Thailand: AppMan, a Thailand-based insurtech startup, announced today it has raised US$4.6 million in a Series A funding round.
Investors include Siam Alpha Equity (SAE), Krungsri Finnovate, Casmatt, KTBST Group, and POEMS Ventures.
The startup will use the capital to expand its services across the Asia Pacific and further develop its technology.
AppMan was born in 2011 after Thanapoom Chareonsiri gathered co-founders Amarit Franssen, Pak Ratthidham, and Nuttapon Kongkitimanon to build a software solution that would help digitize the insurance sector.
AppMan’s aim is to enable insurers to mobilize their sales agents digitally and shift from paper-based work to an automated process. Its flagship product is AgentMate, which seeks to provide seamless sales process solutions for insurance companies wanting to digitize their sale process.
“AppMan has strong expertise in several technologies such as OCR (a technology to read words from documents) or chatbot, which allows seamless experience insurance transactions for clients. We believe that strategic investment in AppMan will not only grow our invested capital but also would raise digital adoption readiness and awareness to KTBST Group as well,” Kitiwat Akrangsi, a representative from KTBST Group said.
As per a study, the insurance penetration rate in the ASEAN region remains low at approximately 3.6 percent. According to Chareonsiri, there is a real opportunity for insurtech companies in SEA Markets as Thailand alone marks a market worth US$26 billion.
Some notable startups in the insurtech sector in Southeast Asia are Igloo, PasarPolis, Sunday, and PolicyStreet.