Thaivivat Insurance (TVI) has launched Motor AI Recognition Solution (MARS), a deep tech startup, and MARS Inspect, a real-time vehicle inspection application, aiming to achieve total premiums of 10 billion baht by 2024.
Theppan Asawathanakul, deputy managing director of TVI, said the strategy in 2022 is to focus on insurtech as the company plans on use artificial intelligence (AI) to improve the customer experience through MARS and MARS Inspect, allowing customers to manually inspect their vehicles.
He said the app eliminates human error and speeds up the insurance application process, making it 10 times faster than the conventional insurance procedure.
Chalermpol Saiprasert, co-founder of MARS, said it is the first company to use functioning AI in car insurance. The app uses a convolutional neural network, an image analysis technology based on AI, he said.
With its extensive image database of real cars, MARS Inspect is able to correctly identify car conditions with a 90.5% accuracy rate, said Mr Chalermpol.
The development of the AI was accelerated by the cloud machine-learning platform Amazon SageMaker from Amazon Web Services (Thailand).
Another insurtech solution from TVI is pay-per-use motor insurance that keeps track of hours the car is used, allowing policyholders to pay premiums accordingly. For example, drivers who drive for less than four hours a day can reduce their premium by 70% using the service, he said.
In addition, TVI's pay-per-use motor insurance home plus is the first insurance that provides coverage for both car and home in the same plan, said Mr Chalermpol. The company also provides coverage of up to 10,000 baht for pets travelling in cars.
TVI believes using technology will allow insurance companies to provide a seamless experience for customers, he said.
"We aim to create a customer journey that is easily integrated into their daily lives without pain points," said Mr Theppan.
He said the company's total premiums have grown over the past few years, with 100,000 policyholders in 2019 and 200,000 in 2021.
In the previous year, TVI recorded a net profit of 485 million baht, up nearly 500% from 2020.
