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https://www.nationthailand.com/business/corporate/40023853

Thai ‘InsurTech’ firm plans IPO to expand business into Asean countries

MONDAY, JANUARY 09, 2023

A Thai tech firm, whose platform and AI technology have become a game changer for the insurance industry, is confident of winning approval to raise funding from the stock market through an initial public offering soon.

BlueVenture Group Plc (BVG) said on Monday that it has filed an application with the Securities and Exchange Commission (SEC) to issue an IPO of157.50 million shares in the Market for Alternative Investment (MAI).

The BVG management has expressed confidence that the SEC would soon approve its application and it would use the funds raised via the IPO for expanding its business into Asean nations.

Patcharaporn Sanburanurak, managing director of KGI Securities (Thailand) Plc, BVG’s financial adviser, said the SEC has started considering the IPO application of BVG.

The IPO would seek to sell 90 million shares of BVG and 67.50 million shares of its subsidiary company, Patcharaporn revealed.

She said BVG had stated in the application that it would use the funds raised from the IPO to further develop its AI technologies for car and health insurance platforms so that it could expand its business to other Asean nations.

BVG CEO Nawarat Wongthitirat said her company had initiated the use of AI and Big Data technologies to provide a platform and apps for car insurance companies and health insurance firms to manage and streamline services for their clients.

Nawarat said BVG’s platforms and apps have become an industry game-changer for insurance firms, allowing them to service their clients with much more efficiency and allowing them to save time and cost.

Nawarat said the EMCS platform of BVG is now used by 34 out of 39 car insurance companies that operate in Thailand as of last year.

The platform is used to manage 10.7 million out of 11 million non-compulsory car insurance policies, Nawarat added.

The platform is also used to manage about 1.5 insurance claims each year and there are over 3,700 BVG clients using the platform, including insurance firms, service centres, garages, towing firms, spare parts firms and car wreckage auction firms.

Nawarat said BVG’s subsidiary, BlueVenture TPA, has developed and provided a platform and app for health insurance firms.

The health insurance app and platform are now being used by over 500 state and private hospitals and clinics around the country to check the claim rights of some 8.8 insurers, Nawarat added.

With the platforms and apps and more technologies to be developed to cover all types of insurance, the company is upbeat that it will soon become a truly InsurTech firm, the CEO added.