BVG to list on bourse in expansion drive

Blue Venture Group (BVG), the operator of an insurance platform for the automotive and healthcare industries, plans to list on the Market for Alternative Investment this month to expand its business across Southeast Asia.

Up to 157.50 million shares are allocated to be offered to the public from today to Friday, for 3.85 baht apiece. The initial public offering consists of 90 million newly issued shares of BVG, plus another 67.50 million currently held by its parent company Thai Reinsurance (THRE).

The company aims to use the funds to leverage platforms through development of artificial intelligence (AI) technology, bringing about digital transformation in the insurance and healthcare industries.

The use of modern technology should create products and services that reduce the process, time and cost of operations across the value chains, said chief executive Nawarat Wongthitirat.

She said BVG’s business strategy is to remain a leading provider of platforms and applications for motor insurance business management, called EMCS, and healthcare benefit management services.

“The company applies AI technology to enhance service innovation and platforms as well as apps to meet customers’ changing needs. We also plan to expand the network of service providers to cover all processes of the insurance business,” said Ms Nawarat.

BVG’s revenue grew from 384 million baht in 2019 to 388 million and 400 million in 2020 and 2021, respectively. During the first nine months of last year, BVG earned 324 million baht, up from 300 million year-on-year.

The growth in income resulted from the firm’s services, which use AI in the EMCS system for auto insurance companies.

The income from this sector has the potential to grow in the future, she said.

Oran Vongsurapichet, executive chairman of BVG and THRE’s vicechairman, said BVG intends to expand its business to financial services and explore opportunities in Asean to ensure sustainable growth.

‘‘ We plan to expand the network of service providers to cover all processes of the insurance business.

NAWARAT WONGTHITIRAT

Chief executive, Blue Venture Group