Eazy Digital, a Thai insurtech startup that provides digital platforms for insurance companies, has raised US$850,000 in an oversubscribed seed funding round.
The investment round was “led by Wavemaker Partners, with participation from Seedstars International Ventures, Wing Vasiksiri, and Sasin Bangkok Venture Club.”
Eazy Digital is a platform that “helps insurance companies manage their agents, operations, user referrals, and engagement.” The startup was “founded by Harprem Doowa and Maethavee Sukul, two insurance industry veterans of the insurance industry.”
Harprem was “the former Co-Founder & CEO of Frank Insurance, an online digital broker based out of Thailand that innovated the way insurance was bought and sold.”
The company was “funded by Nova Founders and Pacific Century Group before being successfully acquired by Bolttech, where Harprem continued as Chief Disruption Officer & Head of Insurtech Exchange for two years before returning to his entrepreneurial roots.”
Prior to Bolttech, Harprem also “co-founded the e-commerce startup Moxy/Orami, which was funded by Eduardo Saverin, Sini Mars, Ardent Capital, Gobi Partners, and Velos Partners.”
Eazy Digital Co-Founder & Head of Operations Maethavee Sukul previously “led operations at Frank, Bolttech Insurance Broker, and Benix.”
Her entire career has “revolved around insurance, starting with a degree in Actuarial Science and Machine Learning and experience as a management trainee at AIG. She is now also earning her masters in the application of Artificial Intelligence and machine learning to analyze insurance consumers driving behavior and provide consumers with a wide range of innovative solutions.”
Eazy Digital’s platform is “focused on providing a SaaS solution to small and medium-sized insurance companies that lack the resources to digitize their processes and distribution.”
With Eazy Digital, these companies can “move forward quickly and at low costs while scaling and competing with larger companies.”
Harprem stated:
“The insurance industry is still in its infancy in the journey of digitization. Current startups are focused on the digital distribution of products via partnerships (embedded insurance), direct-to-consumers, and agency platforms. However, insurance companies themselves have been left unattended and have to often find their own solutions to the digitization of processes and distribution.”
Thailand, the Philippines, and Indonesia are “home to a fast-growing number of insurance companies.”
In the current landscape, however, larger players in the industry “enjoy major advantages due to their funding sources or parent entities’ support for digitization projects, while smaller-to-medium insurers may not have those resources at their disposal, putting them at risk of being left behind. Eazy Digital is working to close this gap.”
Maethavee said:
“Our primary goal is to provide a platform that helps insurance companies, large and small, to digitize and streamline their operations. We want to revolutionize the industry by enabling increased competition and providing access for smaller players in the market.”
Eazy Digital has also “seen use cases of their referral and engagement platform become applicable to industries outside of insurance, such as financial industries, education, property, and more.”
Eazy Digital plans “to use the funding from this round towards product development, marketing efforts to expand on their existing client base, and building out their team.”
The startup is looking “to become the go-to platform for insurance companies that are looking to digitize and automate their processes.”
