Brokerapp: Our Goal is to Become a Global Startup in 5 Years
Brokerapp is a Georgian startup, which aims to create a multifunctional, digital insurance broker tailored to the wishes of the customer.
As Giorgi Chachua, co-founder and CEO of the company, explains, Brokerapp makes it easier for individuals or legal entities to purchase insurance, they can manage policies in one place, and it is a great way for insurance companies to capture new markets and easily sell their products, as well as control and manage cash flow.
"The innovation of our startup is the digitization of the activities of existing brokers. Brokerapp will have both WEB version and mobile application. At this stage, a prototype has been created, and 150,000 GEL won in the grant competition of the Innovation and Technology Agency for perfect development and marketing. It will take us 6 months because it is quite a big process and does not only involve development but also cooperation with all insurance companies involved in our system and setting up a cabinet for each of them on the platform.
Our area of operation will not be only Georgia, after validation from 2024 we will go to regional markets. We also have negotiations, including with one of the European countries. Our goal is to become a global startup in 5 years," said Giorgi Chachua.
According to him, in the first stage, the platform will be available for individuals. Several products, travel, and auto insurance will be launched, and various retail products will be added gradually.
"Three months after the launch of Brokerapp, we will be able to serve corporate clients as well. The investment in the project so far is 20,000 GEL, of which we received 15,000 in the form of a grant from GITA, plus the recent 150,000 GEL and the official MasterCard partnership, which is essential for all digital stars. Of course, we are not going to stop there.
As for the business model, we get a service fee from the sales of insurance companies. Individuals are exempt from taxes because they only pay insurance premiums," said Giorgi Chachua.