Homegrown Thai insurtech FairDee merges with Insurtech Disruptor Qoala

Thanasak Hoontrakul, managing director of FairDee (third from the left)
Thanasak Hoontrakul, managing director of FairDee (third from the left)
  • FairDee is a leading Thai insurtech that launched in 2019, helping to digitise independent brokers and giving them increased access to insurance products
  • Despite challenges during the global pandemic, FairDee has achieved 7x growth in Gross Written Premium (GWP) over the past 18 months, aIts merger with leading omnichannel insurtech Qoala will allow the local insurtech to scale up its product offerings, service quality, and reach

 

A leading Thai insurtech FairDee announced its merger with Qoala, the largest omnichannel insurtech in Southeast Asia that raised THB 405 million (USD 13.5 million) in its Series A last year. This merger will allow FairDee to tap on Qoala’s network and expertise, furthering its commitment in providing innovative product offerings, convenience, and services to its brokers and the customers in Thailand. With thousands of brokers, significant growth in the past year, and now it’s partnership with Qoala, FairDee is ready to scale its services and commitment further for years to come.

 

Established in 2019, FairDee helps to digitise independent brokers by connecting them with over 20 general insurers in Thailand through its mobile platforms. Over the past 18 months— despite headwinds due to the global pandemic — FairDee achieved record results and has seen 7x growth in Gross Written Premium (GWP)by serving more brokers and delivering quality service at scale.

 

FairDee’s new partner Qoala has been rapidly scaling up since its 2018 launch, and processes over 2 million policies per month, with a diversified partnership portfolio serving core industries such as motor vehicles, health, life, travel, fintech, consumables, logistics, and employee benefits. Throughout 2020, Qoala has grown by six times in GWP across Indonesia, Malaysia, and Vietnam —serves millions of customers and has partnered with over 60 leading digital and non-digital partners such as Shopee, Traveloka, OYO, GrabKios, OVO, and Momo. Qoala also partners closely with leading world-class insurers such as Allianz, Chubb, Tokio Marine, and Zurich.

 

As the largest consumer insurance market in Southeast Asia, Thailand houses thousands of insurance brokers domestically, with more than 70% of these brokers working independently. FairDee sees this segment of the market as micro-entrepreneurs who can leverage digital tools to improve their chances of earning a higher income and staying competitive. There is  good market potential in the industry, with Swiss Re Institute has forecasted that Asia-Pacific will account for 42% of the global premiums by 2029.

 

Through this new partnership, FairDee aims to reimagine how insurance is perceived and delivered in Thailand by empowering independent brokers to provide exceptional service and ensuring end-customer satisfaction. FairDee Managing Director Thanasak Hoontrakul believes that the merger with Qoala adds confidence that Fairdee is here to stay, flourish, and build a strong team in Thailand.

 

Thanasak said: “We started FairDee to reimagine the insurance industry and bring the best insurance experience to customers across the region. Being part of Qoala will greatly accelerate that vision, and together, we are more than excited to deliver further innovation in Thailand and beyond. Drawing upon Qoala’s regional expertise and support, we are committed to elevating our service quality to our partners and customers in Thailand.”

 

Founder and Chief Executive Officer (CEO) of Qoala, Harshet Lunani (right), is committed to working with insurers, regulators, brokers, and incumbents to further the growth of Thailand’s insurance market alongside FairDee.

 

"FairDee and Qoala share the same vision in how insurance can be reimagined. Hence, we are doubling down on developing technology to deliver an excellent insurance experience to the community digitally in Thailand on the back of our strong SEA presence. With this acquisition, we are taking a big leap in the group's regional ambition to be the number one insurtech in SEA and to serve the millions of underinsured in the region, given the shared vision and expertise that FairDee’s team has been able to cultivate since its inception,” added Harshet.