Frank targets B100m value
Frank Insurance Broker, an online car insurance broker, plans to expand its insurance products to travel and accidental insurance policies this year, aiming for 100 million baht in premium value in its second year of operations.
The insurance broker only offers car insurance policies under Bangkok Insurance.
"We have started with selling only one BKI insurance product as the insurer has strong after-sales services to back up our company, but we are still open to doing business with other insurance firms in the future," founder and chief executive Harprem Doowa, said.
The company also aims to raise the number of its customers to 26,000 in the second year of operations from 8,000 in the first year. It earned tens millions of the baht in premium last year, he said, without specifying figures.
Frank Insurance started its operation in May last year.
"Online insurance sales have not been popular at present, but there is great potential as consumer behaviour has changed dramatically from buying through agents or insurance firms to social media and online channels. I expect that online insurance will become very active over the next 3-4 years," he said.
According to the company's database, 70% of customers bought the insurance product through mobile phones during non-working hours.
The company offers online sales and services through its website and Facebook page to customers and plans to partner with Line to develop a chatbot to penetrate insurance buyers who are familiar with the channel.
Even though the company's average insurance premium at US$365 (12,478 baht) is higher than the industry's $320, Frank Insurance's customers gain access to privilege programmes through the company's 30 partners in return.
He said the company positions itself as high-tech, with 24-hour services, with customised products, and avoids entering price wars.