Tag: Insurtech

Singapore – Regional insurtech Igloo has announced an additional US$27m for its series B funding extension, bringing a close to its series B funding round at US$46m. The new funding round will support the enhancement of engineering capacity and infrastructure; acquisition of intermediaries and the launch of new products such as index-based crop insurance in Southeast Asia.

To date, Igloo has been on a strong growth trajectory having cemented partnerships with over 55 companies across 7 countries and over 15 products in its expanding product suite. It has facilitated over 300 million policies and increased gross written premiums by 30 times since 2019. 

Since its inception, Igloo has been making insurance accessible and affordable through data and technology in Southeast Asia, and is the only insurtech in the region with all major economies contributing to its performance.

This round of investment comprised a consortium of impact investors including BlueOrchard, Women’s World Banking Asset Management (WAM)and Finnfund.

The additional funds will also provide Igloo with an ideal multi-year runway. With 50% of Igloo’s team committed to research & development, the company plans to double down on attracting the best engineering, product, design and data talent across all geographies. Igloo is also in the process of identifying and closing on various M&A opportunities to help it move swiftly towards its vision for ‘Insurance for All’.

Raunak Mehta, co-founder and CEO at Igloo, said, “The support from our investors underlines the value of our technology proposition in making insurance accessible and affordable for the underserved communities, especially gig economy workers and MSMEs. As a leading insurtech firm in Southeast Asia, building sustainable ecosystems is a prerequisite for us. We are now well positioned to leverage our expertise and accelerate our growth across the region and further strengthen our products and services portfolio that addresses the traditional insurance gaps.”

Hong Kong – Insurtech company YAS Microinsurance and telematics insurtech company Amodo have teamed up to deliver autonomous insurance on-chain. Both companies formed the partnership share the same goal of reforming traditional insurance and revolutionising the industry to be integrated with smart technologies.

YAS’s on-demand mobile application and eco-blockchain currently provides insurance for new generation lifestyles not limited to outdoor sports, online commerce, public commute and the world’s first NFT insurance to address the emergence of Web3 activities. The protection offered by YAS will be enriched by the deep data insights generated from the telematics technology provided by Amodo, helping to better address users’ risks.

Marijan Mumdziev, CEO at Amodo, said, “It really is fascinating to enter a new partnership with such an innovative high-tech company like YAS. Offering on-demand microinsurance for different kinds of activities and situations is truly changing the way people buy and claim insurance. Using Amodo’s technology and know-how, YAS will enrich and further optimise its current offer. I am delighted about this and can’t wait to show to the world what these two companies have on their roadmap.”

This partnership unlocks the ability for YAS to provide autonomous insurance, combining with YAS eco-blockchain to automate and streamline the underwriting process with greater transparency and ownership of data back to users.

Meanwhile, William Lee, co-founder at YAS Microinsurance, commented, “We see huge synergies in forming this strategic partnership with Amodo. Their presence in Europe and our footprint in Asia will unlock a truly global platform for us. By integrating Amodo’s telematics engine to YAS’ eco-friendly insurance blockchain, we will leap ahead, ever closer to our vision of how future insurance works – autonomous insurance on-chain to the world as we transition from the old and Web2 world into a more interconnected world with Web3. YAS will take this partnership forward to produce machine-to-machine and human-to-machine protection, preparing global users for the interconnected future of smarter and greener cities.”

Jakarta, Indonesia – Qoala, an Indonesian insurtech startup, has announced that it has successfully raised US$ 65 million in Series B funding with Eurazeo, a European investment firm who led this round and joined by MassMutual Ventures and Sequoia Capital India, to strengthen Qoala’s commitment to make insurance accessible, easy to understand, and help consumers better with their claims.

Having grown 30 times since the Series A round in April 2020, Qoala is the fastest growing insurtech in SEA. Qoala has acquired over 50,000 insurance marketers and provides a platform supported by over 50 insurers for them to sell insurance from multiple insurers, while managing pre-sale and post-sale services. It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree amongs’t others.

Tommy Martin, co-founder and COO of Qoala, said that Qoala is the only insurtech with licenses in three markets in SEA and with this new round they are optimistic in sustaining our growth momentum.

“Our business in 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,” said Martin.

Tara Reeves, managing director of Eurazeo, shared, “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 sets itself apart through a tech stack which 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 not only solve very key issues for insurance marketers and consumers but also allow Qoala to acquire and service consumers at a lower cost, leading to superior 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. 

Meanwhile, Harshet Lunani, founder and CEO of Qoala, commented, “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,” said Harshet Lunani, Founder and CEO of Qoala.

Furthermore, Qoala aims to add over 250 employees this year focus on building out an engineering and product management hub in Gurugram, India. In parallel, Qoala also plans to grant employees with equity compensation and give them the right to acquire shares in the company to strengthen employee ownership in the company.

“Insurance penetration in Indonesia is currently only 2%, far behind the global average of 6%, with most consumers just beginning to understand the value of insurance and hence there is plenty of room for growth. Indonesia, Thailand, and Malaysia are amongst the top 10 fastest growing global markets for insurance in the next decade,” Harshet adds.