THE SITUATION
Elixir Advisory advised a European based global Insurtech company that focuses on crop insurance and related digital services. The company was looking to further expand in Asia by entering the Thai market While the company had operations in 14 countries, market entry into a developing Asian market needs local market knowledge, network, and experience
The challenges for the company in setting up shop in Thailand included understanding customer behavior and current market practice, as well as deciding on a market entry approach – partnership vs. organic mode
OUR STRATEGY
Elixir Advisory’s engagement began with an overview of the Thai market with the client and the various country regulations that impact the market entry for the company
Elixir Advisory also established the most suitable market entry approach for the company after mapping the market landscape for the Insurtech industry across ASEAN countries
Stakeholders need analysis including meeting with external agencies for alignment
EXECUTION & DELIVERING RESULTS
Narrowed down on market segment after evaluation of internal & external factors
Managed the hiring of local sales talent
Elixir Advisory is currently executing the market entry for the company in Thailand based on the roadmap identified, agreed, and successfully executed. Elixir believes in partnership beyond the advisory