Thailand-based InsurTech company, Roojai, has strategically acquired the local business of FWD General Insurance from Bolttech.
The former, headquartered in Thailand, leverages technology to simplify insurance processes and offers innovative solutions to customers.
The primary objective of this acquisition is to strengthen Roojai’s market share in Thailand. With a joint portfolio exceeding $50m in annual premiums, the deal will contribute significantly to the company’s growth. Furthermore, it provides Roojai with a licence to underwrite general insurance products.
Roojai, a pioneer in the InsurTech industry, has been transforming insurance services in Thailand by making them accessible, affordable, and efficient. On the other hand, FWD General Insurance in Hong Kong, soon to be Bolttech Insurance, under the Bolttech umbrella, has been delivering comprehensive insurance solutions since 2020, ensuring secure, convenient, and personalised insurance experiences for its customers.
Despite the acquisition, Roojai has confirmed that there will be no impact on any existing policies, claims processes, or customer services. Furthermore, this acquisition is a vital step towards Roojai’s goal of becoming a full-stack digital insurance company. “With this acquisition, we will vertically integrate upwards, fulfilling our vision of becoming a full-stack digital insurance company that can optimise the entire insurance journey,” Roojai founder and group CEO Nicolas Faquet said.
Earlier in March, Roojai had raised $42m to expand its insurance products across Thailand and Indonesia. In addition, the firm had secured $7m from the International Finance Corporation, a member of the World Bank Group, back in 2018.
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