The AppMan team
AppMan, a Thailand-based insurtech startup, announced today it has raised US$4.6 million in a Series A funding round.
Investors include Siam Alpha Equity (SAE), Krungsri Finnovate, Casmatt, KTBST Group, and POEMS Ventures.
The startup will use the capital to expand its services across Asia Pacific and further develop its technology.
AppMan was born in 2011 after Thanapoom Chareonsiri gathered co-founders Amarit Franssen, Pak Ratthidham and Nuttapon Kongkitimanon to build a software solution that would help digitise the insurance sector.
Since all the co-founders were already working in the insurance sector, the opportunity to serve the market became even greater.
AppMan’s aim is to enable insurers to mobilise their sales agents digitally and shift from paper-based work to an automated process. Its flagship product is AgentMate, which seeks to provide seamless sales process solutions for insurance companies wanting to digitise their sale process.
Also Read: Singapore’s insurtech startup Axinan rebrands to Igloo; closes Series A-plus funding
The company has raised a total of US$5 million since its inception from undisclosed founders which went into creating new products.
Additionally, AppMan has also expanded its reach and established offices outside of Thailand in markets such as Vietnam and Indonesia.
“AppMan has strong expertise in several technologies such as OCR (a technology to read words from documents) or chatbot, which allows seamless experience insurance transactions for clients. We believe that strategic investment in AppMan will not only grow our invested capital but also would raise digital adoption readiness and awareness to KTBST Group as well,” Kitiwat Akrangsi, a representative from KTBST Group said.
“The insurance space is ripe for digital disruption. As an insurtech SaaS solutions business that targets the B2B2C space, AppMan is well-positioned to capture this market. It has achieved strong traction and buy-in with the existing market players, and has a strong pipeline of new products which we expect will drive further traction,” said Luke Lim, a representative of PhillipCapital Group.
As per a study, the insurance penetration rate in the ASEAN region remains low at approximately 3.6 per cent. According to Chareonsiri, there is a real opportunity for insurtech companies in SEA Markets as Thailand alone marks a market worth US$26 billion.
Some notable startups in the insurtech sector in Southeast Asia are Igloo, PasarPolis, Sunday, and PolicyStreet.
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Image Credit: AppMan
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