25/10/2018 – International Finance Corporation (IFC), a member of the World Bank Group, on Wednesday said it is making a US$7 million commitment into Thai online car insurance platform Roojai.
“We are proud that Roojai’s digital innovations are being recognized in terms of insurance that is simple and easy to buy,” said Roojai’s Founder and CEO Nicolas Faquet. “We aim to improve financial inclusion through accessible, cheaper, and essential cover for all responsible customers.”
The financing will help Roojai accelerate its digital marketing efforts and develop more affordable policies in partnership with local non-life Krungthai Panich insurance to reward safe behavior.
Part of the proceedings will also be used to further enhance its technological system to improve the customer interaction and lower barriers to insurance access.
Launched in 2015, Roojai offers user real-time quotes and options to purchase insurance through its web portal, mobile application, and call centre. It is the first in Thailand to provide online big bike insurance, which was in partnership with Thai non-life insurance provider LMG Insurance.
So far, Roojai claims to have reached over 30,000 auto insurance customers through its digital-first distribution strategy, having gained widespread industry recognition.
“Thailand’s digital insurance channels have significant room for expansion, especially from digital-first players who can effectively implement the digital direct model by leveraging the latest technologies,” said Paulo de Bolle, IFC’s Global Director of the Financial Institutions Group.
“Our partnership with Roojai is aligned with the government of Thailand’s initiative to support inclusive insurance through the Office of Insurance Commission’s visionary Insurtech initiative,” Bolle added.
With this investment, IFC will work with Roojai to further strengthen its corporate governance and support the company through its broad nominee and IFC’s industry team.
IFC is one of the leading global investors in the insurance sector for emerging markets. Since 2000, IFC has invested close to US$2 billion across 42 insurance companies in emerging markets which comprises a full-range of sub-sectors, such as reinsurance, life, non-life, microinsurance, and insurtech.
This news is published on Reuters.