Thailand insurtech company BVG is joining forces with a Cambodian Reinsurance Company to launch a joint venture in the second half of this year, according to The Bangkok Post. While The Bangkok Post did not reveal the name of the reinsurer, it is understood to be Cambodian Re.
BVG provides claims software solutions, outsourced administrative services, and consulting services to the insurance industry. The new venture, in which BVG owns 49% of the shares, will have a registered capital of US$500,000. BVG is currently registering the joint venture company and obtaining a licence to run the business in Cambodia.
Chief executive Nawarat Wongthitirat said the joint venture is part of BVG’s investment expansion plan across Southeast Asia. “This underscores BVG’s commitment to creating new technological innovations and raising service standards to help drive the industry towards the path of full insurtech firms,” she said.
Nawarat also revealed plans to introduce new products in the company’s AI series, such as AI Estimate which uses AI technology to speed up the process of accident notification and improve the accuracy of damage assessment.
In 2022, BVG recorded a net profit of 54 million baht (US $1.57m), up from 35 million (US $1.02m) and has total assets amounting to 481 million baht (US $14m). BVG listed on the Market for Alternative Investment earlier this year. BVG is expecting to see an improvement in revenue this quarter due to the economic recovery in Thailand and the full lifting of travel restrictions.
