Muangthai Broker (MTB), an open architecture insurance arm of Muang Thai Group Holding (MTGH), has officially launched Gettgo, a price comparison and online sales platform, aiming to capture 60 million baht in online premium sales this year.
MTB was founded in the beginning of 2018 as part of the Gettgo project, with a mission to initiate products and services that eliminate three major pain points for customers: the complexity of price comparisons, the complicated legal wording of insurance products and the time-consuming issuance and approval of insurance policies.
MTGH director and chief executive Sara Lamsam said MTB offers general insurance, accident, health and life insurance from all brands to customers.
"The latest digital phase venture is necessary as consumers use technology increasingly, which creates a challenge for businesses to innovate in response to demand," said Mr Sara.
The company has 14 insurance partners and more than hundreds of online insurance products including travel insurance, auto insurance, compulsory car insurance and condominium insurance from many companies.
MTB is developing online home insurance, which is expected to launch in the final quarter, followed by online health insurance and life insurance with non-complicated policies.
"We aim to make purchasing insurance through an online channel as easy as online shopping," said Gettgo director Tanat Jakrawatana.
Once customers purchase insurance products from the website and make payments, they will receive insurance policies via email, said Mr Tanat.
In 2020, the company also plans to launch an offline sales distribution channel called GetMore, which provides person-to-person services via insurance agents to cover customer needs across all generations.
MTB will provide IT and solution services called GetTech next year for insurance businesses, starting with companies under MTGH.
During the past 18 months of Gettgo's operations, the website has seen more than 20,000 purchases of online insurance products, with the bulk of buyers aged 28-40.
Repeat buys were higher than 20%, while auto insurance contributed to around 80% of total premiums sold.
The value of this year's online insurance sales is targeted at around 60 million baht, with commission fee revenue projected at 10 million.