March 25, 2024

Wavemaker, Seedstars invest in Thai SaaS insurtech startup Eazy Digital

Wavemaker and Seedstars Back Thai SaaS Insurtech Startup, Eazy Digital.

Eazy Digital provides digital solutions to small and medium-sized insurance companies that lack the resources to digitise their processes and distribution Eazy Digital, a Thai startup providing digital platforms for insurance companies, has raised US$850,000 in an oversubscribed seed funding round.

Wavemaker Partners led the round, with participation from Seedstars International Ventures, Wing Vasiksiri, and Sasin Bangkok Venture Club.

The insurtech firm plans to use the funding for development, marketing efforts, and building its team.

Eazy Digital was founded by Harprem Doowa and Maethavee Sukul.

Doowa is the co-founder and former CEO of Frank Insurance, an online digital broker in Thailand. Frank was funded by Nova Founders and Pacific Century Group before being acquired by Bolttech. Previously, Doowa co-founded the e-commerce startup Moxy/Orami (funded by Eduardo Saverin, Sini Mars, Ardent Capital, Gobi Partners, and Velos Partners).

Sukul previously led operations at Frank, Bolttech Insurance Broker, and Benix.

Eazy Digital helps insurance companies manage their agents, operations, user referrals, and engagement. It provides a SaaS solution to small and medium-sized insurance companies that lack the resources to digitise their processes and distribution.

“The insurance industry is still in its infancy in digitisation. Current startups focus on the digital distribution of products via partnerships (embedded insurance), direct-to-consumers, and agency platforms. However, insurance companies have been left unattended and have to often find their solutions to the digitisation of processes and distribution,” Doowa said.

Thailand, the Philippines, and Indonesia are home to many insurance companies. In the current landscape, however, larger players in the industry enjoy major advantages due to their funding sources or parent entities’ support for digitisation projects. At the same time, smaller-to-medium insurers may not have those resources at their disposal, putting them at risk of being left behind. Eazy Digital is working to close this gap.

“Our primary goal is to provide a platform that helps insurance companies, large and small, to digitise and streamline their operations,” Sukul said.

Eazy Digital has also seen use cases of their referral and engagement platform become applicable to industries outside of insurance, such as financial industries, education, property, and more.