Founded by two insurance industry veterans, Eazy Digital wants to give small insurance companies in Southeast Asia the same advantage as their larger competitors. Its SaaS platform lets insurers digitize many parts of their operations, enabling them to scale up more efficiently.
The Bangkok-based startup announced today it has raised $850,000 in an oversubscribed seed round led by Wavemaker Partners, with participation from Seedstars International Ventures, Wing Vasiksiri and Sasin Bangkok Venture Club.
Eazy Digital was founded last year by Haprem Doowa and Maethavee Sukul. Doowa was previously co-founder and CEO of Frank Insurance, an online digital broker in Thailand that was acquired by Bolttech in 2021. Sukul was head of operations at Frank, Bolttech Insurance Broker and digital health insurance broker Benix.
Doowa told TechCrunch that while working together at Frank, he and Sukul “both realized that the insurance industry was plagued with manual work and quick home-built solutions.” Many insurance companies in Thailand manage their agents using a combination of Excel, Line chats and phone calls.
While larger insurance companies have the money and team members to build their own software, their smaller competitors, which Doowa said make up over 90% of insurance companies, struggle to digitize their operations. Eazy Digital’s goal is to give them a platform that is affordable and helps solve their scalability issues. It enables insurers to manage agents, operations, user referrals and engagement.
Eazy Digital’s competitors include eBao, Appman and ZA Tech, which also build software for insurers. Doowa said Eazy Digital differentiates by focusing on distribution and the efficiency of agency sales and customer referrals. “Both are revenue-earning for the companies which makes it easier for insurance companies to say yes to working with us,” he added.
The startup’s new funding will be used for marketing, hiring and product development with an eye on expanding to other Southeast Asian markets.
Eazy Digital helps Southeast Asia’s small insurers digitize their operations by Catherine Shu originally published on TechCrunch