Insurtech Startup Lifepal Acquired by Roojai Group

Startups insurtech Thailand-based Roojai Group announced that it has acquired Lifepal, an insurance comparison portal online from Indonesia. The strengths of each company will be synergized to offer a more diverse range of insurance products for the Indonesian people.

This announcement was made last week (12/1) through an official statement delivered by Roojai. Roojai representatives said that this acquisition marks a synergy of strengths, Lifepal will provide access to distribution channels online in Indonesia, while Roojai will improve its performance at a premium price, underwriting, and a better customer experience overall.

“Will seek to expand product offerings and distribution online and offline, ensuring a comprehensive and customer-centric approach to insurance services," he wrote as quoted from Technode Global.

Acquisition rumors Lifepal In fact, this has been going on for the past year. This startup, founded by one of Benny Fajarai, is looking for new investors with in-depth insurance knowledge.

Both companies will continue to innovate in offering the best customer-centric insurance services in Indonesia and other countries in the region.

It was further stated that after the acquisition, Lifepal's operations will remain independent from Roojai Indonesia. Lifepal continues its business as a comparison platform for car and health insurance products, with the support of Roojai technology.

Lifepal customers will gain significant benefits from Roojai's capabilities, such as access to competitive premium pricing and a superior customer experience, to replicate the success Roojai has achieved in Thailand.

Meanwhile, Lifepal insurance partners will benefit from Roojai's expertise in digital transformation of insurance processes, such as car inspections, claims support and portfolio sustainability strategies.

Roojai Group has been operating in Thailand since 2016, its business scope includes: Roojai Thailand (digital insurance); MrKumka (an online insurance comparison portal in Thailand); and Roojai Indonesia which was launched in 2022 to provide competitive products and the same customer experience to Indonesian consumers.

In Indonesia, Roojai (PT Roojai Insurance Agent) is included under the banner insurtech and partners with PT Sompo Insurance Indonesia as the official agent. This company provides a variety of insurance, such as: all risk car insurance, critical illness, cancer, heart disease, diseases caused by mosquito bites, personal accidents, hospital cash plans.

Meanwhile, Lifepal (PT Lifepal Technologies Indonesia) operates in Indonesia with a license as a digital financial innovation (IKD) provider under the OJK. Lifepal is part of PT Anugrah Atma Adiguna, an insurance broker company. It is claimed that there are more than 2 million unique visitors per month visiting the Lifepal site.

This startup was the last time to announce funding Series A putaran round for $9 million in August 2021. The round was led by ProBatus Capital with involvement from Cathay Innovation, Insignia Ventures Partners, ATM Capital, and Hustle Fund.