Thai insurtech announces acquisition of FWD general insurance business
Thai insurtech announces acquisition of FWD general insurance business | Insurance Business Asia
Insurance News
Thai insurtech announces acquisition of FWD general insurance business
The business was sold by bolttech, which had not completed its rebranding
Insurance News
By
Kenneth Araullo
Roojai, a Thailand-based online insurance provider, has announced its acquisition of FWD General Insurance in Thailand from fellow insurtech bolttech.
The acquisition will allow Roojai to increase its market share in the country for a combined portfolio of over US$50 million in annual premiums, as well as becoming a fully digital insurance company with a license to underwrite general insurance products.
Part of the acquisition will also mean a rebranding under the Roojai brand, which is still subject to regulatory approval as per a news release.
According to Roojai, the acquisition will have no impact on any existing policies under FWD General Insurance, nor claims processes or other customer services.
bolttech acquired FWD General Insurance in Thailand in late 2020. In May, the insurtech announced plans for a rebranding this year as bolttech Insurance, although it appears that these plans have been scrapped as the business is set to change hands once again, this time to Roojai.
Speaking about the acquisition, Roojai founder and group CEO Nicolas Faquet said that the goal for the insurtech has been to build products and manage the full insurance journey with customer convenience in mind.
“We want customers to be able to choose to buy only what they need, offer affordable premiums, and provide great customer service and claim experience,” Faquet said. “This important step will facilitate further product and process innovations for the benefit of our customers.”
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