Carpool is Thailand’s first P2P insurance broker. Like many startups, CarPool has set ambitious growth plans, targeting $3m USD in gross written premiums during its first year of operation. Carpool’s policies are currently being underwritten by Muang Thai Insurance (the 4th largest general insurer in Thailand) with an initial focus on auto insurance.
Essentially, Carpool’s proposition is to give good drivers the opportunity to form their own insurance groups whereby the members contribute their deductible to the shared pool.
The core user experience is as follows:
- Consumers form or join a group consisting of five or more policies.
- 30% of their premiums are set aside in a pool with those of others in their group.
- Any claims filed by the group are deducted from the pool first. If there is not enough money in the pool, the insurer covers the difference.
- Money left over at the end of the policy year is given back as a reward.
Carpool states that it’s proposition was developed in response to an overall dissatisfaction from good drivers that valued comprehensive coverage, but felt they were overpaying in light of their good driving history.
Consumers can save up to 30% on insurance premiums. Savings on insurance premiums are awarded via a cash back at the end of each policy year.
Ultimately, co-insuring leads to lowering of the premium and also reduces the fraud rate associated with group policy holders who know each other. Carpool empowers good drivers to select their peers and benefit from their driving skills. ThaiRe Services Co Ltd owns a 49% stake and Silver Spoon Co Ltd has 40% stake.
