Miso offers first app-based motor insurance in Thailand
Miso, a new insurtech startup, will launch the first-app based motor insurance platform in Thailand in collaboration with Chubb Samaggi Insurance.
This platform will minimize customer pain points in paying high insurance premiums and resolving inconvenient claim process.
Miso or ‘So Me’ is working exclusively with Chubb Samaggi Insurance, whose its parent company is one of the world’s largest publicly traded property and casualty insurance company.
According to Edip Okur, Chief Executive Office of Miso Solution Co Ltd, low risk/low mileage consumers pay too much for their motor insurance and why they have to pay for others.
Okur said the company’s mission is to be a leading digital marketing and distribution platform in Thailand and Southeast Asia offering insurance premiums that reflect each customer’s driving behavior, instead of traditional lump sum premiums offered to every customer.
Miso’s app, which can be easily downloaded via Android and iOS using the latest international technology from AMODO, is considered as the first online insurance innovation products approved by the Office of Insurance Commission (OIC) in Thailand.
With a 30-day driving plan under “Qualify to Buy” process, potential insurance buyers who are qualified and passing driving tests through a journey of gamification, tips & advices, reward points via Miso’s app, will enjoy personalized pricing quotes with up to 50% discount on insurance premiums compared to traditional insurance.
Miso’s business objective is to encourage people to prevent road accidents. By installing Miso’s app, your driving experience will be scored based on speed, braking, cornering, distance, phone use, acceleration criterias and 3 to 6 stars Miso classification groups. It provides tips and advices to improve your driving skills with Miso points based reward program. Potential for real-time localized geo-spatial offers to consumers and the app community partners.
According to Okur, only 3 per cent of Thai customers buy motor insurance online. He remains optimistic about the fast growing forecast of digital insurance market because of the covid19 impact and growing new tech-savvy consumers who are self conscious awareness and openness to innovation.
Apart from Thailand, Miso has been eyeing other opportunities in SEA markets through strategic partners and collaboration with other insurers, brokers and telematics suppliers.
From the latest McKinsey on Insurance articles, the insurance industry seems to lag behind other financial services industries in terms of technology perspective. Insurtechs, which are tech-driven insurance companies that take advantage of new technologies to provide new insurance innovation or to reinvent business systems in this digital era.
Insurtechs are certainly extending innovation throughout the sector, something similar in other sectors as well—such as healthcare, retail, and banking. They are trying to own the end-to-end customer acquisition, product underwriting, and claims operations in exchange for reasonable pricing commensurate with consumers’ risk profile.
They usually leverage big data of public and private which are based on available sources using analytics and articificial intelligence models to create new business opportunities for everyone through partnerships.
The debate in terms of the regulations and the data privacy issues still remains in Asia region. However, it will turn a new chapter of integration beyond insurance to a broader end-to-end ecosystem if insurtechs get access or build the expertise or the capabilities to do that.
