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Founded by two insurance industry veterans, EasyDigital wants to provide small insurance companies in Southeast Asia with the same benefits as their larger competitors. Its SaaS platform allows insurers to digitize many parts of their operations, allowing them to grow more efficiently.
The Bangkok-based startup announced today that it has raised $850,000 in an oversubscribed seed round led by Wavemaker Partners with participation from Seedstars International Ventures, Wing Vasikiri and Sasin Bangkok Venture Club.
Easy Digital was founded last year by Haprim Dowa and Mateve Sukul. Dowa was previously the co-founder and CEO of Frank Insurance, a Thai online digital brokerage in Thailand that was acquired by Boltek. Sukul was head of operations for Frank, Boltek Insurance Broker and Benix, a digital health insurance broker.
Easy Digital founder Hapreem Dowa
Dowa told TechCrunch that while working together at Frank, he and Sukul “both realized that the insurance industry was plagued with manual work and quick in-house solutions. Many insurance companies in Thailand manage their agents using Excel, online chat and phone calls.
While large insurance companies have the money and team members to build their own software, their smaller competitors, which account for more than 90% of insurance companies, Dowa says, struggle to digitize their operations. Eazy Digital aims to provide a platform at an affordable price and solve their scaling problems. It enables insurers to manage agents, operations, user referrals and engagement.
Easy Digital’s competitors include eBao, Appman and ZA Tech, which build software for insurers. Dowa says Easy Digital is differentiated by its focus on distribution and agency sales and customer referrals. “Both generate revenue for the companies, which makes it easier for insurance companies to say yes to working with us,” he said.
The startup’s new funding will be used for marketing, recruitment and product development with a view to expanding into other Southeast Asian markets.
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