Dhipaya bets on full digital shift

 The company said the strategy would be pursued in collaboration with technology startup Acrosure, The TIP Gateway, provided by Acrosure, is a self-service API platform that will allow the company’s business partners to create new insurance products to serve consumers’ demands in line with their new lifestyles in the era of digital disruption.
Somporn Suebthawilkul, managing director of Dhipaya Insurance Public Company Limited, said that startups understand the consumer’s new demands in insurance. Dhipaya is focussing on working with startups to create new insurance products for what it calls the micro-niche market. 
“We want not to be disrupted, but we want to be the disruptor. We are playing a role as a sandbox for insurance tech startups. We established the TIP Inspiration Chamber (TIP IC), which is designed to be a co-working space for startups to trial, test and develop new kinds of insurance services,” said Somporn. 
Consumers require a wide range of insurance cover to fit their business and lifestyles as influenced by the digital disruption. 
“We need to work with startups, who well know consumers’ demands in the digital era. We have built the TIP Gateway, powered by Acrosure, to help facilitate new partners to design and develop new services for our customers. 
“Along with the API platform, we also offer an innovation co-working space for them to brainstorm and work together to invent new products,” said Sompron.
Kittichai Jirasukhanon, chief executive officer of Acrosure, said that the TIP Gateway is a form of infrastructure for insurance tech startups and is the first of its kind to offer API technology with the aim of helping to customise product design and offer regulatory compliance services. 
“We have worked as a partner with Dhipaya Insurance to offer API infrastructure for new business partners of Dhipaya Insurance, both tech partners (tech startups) and non-tech startup who would like to offer insurance for their customers,” Kittichai said.
At the launch, five tech startups joined the TIP Gateway: Builk, Shippop, Tourkrub, Drivemate, and Cleverse. 
With the use of TIP Gateway’s API, Shippop can offer a new type of logistics insurance, which is based on transactions that are micro in nature rather than coming under the typical yearly coverage.
Kittichai said Dhipaya Insurance is the leading insurance company in six categories: car, travel, fire, personal accident, logistics, and miscellaneous. These categories together have around 100,000 SKUs, and the API infrastructure will help customise these existing products while aiding in the creation of new products. 
 “In the digital disruption and transformation era, the insurance market will not be fragmented any more. That means the first mover will potentially become the leader in the new digital era,” said Kittichai.
He said Thailand’s insurance market is worth around Bt600 billion, of which Bt400 billion is for life insurance and Bt200 billion for non-life insurance. Digital technology will help create customised products that are expected to drive an increase in the market value, the executive said.
“We aim to have around 100 business partners using the TIP Gateway within the next 12 months,” said Kittichai.