Thailand: AppMan obtains USD4.6million funding in Series A

| 19 Feb 2021

AppMan reinforces its leadership in Insurtech in collaboration with Private Equity Trust for SME Growing Together 1 with Siam Alpha Equity (SAE) as its Trust advisor, Krungsri Finnovate, Casmatt, KTBST Group , and Poems Ventures to receive Series A investments over 4.6 Million US Dollars

AppMan Company Ltd ("AppMan"), an insurtech SaSS platform in Thailand, has raised a new series A $4.6 Million US Dollars round from Private Equity Trust for SME Growing Together 1 with Siam Alpha Equity (SAE) as its Trust advisor, Krungsri Finnovate, Casmatt, KTBST as well as Poems Ventures, the venture arm of PhillipCapital group.

Founded in 2011, Appman started out digitalising and offering tapered solutions centered on insurance. Its value proposition is to offer a superior experience to customers by leveraging on technology.

Its flagship product, AgentMate, is an electronic point of sales that now boasts both international and local Thai insurance firms as its clientele. It can go through the sales process of life and non-life insurance as an application, microsite, or plug-in module. AppMan has even integrated a smart chatbot in AgentMate that can onboard your customers seamlessly 24 hours a day, 7 days a week.   

The main objectives of the funding will drive support, expansion, and futher development of their technology suite in the Asia Pacific region. This includes the usage of artificial intelligence (AI) for insights screening for financial institutions & investment and insurance industry to be more efficient and effective. 

Mr.Thanapoom Chareonsiri, Chief Executive Officer and Co-Founder of AppMan Company Limited, said, “The company is honored to be partners with leading financial and investment institutions, and insurance businesses. Collaborating with all these partners will generate a high impact on our business. All of them bring something unique to the company and develop potential growth in the future.”

According to AppMan, their state-of-the-art technology can fulfill the needs of a variety of industries. Digital Face to Face technology is a simpler and more convenient way to sell insurance products. It also can aid many companies in facing social distancing.

AppMan Optical Character Recognition (OCR), a top-notch technology, is an in-house development created by them. It was developed as a tool to convert image files/ documents into text files, and quickly evolved into the leading solution in terms of accuracy and performance in the market using the highest standards, providing Banking Grade Security, CSA- Star Level2, ISO / IEC 27001: 2013 to protect customers’ data.

In addition, the company has started to develop a Software as a Service (SaaS) system that is easy, fast, limitless to use from all digital platforms and all forms of electronic devices. With this, AppMan hopes to attain new customers from a wide range of countries as they expand across the Asia Pacific region in addition to the established offices in Vietnam and Indonesia.

Photo:  Akaphan Amatyakul, Managing Director, Siam Alpha Equity (SAE)

Mr. Akaphan Amatyakul, Managing Director, Siam Alpha Equity (SAE)  as Trust Advisor  of Private Equity Trust for SME Growing Together 1 said. “Private Equity Trust for SME Growing Together 1 invests in promising SMEs who develop products and services reinforced with technology."

He added, “In the past, it has developed and introduced new products that are practical and facilitate transactions for consumers, enabling AppMan to capture large customers in the Thai insurance market and still have the opportunity to expand overseas, which shows a strong future growth trend. The software developed by AppMan is also significant in line with the current global market conditions and the consumer behavior that has shifted to online. We are therefore delighted to support and be partners with AppMan.”

Photo: Sam Tanskul, Managing Director of Krungsri Finnovate

Mr. Sam Tanskul, Managing Director of Krungsri Finnovate said, "Krungsri Finnovate identified the right insurtech company to create synergy with Krungsri’s bancassurance business. This investment provides the Bank with prioritized access to the best insurtechs that AppMan can offer, enabling Krungsri to serve its customers with more speed, convenience, and efficacy.”

Photo (L-R): Dr. Chupun Gowanit, CEO, Casmatt Co., Ltd. and Dr Unchalin Punnipa, President of TQM Corporation

Dr. Unchalin Punnipa, President of TQM Corporation Plc, states, " This joint investment is being made by Casmatt Co., Ltd.- a subsidiary company of TQM. We are confident in Appman’s ability to enhance Casmatt’s technologies in all areas, from our IT solutions to our digital marketing solutions. Appman will help improve and expand our life insurance offerings, to help serve our customers’ needs. This will help us maintain our position as a leader in the digital insurance broker industry."

Photo: Kitiwat Akrangsi, a representative from KTBST Group

Mr. Kitiwat Akrangsi, a representative from KTBST Group said “KTBST Group aims to adopt and apply financial technology to group business. With help of Appman, a top player in Thai insurtech who we believe would help accelerate Digital Transformation in the insurance industry. Appman has strong expertise in several deep technologies such as OCR [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.”

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