Roojai revs up for success: Thai on-line insurer aims to drive into top 10 with worthwhile year forward

Online insurance coverage firm Roojai is poised to publish its first profit from Thai operations in the fiscal year ending March 2024, according to founder and CEO Nicolas Faquet. This is basically attributable to the company’s development in motor insurance gross sales, as it sets its sights on becoming a high 10 participant in this section by subsequent 12 months.
Faquet revealed it has been a testing time for the corporate.
“There have been some challenges over the past two years from Covid-19, however we are seeing an excellent dynamic today in the automotive insurance coverage market. To me, the instant future seems brilliant and positive.”

Roojai reported the addition of 149,248 prospects at the close of its fiscal year 2022 in March, marking a 15% improve from the previous year. While Faquet acknowledged this as a decent rate, 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 products.
In a strategic move this July, Roojai acquired FWD General Insurance (FWD GI) for an undisclosed sum. This transaction enhanced the company’s portfolio in Thailand, bringing its mixed annual premiums to over US$50 million (1.8 billion baht).
Faquet defined that the acquisition has enabled Roojai to evolve into a full-stack insurtech, possessing a licence to underwrite its own basic insurance products. Myths has additionally opened new distribution channels similar to brokers and agents, reported Bangkok Post.
Distribution methods

By leveraging more traditional distribution methods, Roojai goals to win new customers from areas beyond Bangkok, Chiang Mai, Chon Buri, and Phuket, as these major markets presently contribute round 70% of total gross sales. Revenue from different provinces makes up 30% of gross sales.
Looking forward, Roojai plans to introduce new choices beyond motor insurance and private accident protection in the coming year, including telematics and residential insurance coverage. Personal medical insurance coverage and protection for small and medium-sized enterprises are slated for launch in 2025.
Faquet shared that Roojai initiatives a 40% development to conclude fiscal 2024, having already posted a 35% improve in insurance policies inside the five months ahead of the FWD GI acquisition and the launch of a brand new distribution channel. However, Roojai anticipates discontinuing a number of FWD GI products that don’t align with its business technique, including telephone gadget insurance and industrial risk insurance, covering areas corresponding to marine or manufacturing unit fires.
Roojai has set bold goals, aiming to rank among the many high 10 Thai motor insurers by the next fiscal 12 months and break into the highest three within 5 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 natural enlargement for Roojai Indonesia, along with exploring new opportunities in four different Southeast Asian markets and Taiwan.
Faquet concluded that there may be scope for elevating Series C funding in the future, especially as it usually takes a minimal of 5 years to turn a revenue in Indonesia. Roojai is planning to amass insurance coverage corporations to quickly penetrate other markets.
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