Malaysian insurtech platform Fatberry.com announced that it has expanded its footprint to Thailand through the acquisition of Bangkok based MooMoo Non-Life Insurance Broker (MooMoo) for an undisclosed amount.
MooMoo started as a non-life insurance broker in 2014, offering motor insurance from its 16 partnered underwriters to over 6000 customers in Thailand.
The move was made possible through a collaboration with Fatberry.com’s majority investor, ASEAN Fintech Group (AFG).
By adopting Fatberry.com’s insurtech platform and processes, they said its Thailand entity is set to accelerate its growth in the local market.
In parallel, the company will now expand its offerings to include non-life insurance products such as health and commercial products.
Founded in 2017, Fatberry.com provides flexible and affordable insurance products to the masses via an easy-to-use online insurance platform from its partnered underwriters.
Somkiat Chaisuparakul, Executive Director of Fatberry (Thailand) said,
“The Thai non-life insurance market is highly competitive.
To become a leader in the non-life insurance segment in Thailand, the adoption of Insurtech is necessary to increase efficiency and remain relevant.”
John Tan, CEO at Fatberry.com, says,
“Thailand marks the first regional expansion destination for Fatberry.com outside of our home market Malaysia.
The Thai insurance market is an attractive and important market for us to enter with our innovative technology and ability as it is one of the largest insurance markets in ASEAN.”
Featured image: Edited from Unsplash
