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.