Roojai revs up for fulfillment: Thai on-line insurer goals to drive into high 10 with profitable 12 months ahead

Online insurance agency Roojai is poised to publish its first profit from Thai operations in the fiscal 12 months ending March 2024, in accordance with founder and CEO Nicolas Faquet. This is largely attributable to the company’s growth in motor insurance coverage gross sales, because it sets its sights on turning into a top 10 participant in this segment by subsequent yr.
Faquet revealed it has been a testing time for the corporate.
“There were some challenges over the past two years from Covid-19, however we’re seeing an excellent dynamic right now in the car insurance coverage market. To me, the quick future seems bright and optimistic.”

Roojai reported the addition of 149,248 clients on the close of its fiscal 12 months 2022 in March, marking a 15% increase from the previous yr. While Illusive acknowledged this as a respectable fee, he famous it was slower than in earlier years.
Insurance premiums for the period amounted to 133 billion baht, a 20% rise, with motor insurance accounting for 95% of premiums and the balance coming from accident and health merchandise.
In a strategic transfer this July, Roojai acquired FWD General Insurance (FWD GI) for an undisclosed sum. This transaction enhanced the company’s portfolio in Thailand, bringing its combined annual premiums to over US$50 million (1.eight billion baht).
Faquet defined that the acquisition has enabled Roojai to evolve into a full-stack insurtech, possessing a licence to underwrite its personal basic insurance coverage products. It has also opened new distribution channels similar to brokers and brokers, reported Bangkok Post.
Distribution methods

By leveraging more conventional distribution strategies, Roojai goals to win new clients from areas beyond Bangkok, Chiang Mai, Chon Buri, and Phuket, as these main markets at present contribute round 70% of complete sales. Revenue from different provinces makes up 30% of gross sales.
Looking forward, Roojai plans to introduce new offerings beyond motor insurance coverage and personal accident protection within the coming yr, together with telematics and home insurance. Personal medical insurance and coverage for small and medium-sized enterprises are slated for launch in 2025.
Faquet shared that Roojai tasks a 40% progress to conclude fiscal 2024, having already posted a 35% enhance in insurance policies within the 5 months ahead of the FWD GI acquisition and the launch of a new distribution channel. However, Roojai anticipates discontinuing several FWD GI merchandise that don’t align with its business strategy, together with phone system insurance coverage and commercial danger insurance coverage, overlaying areas such as marine or factory fires.
Roojai has set bold objectives, aiming to rank among the high 10 Thai motor insurers by the following fiscal 12 months and break into the highest three within five years.
Faquet revealed that the company’s Series B fundraising of US$42 million (1.5 billion baht) in March was channelled towards the FWD GI acquisition and organic enlargement for Roojai Indonesia, in addition to exploring new opportunities in 4 other Southeast Asian markets and Taiwan.
Faquet concluded that there may be scope for elevating Series C funding in the future, especially because it typically takes a minimum of 5 years to turn a revenue in Indonesia. Roojai is planning to acquire insurance corporations to quickly penetrate different markets.
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