Fatfish Group reports ‘exponential growth’ for digital insurance investee Fatberry
Fatfish owns more than 50% of Fatberry, which allows customers to obtain motor and travel insurance within three minutes.
A Malaysia-based insurtech investee company part-owned by Fatfish Group (ASX: FFG) has set new sales records for the first half of the year against a backdrop of exponential growth.
Fatberry Sdn Bhd has continued to strengthen its position as one of the leading digital insurance platforms in South East Asia with total insurance sales for the six months to end June hitting $1.9 million and marking a record high in its operating history.
The company recorded gross sales of insurance premiums worth $408,792 in May, growing 36.7% to reach $569,599 by end June.
Fatberry has continued to break its own record of high sales every quarter, logging an average 478% quarter-on-quarter growth rate over the past 12 months.
Its growth has been underpinned by an $800,000 funding injection in March to assist with expansion and product development plans.
The funding was backed by Fatfish, its subsidiary Abelco Investment Group AB and several private investors.
Fatfish owns a 53.4% indirect stake in Fatberry via Abelco.
Growth momentum
Fatberry chief executive officer John Tan said the company was “riding a very strong growth momentum”.
“We are breaking our own records every quarter and growth is seen continuously in all operational measurements, from visitor counts on our website to overall sales performance,” he said.
“[We have] equipped ourselves with the right business model, stellar team and technology to drive this exponential growth for quite a while longer.”
Online insurance
Fatberry offers online insurance for motor, motorbike, personal accident and travel products and is planning to expand into new areas before the end of the current quarter.
The company has observed a growing trend by consumers towards buying insurance products online in a “macro-digital behaviour pattern” accelerated by the global pandemic lockdown.
Its strategic plan focuses on rapidly increasing its share of the Malaysian vehicle insurance online market, which was estimated to be worth approximately $2.7 billion in 2020.
In June, Fatberry announced it was in advanced discussions with an undisclosed insurance provider to potentially roll out one of first fully-digital medical insurance products in Malaysia.