Company Overview: Fatberry
Reshaping Insurance for the better.
Founded in 2017, Fatberry is a digital insurance marketplace that allows users to compare and customize a range of insurance products online through a fast and intuitive chatbot-like interface. Fatberry later transitioned as an online insurance aggregator platform in 2018, which focuses on offering multiple insurance products via a request for quotes online in a flexible and reliable way.
The company spent its first 2 years forging partnerships with major insurance companies in Malaysia and developing its digital platform technology. It ran an early beta version of its platform for about a year before launching a full commercial version in April 2020. Fatberry’s insurance marketplace platform is developed in-house, with AI-enabled data and behavior analytics. It took a couple of years to design and develop the various modules of the platform. The company is now ranked the number two insurance portal in Malaysia.
Today, with API integration alongside multiple insurers, consumers can now easily compare insurance products, customize a quote, and purchase the most suitable insurance offering instantly at Fatberry all in just a few clicks. As of now, Fatberry offers car and motorcycle insurance. However, health insurance, home insurance, travel insurance, and personal accident insurance are on the way.
John Tan, the co-founder, and CEO of Fatberry is a charismatic business leader and entrepreneur with over 20 years of experience in technology, web, and mobile-based enterprises and 6 years of experience in insurance agencies as well as financial services. “Our idea is to enable insurance purchase anytime, anywhere, and on-demand. This means minimizing processes or offering a solution that saves our partners, customers, and ourselves from doing manual work,” quote John Tan.
Meanwhile, Lau Kin Wai, also the co-founder and CEO of Fatberry, is an experienced entrepreneur that has led 7 IPOs/RTOs across Southeast Asia, Australia, and Europe. He is also the founder of Fatfish Group Ltd (ASX:FFG) and IPOed his first company in Malaysia at the age of 28 years old.
Currently, the vast majority of Fatberry’s customers come from major Malaysian cities in Selangor, Johor, Penang, and Kuala Lumpur, and are aged between 25 to 44. Fatberry targets young working adults for their general insurance needs, particularly millennials and post-millennials who are born in the digital age and expect to do everything fast, conveniently, and online.
With 16 companies currently working together with Fatberry, the company’s goal is to be the number one B2C insurance online marketplace in Malaysia, while championing financial inclusiveness and transparency. Fatberry previously formed a partnership with Visa to launch a major promotional campaign where consumers get to purchase a car road tax at RM1 when they purchase car insurance from Fatberry using a Visa debit or credit card.