Thailand: IFC funds online motor insurance platform
Source: Asia Insurance Review | Dec 2018
IFC, a member of the World Bank Group, has announced a $7m Series A investment in Roojai, an online car insurance platform in Thailand. The aim is to improve consumers’ access to insurance in a transparent and cost-effective way.
With almost two thirds of Thailand’s population having access to the internet, more Thai consumers are participating in e-commerce. However, with the market heavily reliant on face-to-face interactions with brokers or auto dealers, the use of digital channels to purchase insurance is still in its nascent stage.
Given the scenario, the Series A funds will allow Roojai to accelerate its investment in digital marketing and continue its efforts in developing policies with Krungthai Panich Insurance that reward safe behaviour. It will further help the company develop technological systems that improve the quality of customer interactions and lower barriers to insurance access.
In less than three years of operations, Roojai has reached over 30,000 auto insurance customers through a digital-first distribution strategy, gaining widespread industry recognition.
IFC global director of the financial institutions group Paulo de Bolle, a member of the Fintech Investment Committee, said, “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. 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.”
IFC joins Primary Group – a privately-owned investment holding company with expertise in the global InsurTech insurance sector – as a shareholder in Roojai. A