Rabbit Care introduces "CareOS," Thailand’s first Caring operating system, to actively engage in the credit card comparison market and aims to hit 300,000 credit card sign-ups by the end of 2022.
BANGKOK, THAILAND - Rabbit Care, Thailand's leading online insurance brokerage (InsurTech) and FinTech platform, is set to take on the financial product comparison market by introducing ‘CareOS,’ the technology that comprehensively helps customers find personalized products by themselves within 30 seconds. The company has made significant progress in the credit card market after successfully launching a campaign to boost registrations in mid-2022 and aims to reach 300,000 credit card applications within this year.
Mr. Michael M. Steibl, Chief Executive Officer of Rabbit Care Company Limited, revealed, “Rabbit Care has introduced ‘CareOS,’ our proprietary IT system that facilitates customers in finding credit cards and insurance products that best serve each customer's unique needs and serves as the foundation for all of our marketing initiatives. By providing comparison solutions that are comprehensive, fast, and easy-to-use, along with offering the best price and value, we hope to ensure the satisfaction of our customers.”
Rabbit Care aims to secure 3 billion baht in insurance premium by the end of 2022 after hitting 2 billion baht in the first eight months. The company also saw a 200% year-on-year revenue growth in the banking marketplace side of the business, which offers a credit card and loan comparison platform.
Mr. Andre O. Prenzlow, Chief Product Officer of Rabbit Care Company Limited, said, “Rabbit Care has invested more than 10 million USD in the development of 'CareOS,' our own proprietary IT system. It is Thailand's first all-inclusive insurance and financial product comparison service that operates by gathering, analyzing, selecting, and comparing products based on customer data, while providing the best value. With this comprehensive, high-performance, easy to use technology, we enable our customers to choose products and services that are suitable for them within 30 seconds.”
Mr. Chayapat Sakulrompochai, Chief Commercial Officer of Rabbit Care Company Limited, commented, “Rabbit Care has more than 40,000 insurance plans and more than 50 financial product options from more than 50 leading partners, as well as more than 30 credit cards with special deals from six banks exclusively for those who register through us.”
Given how important it is for Rabbit Care to meet customer needs, the company aims to have more bank partners in the upcoming months to expand the options available to customers. The company refers to its customers as Chief Family Officers (CFOs), who make important decisions regarding their family’s financial well-being, while also handling work and home responsibilities. Rabbit Care wants to support these CFOs by simplifying challenging tasks like comparing various types of insurance and financial products.
Customers can buy the products online and use various payment options, including installment plans. Omni-channel support is available 24/7, with more than 800 advisors offering guidance to ensure that customers can choose products that suit their unique needs and lifestyle the most.
More than 30,000 users applied for a credit card through Rabbit Care in July this year, of which the issuing banks approved 6,000. In comparison with the typical credit card approval rates in the market, this is thought to be a 5x increase. The success is due to the effectiveness of CareOS in matching customer profiles with the right credit cards, providing deep integration with its partners and creating a seamless UX that includes unique filters for user lifestyles and comprehensive descriptions of each credit card.
Rabbit Care regularly rolls out marketing initiatives. One of which is a joint campaign with Citibank called Flash Sale that received an overwhelming response. The campaign consisted of giving out Marshall Emberton speakers and vouchers from Rabbit Care worth a total of 11,500 baht. The company will continue to launch campaigns and promotions that will be announced at www.rabbitcare.com.
In July, Rabbit Care announced series C funding, led by Winter Capital, a growth equity investment firm, and joined by VGI PCL, Thailand's largest media conglomerate. Other shareholders include Korea Investment Partners, Samsung Ventures, and Korea Growth Investment Corporation. The company has invested in developing its own IT system to become Thailand's first integrated insurance and financial product comparison platform in order to become the top option for Thai people looking for insurance and financial products.