Direct Asia targets car segment
Direct Asia aims to be the top online car insurance broker in Singapore and Thailand in two years and the leader in Asia by 2022.
"We want to be the leading online insurance broker in Asia for customer experience in three years," said Sirinthip Chotithamaporn, group managing director.
Thailand and Singapore, the firm's first markets, will serve as role models in online insurance, helping the company capture market share to grow rapidly in other countries, she said.
The Philippines, Indonesia and Vietnam are future potential markets for expansion, given the high number of netizens.
The Singapore-based insurtech firm, incorporated in 2010, entered Thailand in 2015.
The company's website has 3.5 million visitors a year, of which 10-12% take out car insurance through the website, which requires drivers to pay a premium based on their risk.
Voravudh Virikarn, chief executive of Direct Asia Thailand, said driver risk is evaluated by 12 questions reflective of driving behaviour.
The claim ratio of the company's customers is 60-70%, in line with the market average.
Mr Voravudh said the company just launched two new products for motor insurance and provides a service that lets customers drop off their cars at the company's office for claims repairs.
"We expect our premiums to nearly double this year and again next year," he said without specifying value.
Direct Asia plans to expand into other types of insurance such as motorcycle, travel, public liability and professional liability.
"Many SMEs [small and medium-sized enterprises] don't recognise that insurance can help their businesses in the event of fire, flood or business disruption with just 3,000-4,000 baht a year in insurance premiums," Mr Voravudh said.