In brief: Thai auto insurance portal Roojai gets $7m from World Bank affiliate

IFC, a member of the World Bank Group, announced a US$7 million 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 ecommerce 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.

Source: Roojai

Roojai will use the funding to accelerate digital marketing efforts and develop more policies with partner Krungthai Panich Insurance, as well as to improve customer service levels and diversify beyond motor insurance.

The startup claims to have served more than 30,000 auto insurance customers since launching in 2016.

Social impact-focused IFC has invested close to US$2 billion in emerging-market insurance startups since 2000. “Our partnership with Roojai is aligned with the government of Thailand’s initiative to support inclusive insurance,” said Paulo de Bolle, global director of the financial institutions group at IFC.