PetInsure, a pet insurance startup based in Thailand, has won of the Samart Innovation Award, in a competition that aims to strengthen the country’s technology industries.

Sponsored by telecommunications and consumer electronics company Samart, the award also came with a THB200,000 (US$6,000) cash prize and a trip to South Korea.

PetInsure is the first online pet insurer in Thailand, which has a pet industry worth aroundTHB22 billion (US$659.5 million), according to the Bangkok Post. Pet owners spend a total of THB7 billion (US$209.8 million) to care for the 9 million pet dogs and cats in the country.

The company offers pet insurance packages which cover all veterinary bills, including vaccination, treatment for illnesses or accidents, and death. Pets are eligible for coverage their entire lives, as long as the policy is renewed. However, pet insurance is quite new in the market, and many Thais are not yet aware such products are available.

According to Chonlanatt Poonchattakarn, founder of PetInsure’s parent firm Dong Sung Ki Innovation, the insurer also has an in-house veterinary team to provide home-service check-ups for pets.

Meanwhile, Smart Boat O2 Improvement project, which developed a water aeration system, was awarded first runner-up, receiving a THB100,000 (US$3,000) cash prize and a trip to South Korea. The second runner-up was Chao-Raii, which invented a hydroponic farming system. The prize was THB50,000 (US$1,500) in cash and a trip to South Korea, as well.


Related stories:
Thailand’s marine insurance bill sets sail
Insurer launches policy and tracking system for lost pet cats
Demand for pet insurance on the rise in Korea