Tapoly is an award-winning Insurtech providing business insurance for SMEs and Freelancers and SaaS solutions connecting insurers with their distribution partners. I’m delighted to bring you this Q&A with the company’s founder and CEO, Janthana Kaenprakhamroy.

Over to you Janthana…

Who are you and what’s your background?

I grew up in a small village in Yasothon, in the northeast of Thailand, and moved to London where I became the first person in my family to attend university. Today, I am the CEO and Founder of fast-growing insurer Tapoly. I was honoured to be named Insurance Broker of the Year at the Women in Finance Awards 2023 and to be listed by Forbes as number 6 in the Top 100 Women Founders to Watch. Additionally, I was named as one of the F:entrepreneur: #ialso100 2024.

This month, I am also publishing a book, “Navigating Insurtech”, which will examine the ever-changing world of insurance, offering practical guidance for companies and aspiring entrepreneurs in the sector looking to implement insurtech solutions. My findings are supported throughout by real-life case studies, insights, and interviews from industry leaders and experts. With almost a decade of experience in insurtech, I am well-placed to provide the ultimate guide to succeeding in this industry.

What is your job title and what are your general responsibilities?

My job title is the CEO of Tapoly. As the CEO, my general responsibilities include providing leadership and direction for the company, setting strategic goals and objectives, overseeing the implementation of business plans, and ensuring the overall success and growth of the organisation. This involves tasks such as managing finances, guiding product development, establishing partnerships, leading marketing initiatives, and fostering a positive company culture.

Additionally, as the founder, I play a crucial role in shaping Tapoly’s vision, mission, and values, and driving innovation in the InsurTech sector.

Can you give us an overview of your business?

Tapoly is an award-winning Insurtech providing business insurance for SMEs and freelancers. Winner of Technological Development at the European Business Awards 2021 and Insurance Broker of the Year at the British Business Awards 2023, Tapoly provides a comprehensive list of insurance products to cater for businesses of all sizes, including the gig economy. Tapoly also offers a SAAS solution for corporates wishing to rapidly deploy their own white-labelled insurance schemes.

Tell us how you are funded?

Tapoly is funded through a combination of self-funding, investments from seed and venture capital investors, and government grants. The company’s initial stages were supported by its founders’ own capital, along with a few angel and seed investors, which helped launch and sustain early operations. As it grew, Tapoly attracted investments from insurer and venture capitalists who recognized the potential in the insurtech space.

Additionally, the company has secured government grants aimed at supporting innovative technology startups. This diverse funding mix has helped Tapoly develop and expand its offerings in the insurance and insurtech market.

What’s the origin story? Why did you start the company? To solve what problems?

My journey in the insurance industry took an unconventional path, starting when I was an Airbnb host looking for insurance cover. I recognized that an insurance solution for those participating in the sharing economy was missing. Wishing to address this gap in the market, I founded Tapoly, a pioneering insurtech specialised in providing on-demand and personalised insurance solutions tailored for gig workers and sharing economy participants.

Who are your target customers? What’s your revenue model?

Tapoly primarily targets freelancers, gig economy workers, small and medium-sized enterprises (SMEs), and startups. This focus caters to a growing market segment that demands quick, scalable, and easy-to-manage insurance solutions. Tapoly’s revenue model is built on providing flexible digital insurance products, meaning revenue comes from premiums paid by customers for these policies. Additionally, Tapoly may earn revenue from upselling our technology to (re)insurers and insurance intermediaries.

If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?

If I had a magic wand, one crucial change I’d make in the insurance sector is to enhance investment opportunities for female and ethnic minority founders.

Currently, these groups face significant barriers in accessing funding, limiting their ability to innovate and contribute fully to the sector’s growth. By promoting diversity and inclusion in investment practices, we can unlock a wealth of untapped talent and perspectives, fostering a more vibrant and equitable financial landscape. This shift would not only drive innovation but also address longstanding disparities, creating a stronger and more resilient industry for all stakeholders.

What is your message for the larger players in the Financial Services marketplace?

