latest round of fundraising set to be used to drive the support, expansion, and further development of the technology suite, including the use of AI for insights screening to enable improved efficiency. 

Co-founded in 2011 by four insurance sector specialists with the aim of building a software solution that would help digitse the insurance sector, AppMan is an insurtech SaSS platform that enables insurers to mobilise their sales agents digitally and shift from paper-based work to an automated process. Its signature product, AgentMate, provides seamless sales process solutions for insurance firms looking to digitise.

AppMan has been so successful, it has expanded beyond to Thailand, opening offices in Vietnam and Indonesia with plans to expand across Asia Pacific. 

According to Kitiwat Akrangsi, a representative from one of its investors, KTBST Group, AppMan “has strong expertise in several technologies such as OCR, a technology to read words from documents, or chat, which allows seamless experience insurance transactions for clients”. 

With another milestone marked towards becoming the leader in Insurtech across APAC, AppMan has started to develop a Software as a Service (SaaS) system that is easy, fast, limitless to use from all digital platforms, and all forms of electronic devices. 

Insurance booming in Asia with demand for insurtech high

Thailand has a booming insurance market, which is expected to hit US$9.1 billion by 2023, and considering the insurance penetration rate in the ASEAN region is low, at just 3.6%, there is a very real opportunity for insurtech companies in such regions. 

According to Luke Lim, a representative of PhillipCapital Group, one of AppMan’s Seed A investors, the Asia Pacific insurance space is “ripe for digital disruption” with AppMan “well-positioned to capture this market”. 

In addition to AppMan, other insurtech startups catering to the sector in southeast Asia include Igloo, PasarPolic, Sunday, and PolicyStreet.