Blue Venture Group (BVG), Thailand's leading software solution provider for the insurance industry, believes insurtech will drive its business expansion in Southeast Asia as the company attempts to mobilise funds from the local stock exchange.
Speaking to the Bangkok Post, BVG chief executive Nawarat Wongthitirat said insurtech is set to bring changes to Thailand's traditional insurance industry.
According to Global Data Intelligence Center, the industry is projected to grow 4.7% annually in terms of gross written premiums to 1.1 trillion baht in 2026 from 890 billion baht in 2021.
"Insurtech is expected to grow in line with Thailand's insurance industry as firms are focusing on developing innovative solutions, leveraging technologies like artificial intelligence [AI] and big data analytics to enhance the customer experience," she said.
BVG is aware of this growing demand and is helping to build digital platforms and develop innovative solutions for auto and health insurance firms to leverage AI to increase their efficiency in claims management.
"The key enhancement we embraced in recent years is using AI solutions to enhance the motor claims process," said Mrs Nawarat.
AI can be used to automate various tasks in the claims process, such as the assessment of damage, which can greatly reduce the time and cost associated with settling claims, she said.
"It also has the ability to identify patterns and anomalies in claims data, which can help to detect and prevent fraud," said Mrs Nawarat. "The use of AI in the motor claims settlement process has the potential to significantly impact the industry in the future."
BVG recently submitted a filing to the Securities and Exchange Commission to float its shares on the Market for Alternative Investment. A total of 157.5 million shares, accounting for 35% of the company's paid-up capital, would be offered in an initial public offering.
Proceeds from the fundraising will be used for further development of AI and information systems, as well as future expansion across Southeast Asia, she said. A portion of the remaining funds would be used as working capital.
"We are committed to bringing the latest viable technology and additional services to assist customers in the future," said Mrs Nawarat.