Online insurance platform gettgo gets Bt200 million in funding from Muang Thai Group
The board of directors of Muang Thai Group Holding Co Ltd have approved Bt200 million in funding for Muang Thai Broker Co Ltd, the subsidiary operating as an insurance broker under the name of gettgo, Muang Thai Group President and Chief Executive Officer Sara Lamsam said.
The broker aims to reach Bt1 billion in premiums in the next three years.
Explaining the purpose of this funding, Tanat Jakrawatana, managing director of Muang Thai Broker Co Ltd, said the objective was platform development for utmost popularity. This extended beyond purchases as it included sales and learning of financial products such as insurance. gettgo was also developed to be another distribution channel for online insurance products under Muang Thai Group Holding.
In terms of its progress and performance in 2020, gettgo launched a customisable online comparison platform for health and life insurance products, responding to the need of simplicity in the age when being “personalised” is everything. This online insurance platform is a game changer in the health industry, allowing comparison of health insurance for individual purposes. Those interested can try it out at http://gettgo.com/health-insurance.
Tanat also revealed their three-year plan to achieve the target of Bt1 billion premiums.
1. Add new products and a number of insurance partners on the health and life insurance platform to become the one with product diversity and the most extensive selection in the market. Currently, gettgo has seven partners -- Muang Thai Life Assurance, Muang Thai Insurance, Generali Thailand, Cigna Insurance, Falcon Insurance, Manulife Insurance, and Aetna. In 2021, gettgo also aims to seek leading partners in life and health insurance.
2. Initiate development for a smarter health and life insurance platform through the use of aggregator data for product recommendations that are suitable for customers with different needs and profiles. Also, gettgo aims to be the first platform with data of customers’ interests from the entire market, which will result in a smarter search engine for health insurance products and a search journey that is easy, quick, and simply the best.
3. Launch another online insurance platform for insurance brokers in order to provide a tool and crucial reinforcement that can assist and stay by every broker’s side during the shift from offline insurance sales to the online one and for the basis of stable income further.
Tanat said that over the past three years, "gettgo has rapidly grown in every aspect, achieving success as targeted. The number of website users has increased from ten thousand in the beginning to millions in no time. As a result, we are still committed to our ideology of incessant development of the online insurance comparison platform that is simple and convenient for insurance purchases and sales for Thais”.
"Over the past year, we saw that Thai people did not just become more conscious of their health but also paid attention to mitigation of health risks through purchase of health insurance," Sara said, adding: “When people become health conscious, along with ceaseless growth of the online world, it is most suitable to invest in the development of the health and life insurance comparison platform. Therefore, gettgo is considered an excellent tool that is ready to answer needs in the age when everyone wants to compare for what is best for them”.
gettgo is an online insurance comparison website founded in 2018 under Muang Thai Broker Co Ltd, with the mission to create a platform to accommodate consumer behaviours in the digital age, with the need to compare products by themselves before deciding to purchase them online. gettgo aims to create the experience of comparison and online insurance purchases that are convenient and quick, with simple language and filtered and essential data, without forcing unnecessary coverage on users.
gettgo offers a selection of online insurance, including motor insurance, travel insurance, home insurance, and Covid insurance. Most recently, in the last quarter of 2020, gettgo added health and life insurance products to respond to the increasing trends of health over the past few years.