With the goal of bringing the Thailand auto insurance industry online, Roojai has raised a US$7 million Series A from IFC, the startup announced today.
IFC is a sister organisation of the World Bank and it focusses on private enterprise and infrastructure in emerging markets.
The money will be used to facilitate digital marketing and build policies that reward safe driving behaviour. The policies are facilitated via the Thailand insurance company Krungthai Panich Insurance.
Also, the money will be used to improve technology and help lower the barrier-to-entry for new customers.
“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, the IFC Global Director of the Financial Institutions Group in a statement.
IFC will be joining Primary Group, an investment holding company, as a major shareholder in Roojai.
Today’s news means that IFC followed through with a proposal that was reported by DealStreetAsia back in June.
Roojai is essentially building a digitally native brand for car insurance. The portal works by getting customers to answer questions about their vehicle — make, model, age of driver, does it have a dash-cam, previous history — before providing them with a pricing quote.
Then, if the pricing suits the person, they click a ‘buy now’ function, input their email address and follow the necessary steps to get auto insurance.
Roojai was founded in January 2016 and claims it has over 30,000 customers.