Thai insurtech Eazy Digital raises funds in oversubscribed seed round | Insurance Business Asia
Insurtech Eazy Digital has raised US$850,000 in its latest oversubscribed seed funding round. The round was led by Wavemaker Partners, with Seedstars International Ventures, Wing Vasiksiri, and Sasin Bangkok Venture Club also participating.
Eazy Digital is a Thailand-based insurtech startup that provides digital platforms for insurance companies, helping them manage their agents, operations, user referrals, and engagement. It is focused on providing software-as-a-service to small- and medium-sized insurance companies that lack the resources to digitise their processes and distribution, the company said.
The startup was founded by Harprem Doowa and Maethavee Sukul, both long-time insurance industry members.
Doowa was formerly co-founder and CEO of Frank Insurance, an online digital broker based in Thailand. It was later acquired by bolttech, where he became chief disruption officer and head of insurtech exchange for two years. Prior to bolttech, Doowa also co-founded e-commerce startup Moxy/Orami, which was funded by Eduardo Saverin, Sini Mars, Ardent Capital, Gobi Partners, and Velos Partners.
“The insurance industry is still in its infancy in the journey of digitization,” Doowa said. “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 digitisation of processes and distribution.”
Sukul, Eazy Digital’s head of operations, previously led operations at Frank, bolttech, and Benix. After finishing her degree in actuarial science and machine learning, she became a management trainee at AIG. She is now also earning her masters degree in the application of artificial intelligence and machine learning to analyse insurance consumers’ driving behaviour.
“Our primary goal is to provide a platform that helps insurance companies, large and small, to digitize and streamline their operations,” Sukul said. “We want to revolutionise the industry by enabling increased competition and providing access for smaller players in the market.”