BlueVenture Group PCL.
Backbone of the Thai Claims Industry

Digital transformation has made inroads in the claims management space. The entire ecosystem of claims processing, from body shop owners to insurers to car dealers, stands to benefit. However, information loss and duplicity remain key challenges in the end-to-end journey of a claim. Various players utilize their independent software systems to record their part of the information, leading to re-keying the same information or redoing the same process at different stages. Realizing the potential to plug data leakage, BlueVenture Group (BVG) brought a solution to simplify the convoluted motor claim process, for all the parties involved. Previously known as EMCS Thai, BVG provides Electronic Motor Claims Solution (EMCS) and has created a centralized platform to eliminate overlapping functions.

BVG provides intuitive solutions for the motor claims industry, intending to drive insurance business growth and sustainability. “We want to ensure that our solutions help all the people involved in the claims processing and add value to the insurance industry and all parties involved,” says Nawarat Wongthitirat, CEO of BVG. “We are creating a win-win-win scenario for partners, insurers, and the policyholders.” BVG’s platform has benefited 4,000 insurance partners, dealers, garages, surveyors, towing companies, windshield installers, tire shops and salvage bidders. The platform processes more than 1.5 million claims per year.

In the initial days of its foundation, BVG focused on claim management and settlements with repair garages. Later, it expanded to dealers and leading car makers like Toyota, Honda, and Isuzu. Once eClaim is integrated with Dealer’s DMS System, the claim settlement process becomes much smoother. Gradually, the company began offering a solution for the Claims Notifications (FNOL). M-Survey was introduced to dispatch help to the breakdown scene as soon as possible and became the point-of-truth. Details of the damage can be shared with the insurer in real-time, speeding up the approval and repair processes. The solution aims to simplify the convoluted motor claim process, for all the parties involved. To do so, standard pricing is updated regularly on the platform in collaboration with car manufacturers and insurance agencies.

The company has leveraged AI to develop newer capabilities on the platform; AI Review, AI Estimate, and AI Inspection. AI Review focuses on claim settlement by analyzing the damage images and presenting an accurate repair quote. AI Review was launched in 2021 and is well received by insurance organizations. AI Estimate will be launched soon, focusing on reducing the damages submitted by policyholders and helping generate repair costs and estimates, within minutes. AI Inspection is in the next phase and on its way to simplify the underwriting process.

BVG is going public with a change in branding. It will be called BlueVenture Group, and the IPO will likely be launched soon along with its subsidiaries, BlueVenture TPA, BlueVenture Actuarial, and BlueVenture Tech. With leading insurance organizations utilizing BVG’s platforms, the company has truly become the backbone of the Thai insurance industry.