In today’s insurance landscape, teaming up with startups is crucial for staying competitive. Startups offer cutting-edge tech and agility to adapt quickly, accelerating your digital transformation. They bring fresh perspectives, sparking innovation and a willingness to take risks. By partnering with startups, you stay ahead of emerging trends and the competition.

Where do you get your Financial Services/FinTech industry news from?

I rely on a combination of methods to stay informed about the insurance industry. This includes online searches as well as accessing industry newsletters from networks and professional associations such as BIBA and MGAA.

Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?

Here are three individuals from the FinTech and Insurtech industries that you might find worth following on LinkedIn:

Anne Boden, CEO of Starling Bank

  • Anne is the founder and CEO of Starling Bank, one of the UK’s leading digital banks. With a background in traditional banking and a passion for innovation, she offers unique insights into the challenges and opportunities facing the financial services industry. Following Anne on LinkedIn provides a glimpse into the strategies and vision driving one of the most innovative players in the digital banking space.

Susanne Chishti, CEO of FINTECH Circle

  • Susanne is a leading figure in the FinTech industry, serving as the CEO of FINTECH Circle, a global community of FinTech entrepreneurs, investors, and innovators. With her expertise in finance and technology, she provides valuable insights into the latest trends and developments shaping the FinTech landscape. Following Susanne on LinkedIn offers access to thought-provoking content and networking opportunities within the FinTech community.

Sabine VanderLinden, CEO of Alchemy Crew

  • Sabine is a prominent leader in the InsurTech industry, serving as the CEO of Alchemy Crew, a consultancy firm specialising in digital transformation and innovation in insurance. With her extensive experience in insurance and technology, she offers valuable insights into the challenges and opportunities facing the insurance industry. Following Sabine on LinkedIn provides access to thought leadership and discussions on the future of insurance and InsurTech innovation.

What FinTech services (and/or apps) do you personally use?

I use Revolut for both my business and personal travel. It offers a range of services including cross-currency payments, currency exchange, and cryptocurrency trading, all accessible through a convenient mobile app. Known for its competitive exchange rates and low fees for international transactions, Revolut is particularly useful for travellers and businesses dealing with multiple currencies.

What’s the best new FinTech product or service you’ve seen recently?

Recently, I’ve found Stripe Treasury to be quite noteworthy in the FinTech space, as it allows businesses to integrate financial services such as banking, payments, and treasury management directly into their platforms, streamlining operations and enhancing the customer experience.

Finally, let’s talk predictions. What trends do you think are going to define the next few years in the FinTech sector? (An opportunity to get the readers thinking and to demonstrate your thought leadership credentials.)

Here’s a refined list of trends that I believe will shape the Insurtech sector in the coming years;

  • Rise of Embedded Insurance: Embedded insurance will become more prevalent, blurring the lines between industries. Companies in sectors such as e-commerce, healthcare, and transportation will offer insurance products seamlessly integrated into their services, providing customers with convenient access to coverage tailored to their needs.
  • Advancements in AI and Machine Learning: AI and machine learning will continue to drive innovation in the insurance sector. We’ll see increased use of AI-powered chatbots for customer service, personalised insurance recommendations based on data analytics, and automated underwriting processes, improving efficiency and accuracy in risk assessment and policy pricing.
  • Regulatory Compliance and Security: As the Insurtech sector matures, there will be increased scrutiny from regulators and a stronger focus on compliance with data protection and cybersecurity regulations. Insurtech companies will need to invest in robust security measures and ensure compliance with evolving regulatory requirements to maintain trust and credibility among consumers.

These trends reflect the evolving landscape of the Insurtech sector, driven by advances in technology, changing consumer expectations, and regulatory developments. As Insurtech continues to grow and innovate, we can expect further disruption and transformation in the insurance industry, ultimately leading to more accessible, personalised, and secure insurance solutions for consumers.

Thank you very much for taking the time to participate in the FinTech Profile, Janthana!

Source: http://fintechprofile.com/2024/05/03/janthana-kaenprakhamroy-founder-ceo-of-tapoly/