Digital insurance platform for cars Roojai has netted $7m in its Series A round of funding to boost its technology developments.
IFC supplied the capital for the round and will work with Roojai to aid its corporate governance.
Thailand-based Roojai is an online auto insurance platform which enables consumers to purchase a policy online and manage their protection. Through the solution, policy holders can monitor protection through an app, receive 12-month warranty on repairs, 24-hour road side assistance in Thailand, and a 100 per cent guarantee if a holder can find the insurance cheaper elsewhere.
The platform launched in 2016 and is partnered with risk carrier Krungthai Panich Insurance and reinsurer Partner Re.
Over the past three years the company has helped more than 30,000 customers receive auto insurance, according to Roojai.
Through the new equity, the company is looking to increase its digital marketing efforts and fuel the creation of policies with Krungthai Panich Insurance which will reward safe drivers.
Alongside this, Roojai will also look to improve its customer interactions and lower barriers to insurance.
IFC global director Paulo de Bolle said, “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.
“Our partnership with Roojai is aligned with the government of Thailand’s initiative to support inclusive insurance through the Office of Insurance Commission’s visionary InsurTech initiative.”
Last month, IFC deployed $1.5m into mobile wallet app Moni to help the FinTech expand its loan capital and service offerings. The company offers consumers in Argentina and Mexico with access to credit products including overdraft, long-term credit and bill payments.
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