FairDee

About FairDee

FairDee Insurtech operates as the Thailand subsidiary of the Qoala Group, a regional insurance technology firm. Founded in 2017 by Yujun Chean, Prateek Jogani, and Thanasak Hoontrakul, the company was established to address inefficiencies in the Thai insurance market. The founders identified that a high rate of road accidents and fraudulent claims were driving up motor insurance premiums for all drivers, including those with safe driving records. Co-founder Yujun Chean brought a diverse background in finance at Citi, data analytics, and entrepreneurship, having also co-founded Vouch Insurtech in Singapore. Thanasak Hoontrakul, also a co-founder, had experience as an engineer and business analyst and a background in Technopreneurship from the National University of Singapore.

The company's core business revolves around empowering independent insurance agents and brokers with a digital platform. This platform provides tools for quoting, customer document management, insurance binding, and car tax calculations, enabling agents to serve their clients more efficiently. Initially, FairDee introduced a model with a community cashback feature for motor insurance, rewarding groups of drivers with up to 30% back on premiums if no claims were filed within the policy year. This approach was designed to promote safer driving and was the first of its kind to be approved for the Thai Office of Insurance Commission's (OIC) regulatory sandbox. The business model is B2B, generating revenue by providing its technology and a wide range of insurance products—including motor, health, and accident insurance—to its network of agents.

A significant milestone occurred in March 2021 when FairDee was acquired by the Indonesian insurtech startup Qoala, marking Qoala's strategic expansion into Thailand. The entire FairDee team joined Qoala to continue its growth trajectory. Following the acquisition, the company has continued to operate under the FairDee brand in Thailand, leveraging Qoala's regional expertise and financial backing to enhance its technological capabilities and product offerings. This integration is part of a larger vision to create a dominant omnichannel insurtech presence across Southeast Asia, aiming to provide affordable and personalized insurance to millions of underinsured consumers.