Palm Phuwarat

San Mateo, California, US

Palm's Skills
Product Management

About Palm

Seeking Tech Co Founder to Revolutionize Life Insurance Industry in Thailand

I am looking for a skilled and self motivated full stack web developer who wants to start entrepreneurial adventure in South East Asia with me. If you would like to live in Thailand (Bangkok), love Thai food, spend your vacation in Koh Samui, and has no obligation to stay in your country for at least next 3-5 years, this would be a great opportunity for you.

What is the idea?
Insurance industry in South East Asia is one of the slowest sector to integrate IT into the business and digitize purchasing channels. As insurance became a regulatory requirement in everything we do (mortgaging a house, buying a car, tax deduction, etc) in South East Asia, similar to the Western world, market penetration of auto and life insurance continued to grow at a rapid pace.

Currently, buying insurance products is the most tedious and awkward in person process which makes you feel as if you are being scammed by the MLM agents. It takes lots of time, courage and trust to buy just a insurance policy for yourself. The individual insurance providers seem to slow to step up their e-commerce game and still heavily rely on the agents and bancassurance.

However, I want to set a new standard. A standard where the consumer can search, compare and purchase insurance product fast and easy through the website. I want to create a transparent, and educational way of buying life insurance that will fit with Thai’s millennial lifestyle and culture. In the future, there is also a plan to expand to the neighbor countries in South East Asia.

Happy to chat in more details.

We will start tackle Thailand as the first market where the Tech startup ecosystem is on the rise with tons of fundings from institutions and angels coming into play. It is also a strategic ecosystem in South East Asia and second largest market after Indonesia.

I plan to build a few key features to test out the user behaviors and the optimize conversion. The first milestone is to provide a great experience for each individual rather than boosting lead volume (I can explain to you why).

Current Status
I have outsourced just to get the prototype up and running. I am hoping that the technical cofounder would come in and help enhancing the prototype + integrating testing tools while I ran the rest of the business (trying to secure funding, connect with insurance providers and input their products onto our platform, PR/marketing).

Market Opportunity
In 2015, gross written life insurance premium reached $13bn (THB460bn) with share of purchase through online less than 1%. In 2018, the premium is estimated to grow another 40% to $18bn and the purchase shifted more towards online channels.

Funding Opportunity in Thailand
It is never a better time to start a tech business than this coming years. Recently, Thai government has put aside $85 million to speed up the development of Thai ecosystem. Regulations and law are amended to facilitate the startup to establish at a faster speed.
For more info about Thai startup ecosystem, this deck explained it best.

Many banks and financial institutions have invested a great amount last year in Thai startups. Especially, Fintech is becoming very hot in 2016. Here is the report on VC investment wrap up in 2015.

About Me
Born and raised in Thailand. Moved to US 9 years ago
MBA graduate from University of San Francisco, entrepreneurial and marketing majors
Currently working in one of the highest valued unicorns in the world.
7 years of data analytics and product strategy experience in world class tech companies
Strong digital marketing background - SEO, SEM, Social
Very data driven
Passionate and highly motivated to turn idea to product
Well connected to Thai tech startup community and incubators
Brokerage licensed to sell life insurance products

Co Founder desired skills and characteristics
AWS infrastructure (EC2, DynamoDB)
Expert in Node.js, Bootstrap, JavaScript, CSS3 and responsive design concept, HTML5, MongoDB, JQuery
Familiar with Agile development
Ready to take on challenge to scale the dev team as the CTO.
Great attitude and team player. Listen to others and less egoistic
Goal oriented and comfortable working under uncertainty

How do I get you to move?
Most American and Europeans would not require a visa to enter the country for leisure visit.
My parents help over thousands foreigner apply for work permit so this should be taken care of without hassle.
You will be living in a 1BR condominium in the heart of Bangkok - FREE OF CHARGE.