Roojai.com, the leading insurtech company in Thailand, has announced 100 per cent growth in 2018. The company also expects to double its portfolio and reach 650 million Baht of premiums in 2019.
“In 2018, Roojai.com doubled its number of customers as well as premium collected for its insurance partners. The company has collected around 320 million Baht of premiums throughout 2018. Moreover, the number of visitor to the website has increased by 44 per cent compared to the previous year. The conversion of the visiting customers has improved by 20 per cent and allowed us to increase our new customer sales by 70 per cent,” said Nicolas Faquet, CEO/Founder of Roojai.com.
Roojai.com has been successful because of its development of new technologies, partnerships and efficient services and still aims to improve core areas in 2019 in order to achieve their business goals. Currently the company handles voluntary insurance for over 32,000 vehicles.
Mr Faquet added: “Our success was based on a number of factors. We have launched some innovative solutions including remote car inspection which saves our customers lots of time. Our website has evolved to meet customers’ expectations and to facilitate customisation of our products. Roojai brand awareness also improved significantly. “Word of mouth from our existing customers has helped us to drive more new customers and we know that 20 per cent of our new customers are being referred by their friends who already purchased our products,” he said.
One of the key challenges in 2018 for Roojai.com was price competition. The company has always focused on developing its technology to reduce our operating cost. Being established in Laem Chabang instead of Bangkok has also allowed Roojai.com to remain competitive despite the price pressure and has allowed them to transfer their cost saving to customers.
Mr. Faquet stated: “In 2019, Roojai.com has set the goal of doubling insurance sales. In order to achieve this goal, Roojai.com will follow these 3 core strategies; 1) facilitate even more product customization on our website to help customer realize how much they can save compared to their current policy by selecting the right product for them 2) motivate and encourage safer driving behaviour 3) Leverage new technologies further to save costs for their customers.
To back this up, Roojai.com will launch a series of optional benefits that customers will be able to add-on their car insurance and invest in the improvement of their application to include more services. In addition, the company will work closely with business partners to increase settlement speed by leveraging digital technology and will increase marketing investments to reach a wider target audience.