The FINANCIAL — IFC, a member of the World Bank Group, announced a $7 million Series A investment in Roojai Company Limited, 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 and are active on social media platforms. 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 behavior. 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 its operation, Roojai has reached over 30,000 auto insurance customers through a digital-first distribution strategy, gaining widespread industry recognition.
IFC joins Primary Group—a privately-owned investment holding company with significant expertise in the global insurtech insurance sector—as a shareholder in Roojai. Through this investment, IFC will work with Roojai to further strengthen its corporate governance and support the company through its board nominee and IFC’s industry team.
IFC has been one of the leading global investors in the insurance sector in emerging markets for many years. Since 2000, IFC has invested in forty-two insurance companies with total investments close to US$2.0 Billion invested. IFC’s insurance portfolio includes a full range of sub-sectors, such as reinsurance, life, non-life, microinsurance and Insurtech.