Qoala raises $65 million in Series B and 30X growth since Series A

Indonesian insurtech startups enter 2022 Qoala, has raised Series B funding. US$ 65,000,000. Through its omnichannel platform, the company distributes insurance products to retail customers for car, bike and home. Based in IndonesiaThe platform has been successfully expanded tThailand and Malaysia in 2021, strengthening Qoala’s commitmenttYou can also visit our website. make makes insurance accessible, easy to understand help consumers better with their claims.

Since the Series A round in, it has grown by 300% April 2020Qoala, the fastest-growing insurtech in SEA, is a company called “Qoala”. Qoala acquired more than 50,000 insurance professionals and offers a platform that allows them to sell insurance from multiple insurance companies and manage pre-sale as well as post-sale services. It offers a variety of innovative micro-insurance products, including those with Traveloka Redbus, DANA and JD.ID. Shopeeeeeeeeeeeeeeeeeeeeeeeeeeeeee and Investree.

Qoala focuses on “retail insurance” which involves insurance for cars, bikes, homes, and health. “Qoala is the only insurtech with licenses in three markets in SEA and with this new round we are optimistic in sustaining our growth momentum. Our business is Thailand has also already grown by three times since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability,” Additional Tommy MartinQoala founder and COO.

“Qoala’s business model of expanding the use of insurance among underserved consumers in Southeast Asia resonates with our thesis of backing innovation to improve the financial health of households,”  Smita AggarwalFlourish Ventures Global Investments advisor. “We are excited about the momentum that Qoala has generated since we last invested in Series A. We at Flourish Ventures are pleased to continue our commitment to Qoala.”

Tara Reeves of Eurazeo, a European investment firm that led this round and previously funded WeFox, the largest insurtech in the world also added, “Qoala stands out amongst the insurtech companies due to its diverse team which has been able to deliver rapid growth with promising unit economics despite the pandemic. With regional presence and fast growth forecasted for the region, we are excited to lead this round and join Qoala in its journey.”

Qoala stands out thanks to its superior-tech stack. This enables them to offer industry-leading speed in policy issuance, instant pricing as well as an industry-first – instant commissions to insurance marketers. These innovations solve key problems for consumers and insurance marketers. They also enable Qoala acquire and serve consumers at a lower price, which leads to better unit economics. Global insurers like Sompo, AXA, and Chubb have also joined Qoala’s platform due to their focus on retail customers so they can fasten insurance adoption while maintaining healthy loss ratios.

The funding also demonstrates appreciation and trust from both Qoala’s existing and new investors to continue its growth in the insurtech sector. “We will continue to invest towards scaling up Qoala’s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant,”  Harshet Lunani, Founder and CEO of Qoala.

Qoala plans to increase its workforce by 250 this year and will be focusing on Gurugram’s product management and engineering hub. India. Qoala will also grant equity compensation to employees and allow them to purchase shares of the company, to enhance employee ownership.

“Insurance penetration in IndonesiaIt is currently at 2%, which is far below the global average of 6.6%. Most consumers are just beginning to understand insurance’s value and there is much room for growth. IndonesiaThailand?, and Malaysia are amongst the top 10 fastest growing global markets for insurance in the next decade,”Harshet has been added

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