Galileo Platforms, blockchain, insurtech, insurance, Amodo, Thailand Business-to-business (B2B) InsurTech companies Galileo Platforms and Amodo have entered into a partnership.
The collaboration is said to augur well for the Thai insurance sector looking to shape its post-Covid recovery, one that’s sure to see increased pressure to cut costs without compromising services, according to Galileo Platforms.
Galileo Platforms and Amodo this week launched a strategic push into Thailand, enabling firms with online channels to tap significant new revenue streams. It has also fostered product development and new types of policies, such as usage-based and parametric ones.
“One observation from the pandemic is increased digitalisation in Thailand. But we’re also hearing that younger buyers — those with a tight budget — seek a wider range of policy options that better suit their needs,” said Mark Wales, Chief Executive Officer at Galileo Platforms.
“Our low-cost high-efficiency technology is perfect in these situations. It works very well with digital and traditional insurance and enables the whole lifecycle of insurance transactions to be completed at scale, without touching human hands. It’s very well suited for Thailand.”
Galileo Platforms’ patented blockchain technology enables insurers to connect with customers, distributors and other key players in real-time using its digital platform, providing a shared source of truth to industry participants, and eliminating the duplication of data.
“Add to our offering the Amodo telematics, which helps gauge lifestyle habits from sleeping and exercising through to driving and travel, and it creates a very compelling proposition. It works so well for micro-insurance, for which there’s growing demand, particularly in the Thai market,” said Wales, commenting on the partnership with Amodo, a specialist in insurance telematics technology and advisory services, including behaviour data analysis.
“Micro-insurance with telematics can either nudge you to buy or automatically buy insurance as you ride or drive, priced according to location, speed, distance, time of day, who owns the car or motorbike,” added Wales. “It can offer cover to someone who rides on the back of a different motorbike to get to and from work each day. It can offer you insurance before boarding a plane at the airport. The possibilities are limitless.”
“Many insurers are struggling to become digital, constrained by legacy processes and systems. We’ve re-thought the approach to managing policies, coverage and premiums to create flexible products and straight-through processing giving the customer a complete digital experience,” said Wales.
“With Galileo, new business quotes, pricing, digital policy issuance, commissions and claims are completed in real-time with a single, secure “source of truth” that is agreed by all parties. It’s an immutable point of reference that replaces the need for multiple copies of transactions, customer and policy records. This could be the way forward amid budget cuts, while maintaining high quality personalised services.