Roojai.com, a Thai insurance startup, has successfully raised $42 million in Series B funding.
Despite the hard market and investment challenges of the past 12 months, Roojai’s Series B funding was led by HDI International, a subsidiary of German insurance company Talanx.
According to reports, Roojai, which operates as an MGA and has partnerships with several insurance companies, including AXA Thailand, offers a range of products such as car insurance and accident insurance. The insurtech has a robust marketplace reputation with a clear vision for growth and expansion in the Asian insurance market. With 150k customers, the company has maintained its focus on sound insurance fundamentals, leading to a successful partnership with Hannover Re and now, HDI.
Speaking about the latest investment round, Nicolas Faquet, CEO and founder of Roojai, told press: “We are delighted to welcome HDI as one of our core shareholders, which further solidifies our relationship with the Talanx Group after four years of a very fruitful partnership with Hannover Re.”
He added: “This is a testament that our constant focus on sound insurance fundamentals over the last six years has been key in attracting high-quality and industry-leading investors who can help us expand to the rest of Southeast Asia while sustaining our customer-centric growth in our core markets.”
Insurtech market is expanding in Asia
Insurtech is a rapidly growing sector in Asia, driven by a combination of rising demand for insurance products and increasing adoption of digital technologies. In recent years, Asia has emerged as a hub for insurtech startups, with countries such as China, India, and Singapore leading the way.
China is one of the largest insurtech markets in the world, with a number of well-funded startups such as ZhongAn Online P&C Insurance and Waterdrop. In India, insurtech is also gaining momentum, with companies such as PolicyBazaar, Coverfox, and Acko General Insurance leading the way.
Singapore is another major hub for insurtech, with a supportive regulatory environment and a number of startups such as PolicyPal, CXA Group, and GoBear.
Overall, insurtech in Asia is characterised by a focus on leveraging data analytics, artificial intelligence (AI), and other digital technologies to improve the efficiency and accessibility of insurance products.
There is also a strong emphasis on creating innovative new products that cater to the needs of younger, tech-savvy consumers. As the Asian insurance market continues to grow and evolve, insurtech is likely to play an increasingly important role in shaping its future.
