Frank Insurance, a digital insurance broker, rebranded as Bolttech Insurance Broker (Thailand) last week in an effort by its Hong Kong-based parent company to consolidate digital insurance units under one brand.
The company aims to take a more aggressive role in the digital insurance industry this year as the segment shows high potential for growth, supported by advancement in mobile technologies and digital lifestyle which is proliferating amid the Covid-19 outbreak.
Frank was acquired by Bolttech's parent company, Pacific Century Group (PCG) in December 2018, two years before PCG launched Bolttech, its own insurtech digital broker arm, in 2020.
"Digital insurance is growing and we believe that the new normal lifestyle will motivate customers in Thailand to turn to online services," Bob Wouters, general manager of Bolttech, said.
Mr Wouters said the company was able to sell 50,000-60,000 policies via its online channel last year during the pandemic.
For customer demographics, the company's target market is those aged 25-35 with an income range of 30,000-40,000 baht per month.
The company currently has three distribution channels including the company's website, business partners and insurance agents.
Harprem Doowa, chief disruption officer and head of insurtech exchange of Bolttech Insurtech Exchange (Thailand), said the website will be a major distribution channel contributing up to about 50% of revenue, while 20-25% will come from partners such as Rabbit Line Pay, and the rest from insurance selling agencies.
At present, Bolttech and FWD Insurance, its sister company, employ about 1,900 sales agents nationwide and aim to increase the number to over 6,000 by the end of this year.
He said the companies expect to see their sales growth double this year on the back of increasing demand for protection for electronic devices such as mobile phones, smart TVs and laptops, and the launch of FWD's non-life insurance arm, FWD General Insurance.
Frank had total premiums received worth 100 million baht in 2020.