Roojai.com, the country's first online-only car insurance broker, aims for 120,000 customers, with 1 billion baht in gross written premiums in the next two years.
The company claims a 0.3% market share in car insurance, with 30,000 customers, said chief executive Nicolas Faquet. Gross written premiums are expected to total 310-320 million baht this year.
Roojai's customer total rose from 13,000 with gross written premiums of 155 million baht last year.
The website www.roojai.com has around 1.75 million visitors a month.
The popularity of digital car insurance, its pricing strategy, marketing and customer experience are expected to help the company's business.
"We expect the digital car insurance channel in the next five years will account for 25% of the car insurance market," he said.
Mr Faquet said the company is able to offer 20% lower insurance premiums than traditional insurance brokers as technology and digital platforms enable the company to have better cost management and lower handling costs.
Big data also helps Roojai offer lower premiums for good driver behaviour.
The percentage of online payment for insurance products is only 1%, however, the percentage of customers who choose auto insurance products via the online channel is about 10%.
The company recently received Series A investment worth US$7 million (231 million baht) from International Finance Corporation (IFC), the investment arm of the World Bank Group, that has invested in 65 Thai private companies worth $3.7 billion.
Roojai plans to use the Series A funds for marketing, developing and promoting new products and solutions, strengthening corporate governance and developing the website in the long term.
The company has two insurance products -- car insurance through its partnership with Krungthai Panich Insurance, and big bike insurance for engines sized from 400cc through its collaboration with LMG.
