Life Insurer and asset manager Aegon, is to sell Futuready Thailand, one of the country’s leading insurance e-brokers offering consumer-focused insurance solutions through affinity channels and partners.
On November 28th, The Huntington Group, a Singapore-based private equity firm, announced its decision to acquire the broker from Aegon. Financial terms of the transaction were not disclosed.
Curtis Chen, Chief Strategy & Business Development Officer of Aegon International, commented: “We believe that going forward, Huntington is the right partner to support the great work of the Futuready team in Thailand. While we will miss them, we are pleased to see our former colleagues join the Huntington family, who are ready to bring the company to another level.”
According to Huntington, the firm seeks to focus with this investment on the democratisation of insurance markets to better serve the underinsured emerging consumer.
Gerard L. Pennefather, CEO and Chairman of Huntington, said: “Futuready will play a significant intermediating role in the changing insurance landscape, by providing more accessible insurance coverage to the emerging consumers in Thailand. There is significant potential to expand offerings across other developing markets.”
Aegon launched Futuready in 2013 in Indonesia and obtained its broker licence in 2015. Aegon Insights Thailand, which was established in Bangkok in 2007 as a telemarketing business, has rebranded as Futuready Thailand.
Futuready seeks to advance Indonesian and Thai insurance ownership by providing improved access to better insurance products. According to the broker, it is able to achieve this by moving from the typically captive, offline, and disconnected financial product distribution model, to one which is shared, online, and integrated.
Original Article at Reinsurance News