Roojai Group, an online insurance company based in Thailand, has acquired Indonesian online insurance broker Lifepal.
Launched in 2019, Lifepal enables customers to ‘compare, save, claim’ their insurance products.
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The company has attributed its growth to the founders’ experience in online distribution.
Over the past year, Lifepal has been looking for a new investor with in-depth insurance knowledge, and Roojai Group emerged as the suitable partner, stated the Thai insurtech company.
Financial details regarding the transaction were not disclosed.
The acquisition will combine Roojai’s technological expertise with Lifepal’s online distribution presence in Indonesia.
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By GlobalDataAs part of the transaction, Lifepal will allow Roojai to access its online distribution channel in Indonesia, while Roojai will provide its proprietary pricing and underwriting technology to help enhance Lifepal’s performance.
The strategic move will allow both companies to expand their product offerings as well as their online and offline distribution networks across Indonesia and in other broader regions, Roojai Group noted.
Furthermore, the latest deal is projected to benefit Lifepal’s insurance partners, who will gain access to Roojai’s expertise in digitalising insurance processes including claim support, car inspection and portfolio sustainability strategies.
Lifepal will retain its operational independence within Roojai Indonesia and continue to provide online comparison services for car and health insurance.
According to Roojai Group, the combined expertise of both the companies will complement each other and further bolster their existing market share significantly.
Established in 2016, Roojai Group currently includes Roojai Thailand, a digital insurance company, and MrKumka, an online insurance comparison platform.
The group’s portfolio also includes Roojai Indonesia, which was launched in 2022 to replicate Roojai’s competitive products and customer experience for Indonesian consumers.
In July 2023, Roojai sealed a deal to acquire FWD General Insurance Public Company from Bolttech.
