AppMan gains ground in Thailand’s insurtech sector
Originally founded in 2011, was immediately distinguished by being one of Thailand’s first domestic software companies. With an executive team composed of insurance experts, it was only a matter of time before AppMan gained a reputation in the insurtech space.
Generating a higher impact
The newly acquired funds will help AppMan expand further within the APAC region - it already has offices in Vietnam and Indonesia - and develop its tech suite, including artificial intelligence (AI) and insights screening capabilities.
“The company is honoured to be partners with leading financial and investment institutions, and insurance businesses. Collaborating with all these partners will generate a high impact on our business. All of them bring something unique to the company and develop potential growth in the future,” Thanapoom Chareonsiri, CEO and Co-Founder.
AppMan’s ultimate goal is to create a SaaS (software as a service) system that is fast, easy to use, and limitlessly applicable to all forms of electronic devices.
Investing in Thai insurtech
In the same press release, Akaphan Amatyakul, Managing Director of Siam Alpha Equity, explained the purpose of Private Equity Trust for SME Growing Together 1:
“[The fund] invests in promising SMEs who develop products and services reinforced with technology.
“In the past, [AppMan] has developed and introduced new products that are practical and facilitate transactions for consumers, enabling [it] to capture large customers in the Thai insurance market and still have the opportunity to expand overseas, which shows a strong future growth trend.
“The software developed by AppMan is also significant in line with the current global market conditions and the consumer behavior that has shifted to online. We are therefore delighted to support and be partners with AppMan. It will help Thai people gain access to life and non-life insurance products and drive the insurance market in Thailand for further growth.”
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8