After a recent $7 million Series A investment from IFC, a member of the World Bank Group, Roojai.com sees the expansion of consumers’ access to online car insurance products through its portal, a new insurance service especially created for drivers in Thailand.
“The recent equity investment from IFC funds many of our ongoing activities and allows us to increase our marketing investment in Thailand. It will enable us to develop new products and solutions to meet the need of consumers while strengthening our corporate governance,” said Nicolas Faquet, CEO/Founder of Roojai.com. “As a result, we will be able to offer simpler, more reliable and affordable online insurance.”
With increased simplicity, customers get access to Roojai.com insurance products 24/7 and they can request for full information with an unmatched level of transparency, get a free quote in seconds and activate their policy in minutes. Additionally, competitive pricing can be achieved through cost-saving online distribution, cutting-edge technology that provides improved efficiency, and fast, easy payments through secured online payment gateways, thus making online insurance truly accessible to anyone, including lower income driving population.
Mr. Faquet also said, “We have expanded our offer to include Motorbike insurance (over 400cc) in partnership with LMG insurance. The recent introduction of Roojai Rewards, an exclusive rewards program, will provide our customers with more benefits and privileges. Moreover, we have launched a new website, Mr Kumka (www.mrkumka.com), an online price comparison platform that enables customers to choose the best possible insurance deal that suit their needs from many insurance companies including but not exclusively Roojai.com/KPI product. Next year, more optional benefits for car drivers will be launched to reflect our commitment to Thailand’s online insurance sector.
The investment from IFC further helps the company to advance its technological systems, improve the quality of customer service, and lower barriers to insurance access. Remote car inspection is now possible with ease. For better online experience, Roojai.com customers are able to manage their personal information through My Account, including Claim Enquiry, Retrieve Policy Document, manage Policy Renewal, check their payment schedule, get a new quote, and request assistance at the Claim Scene if needed
“We are delighted to establish a long-term partnership with Roojai.com and support the company’s future growth. We hope that IFC’s investment will strengthen the company’s corporate governance and financial sustainability and provide more Thai customers with the best possible service at the best price. We hope that through our investment in this innovative insurance business model, Roojai.com will continue to successfully promote
insurance inclusion in Thailand,” said Mr. Francisco Antonio Lozano, Insurance Lead for Asia, Financial Institutions Group of IFC.
According to IFC, although premium growth has been moderate in the past few years, the insurance penetration in Thailand is high compared to other ASEAN countries. And it has room for improvement given that insurance penetration still lags well-behind developed markets. The non-life insurance market is mostly composed of motor insurance with roughly half of the motor insurance market concentrated amongst the top 5 carriers, which remain profitable compared to the rest of the industry. Premium growth in the industry should be partly driven by the rising demand from the middle-income consumer and supported by an easier and more transparent access to insurance.
Roojai.com, launched in 2016, is a leading insurtech startup, providing a new fast, transparent, and easy digital experience for auto insurance. Roojai.com leverages technology to reduce operating costs and transfer the savings to its customers while improving their overall experience.
Roojai.com is a general insurance broker regulated by the Office of the Insurance Commission (OIC) under the Insurance licence number Wor00022/2558. Roojai.com works with exclusive insurance partners to develop specific products and solutions. With over a million visits a month and 30,000 customers insured through Roojai.com, it is Thailand’s number one online car insurance platform.