Founded by two insurance industry veterans, Easy digital wants to give small insurance companies in Southeast Asia the same advantage as their larger competitors. With the SaaS platform, insurers can digitize many parts of their business operations, enabling them to scale up more efficiently.
The Bangkok-based startup announced today that it has raised $850,000 in an oversubscribed seed round led by Wavemaker Partners, with participation from Seedstars International Ventures, Wing Vasiksiri and Sasin Bangkok Venture Club.
Eazy Digital was founded last year by Haprem Doowa and Maethavee Sukul. Doowa previously co-founded and CEO of Frank Insurance, an online digital broker in Thailand acquired by Bolttech in 2021. Sukul served as chief of operations at Frank, Bolttech Insurance Broker and digital health insurer Benix.
Eazy Digital co-founder Haprem Doowa
Doowa told londonbusinessblog.com that while working together at Frank, he and Sukul “both realized that the insurance industry was plagued with manual work and fast home-built solutions.” Many insurance companies in Thailand manage their agents using a combination of Excel, Line chats and phone calls.
While larger insurance companies have the money and team members to build their own software, their smaller competitors, who make up more than 90% of insurance companies, according to Doowa, are struggling to digitize their operations. Eazy Digital’s goal is to provide them with a platform that is affordable and helps solve their scalability issues. It enables insurers to manage agents, operations, user referrals and engagement.
Eazy Digital’s competitors are eBao, Appman and ZA Tech, who also build software for insurers. Doowa said Eazy Digital differentiates itself by focusing on distribution and the efficiency of agency sales and client referrals. “Both bring revenue to the companies, making it easier for insurance companies to say yes to working with us,” he added.
The startup’s new funding will be used for marketing, recruiting and product development with a view to expanding into other Southeast Asian markets.