Raised by Qoala US $ 65 million of Series B funding led by Eurazeo with participation from several existing investors including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India. In addition, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures also participated in the investment round as new investors.
Qoala became in Southeast Asia fastest growing and first insurtech company with licenses and presence in Indonesia, Malaysiaand Thailand.
Jakarta, Indonesia, May 12, 2022 / PRNewswire/ – Entering 2022, Indonesian insurtech startup Qoalasuccessfully raised Series B funding to US $ 65 million. The company distributes retail insurance products to consumers for auto, bicycle, home, and health through its omnichannel platform. Based on Indonesiathe platform was successfully expanded on Thailand and Malaysia by 2021, strengthening Qoala’s commitment to making insurance accessible, easy to understand, and helping consumers better at their claims.
Grown 30 times since the Series A round of April 2020, Qoala is the fastest growing insurtech in the SEA. Qoala has acquired more than 50,000 insurance vendors and provides a platform supported by more than 50 insurers so they can sell insurance from multiple insurers, while managing pre-sale and post-sale services. . It also offers many new micro-insurance products through partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.
Qoala focuses on “retail insurance” which includes insurance on cars, bicycles, home, and health. “Qoala is the only insurtech with licenses in the three SEA markets and in this new phase we are hopeful of continuing our growth. Our business in Thailand has grown again three times since we joined FairDee’s forces February 2021which gives us confidence in our ability to expand, “he added Tommy MartinCo-founder and COO of Qoala.
Tara Reeves in Eurazo, A European investment company that led this phase and previously funded WeFox, the world’s largest insurtech added, “Qoala stands out among the insurtech companies because of its diverse group that is able to deliver fast delivery. progress with the unit’s good economy despite the pandemic.With the regional presence and rapid growth predicted for the region, we are excited to lead this phase and join Qoala on its journey.
Qoala distinguishes itself by a superior tech stack. This enables them to offer industry-leading policy issuance speed, immediate pricing as well as an industry-first-immediate commissions to insurance vendors. These innovations will not only address the most important issues for insurance retailers and consumers but also allow Qoala to acquire and serve consumers at a lower cost, leading to the best unit in economy. Global insurers such as Sompo, AXA, and Chubb have also joined the Qoala platform because of their focus on retail customers so they can facilitate insurance adoption while maintaining healthy loss ratios.
Qoala has actively contributed to the upgrade of insurance literacy as it has addressed the increased need for insurance in Southeast Asia. “Qoala’s willingness to accommodate insurance needs through convenience, tech innovation and rapid annual business growth serve as a strong investment base in Qoala,” he said. Markus RahardjaDirector of Investment at BRI Ventures.
Eddi Danusaputro as CEO of Mandiri Capital Indonesia also added, “Through the continuous transformation of Qoala, the insurance sector Southeast Asia expected to grow rapidly. Qoala has a huge opportunity to scale through B2B initiatives with a variety of industries being accelerated today, one of which is logistics, healthcare, and tourism. We believe this fund will strengthen Qoala’s position as a leading insurtech company in Southeast Asia with the commitment of innovation and synergy of the Mandiri Group. “
The fund also demonstrates gratitude and trust from existing and new investors in Qoala to continue its growth in the insurtech sector. “We will continue to invest in increasing Qoala’s reach in our core markets and focus on improving our technology and product experience to reduce the barriers to accessing insurance that are now so critical,” he said. . Harshet Lunani, Founder and CEO of Qoala.
In addition, Qoala aims to add 250 employees this year and is particularly looking at more investment in technology and products. Similarly, Qoala also plans to provide employees with equity compensation and give them the right to acquire shares in the company to strengthen employee ownership of the company.
“Since the initial funding, we have seen Qoala as a solution to the growing public need for access to insurance today. It is hoped that through this funding, Qoala will be able to continue to innovate and improve the provision of insurance facility for people of Indonesia“he said Kenneth Li from the KB-MDI Centauri Fund.
“The entry into insurance of Indonesia currently only 2%, far from the global average of 6%, which most consumers are just beginning to understand the value of insurance and therefore have a lot of room for growth. Indonesia, Thailandand Malaysia one of the top 10 fastest growing global markets for insurance over the next decade, ”Harshet added..
Qoala is a startup in the field of insurance technology with a mission to socialize insurance through a combination of innovative product developments supported by machine learning-based claims processes. Qoala operates in three countries; Indonesia, Malaysiaand Thailand offers a variety of insurance protections, from hhealth, vehicle, property, personal accident, and other necessities are easily accessible, quick, and clear through the Qoala application or website.