Rabbit Care Unveils 2023 Strategy with Over 50% Revenue Growth Target and Launch of Personal Loan Comparison Platform for all Thais Expecting 1.5 billion Baht Approved Loans
Bangkok, Thailand - Rabbit Care Co., Ltd., Thailand's leading online insurance (InsurTech) and financial product comparison platform (FinTech), reveals its business strategy for 2023. The company collaborates with bank and non-bank partners to penetrate the loan sector by launching a personal loan comparison tool that enables Thais of all income levels to access loan products easily.
Mr. Michael M. Steibl, Co-Founder & Chief Executive Officer of Rabbit Care Co., Ltd., said, “We are excited to announce that Rabbit Care had a phenomenal year in 2022, surpassing our expectations by generating 3 billion baht in insurance premium and experiencing a 144% increase in commissions from financial products. The success is primarily linked to the launch of our CareOS system, which assists customers in finding personalized insurance products and forms the foundation for our innovative credit card comparison platform, which has generated over 170,000 registrations since its introduction in July.
The Thai loan market has witnessed a significant product surge due to digitalization, while economic uncertainty has led to more stringent loan approval processes. Consequently, matching customers with the most suitable loan products has become increasingly important. In response to this need, we have expanded our financial product comparison service to include the personal loan sector this year. Our objective is to improve the accessibility of loan solutions and support our customers in getting approved for a combined loan volume of 1.5 billion baht in 2023. Additionally, we aim to achieve 4.5 billion in insurance premium this year, leading to overall revenue growth of over 50%.”
Rabbit Care remains committed to its slogan, “Complete Care”, by genuinely understanding customers’ needs, which leads to policy renewal rates of over 70%, surpassing the average of other insurance brokers. Leveraging its extensive customer insights, Rabbit Care collaborates with insurance companies to create unique Rabbit Care-branded car insurance products that address gaps in the market and will be launched within this year. To make insurance more accessible to a broader customer base, the company has recently established Rabbit Care Lending, which will provide “buy now pay later” financing plans to Rabbit Care and Asia Direct Broker customers from this month onwards.
Miss Sirikalya Suthanyaphruet, Head of Online Acquisition & Performance Media Division, “KTC” or Krungthai Card Public Company Limited, stated, “KTC is thrilled to partner with Rabbit Care in online acquisition and brand expansion leveraging the CareOS platform. This addresses high efficiency and ensures cost-effectiveness in member acquisition. The platform’s product comparison feature also enables better decision-making for prospects and helps KTC reach out to quality targets fitting to each product, i.e. KTC credit card, “KTC PROUD" cash card, and "KTC P’ BERM Car for Cash”, with distinct features: an on-spot loan approval within 1 hour with as high as 1 million baht instant cash.”
Mr. Kyung Jin Lee, Chief Executive Officer of KB J Capital Co.,Ltd. mentioned, “KB J Capital is a new company in the non-bank industry in Thailand offering personal loans to Thai customers. We saw a great opportunity to partner with Rabbit Care to expand our sales channels and reach more target customers. Also, the new personal loan comparison platform that matches the right customer profile to our company enhances the quality of the lead and supports efficient operation and effective sales performance. Moreover, when we start the credit card business in the near future, Rabbit care will be one of the powerful channels for expansion.”
At Rabbit Care, customers can choose from a diverse range of financial products, including 16 offerings from personal loans to microloans from 10 leading banks and non-banks. Looking ahead, Rabbit Care is committed to expanding its partner network to continue meeting its customers' diverse and evolving needs.
Rabbit Care aims to be a one-stop solution for all Thais looking to compare financial and insurance products helping them to achieve their financial goals. The company is preparing to launch numerous marketing efforts during this Golden Rabbit year, and additional information on Rabbit Care-specific promotions and privileges may be found at www.rabbitcare.com.