Qoala Gets Series B Funding Of 948 Billion Rupiah
Insurtech platform Qoala received series B funding of $65 million or around 948 billion Rupiah. The funding will be used to strengthen Qoala’s market position and reach in Southeast Asia.
In his official statement, this funding was injected by a number of previous investors, including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus, and Sequoia Capital India.
Several new investors also joined, including BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures.
When totaled with the previous series of funding, the investment range that has been successfully recorded has reached $87 million. It has the potential to bring the company’s valuation to $300 million.
Optimistic about the Company’s Growth this Year
Qoala Co-founder & COO Tommy Martin said he was optimistic to maintain business growth this year. Moreover, he said that he had tripled business growth in Thailand after joining FairDee in February 2021.
“This gives us confidence in Qoala’s expansion capabilities in Southeast Asia,” he added. Qoala has recorded 30-fold growth since receiving series A funding in April 2020.
With this achievement, Qoala claims to be the fastest growing insurtech company in Southeast Asia. This growth was driven by the various types of retail insurance offered, ranging from car, bicycle, home and health products.
In addition, Qoala also collaborates with a number of digital platforms, such as Traveloka, Shopee, Kredivo, and Investree for micro insurance products. Currently, Qoala operates in Indonesia, Thailand, Malaysia and Vietnam.
Meanwhile, CEO of Mandiri Capital Indonesia Eddi Danusaputro added that Qoala has a great opportunity to develop B2B in various industrial sectors, ranging from logistics, logistics, health, and tourism.
“We believe this funding can also strengthen Qoala’s position as a leading insurtech company in Southeast Asia that has a harmony of innovation and synergy with the Mandiri Group,” he said.
Furthermore, Qoala Founder & CEO Harshet Lunani revealed that he would expand Qoala’s reach throughout Southeast Asia. This expansion also includes the development of technology and services to reduce obstacles in accessing insurance products.
In addition, he assesses the scope for insurance growth is still very large. In Indonesia, it is far from the global average penetration of 6%. “Indonesia, Thailand and Malaysia are included in the top ten global insurance markets with the fastest growth projections in the next decade,” he said.
Currently, the total workforce of marketers and business partners registered with Qoala reaches 50,000 employees. Qoala has also partnered with more than 50 insurance companies.
This year, they plan to add more than 250 employees, as well as invest in technology and product development. In addition, the company also plans to provide compensation in the form of shares to strengthen employee ownership in the company.
For information, Qoala was founded in 2018 by positioning itself as an insurtech platform for retail. Qoala offers two products, namely Qoala Plus (agency) and Qoala for Enterprise (B2B and B2B2C).
Qoala believes it can solve a major problem for insurance marketers and consumers through the speed of policy issuance, instant pricing, and instant commissions to insurance marketers.
This innovation is also considered to be able to enable Qoala to acquire consumers at lower costs and achieve superior economic units.
Based on data from the Financial Services Authority (OJK), insurance penetration in Indonesia was recorded at 3.18% which includes life insurance (1.19%), general insurance (0.47%), social insurance (1.45%), and compulsory insurance. (0.08%). The density figure (the average cost incurred to pay premiums) is IDR 1.82 million.
The Covid-19 pandemic, which has not yet ended, has forced the insurtech company, Qoala, to collaborate with Shopee to participate in marketing insurance products that protect against Covid-19.
Meanwhile, this Covid-19 Insurance product is the result of a collaboration with the insurance company Great Eastern General Insurance Indonesia which is registered and supervised by the OJK. This protection aims to bring peace to the community in terms of mitigating the risk of the disease.