Blue Venture Group (BVG), Thailand's leading insurance platform provider, is partnering with a Cambodian reinsurance firm to launch an insurtech joint venture expected to start operating in the second half of this year.
Chief executive Nawarat Wongthitirat said BVG is in the process of registering a joint venture company and obtaining a licence to run the business in Cambodia.
The company aims to provide third-party administrator service, which offers medical benefits and claims management, including a consulting service.
"As part of its investment expansion plan across Southeast Asia, the company entered into an agreement with Cambodian Reinsurance Company," said Mrs Nawarat.
"The joint venture, in which BVG holds 49% of the shares, has registered capital of US$500,000."
With the joint venture, BVG aims to bring its experience and expertise to help raise the standard of health insurance claim services for policyholders in Cambodia, she said.
BVG expects the company's revenue in the first quarter this year will improve year-on-year based on Thailand's economic recovery.
The full lifting of travel restrictions and border reopening will benefit growth on the platform for auto insurance claims, said Mrs Nawarat.
In 2022, the company recorded a net profit of 54 million baht, up from 35 million year-on-year, with total assets amounting to 481 million baht. BVG listed on the Market for Alternative Investment earlier this year.
"We expect revenue for this quarter to surpass the last quarter of 2022," she said.
In addition, the company plans to introduce new products in its artificial intelligence (AI) series, including AI Estimate, which leverages AI technology to speed up the process of accident notification for customers and increases the accuracy of damage assessment, making claims filing more efficient.
"The use of AI in auto insurance claims can also reduce costs and time for insurance companies," said Mrs Nawarat.
"This underscores BVG's commitment to creating new technological innovations and raising service standards to help drive the industry towards the path of full insurtech firms."