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Qoala Plus Aims for Premiums of IDR 200 Billion in 2021

Qoala Plus Aims for Premiums of IDR 200 Billion in 2021

During 2020, a startup in the field of insurance technology (insurtech) Qoala Plus managed to collect premiums of IDR 50 billion, or grew 15%. “This year we are targeting our premiums to grow up to four times or around Rp200 billion,” said VP of Offline Business Qoala, Sugeng Purnomo at the Qoala Plus Kickoff 2021 event at the Four Points Hotel, Surabaya, Thursday (14/1/2021).

The COVID-19 pandemic has increased public awareness about health, including the need for insurance. No wonder when the Financial Services Authority (OJK) noted, health insurance premiums in the fourth quarter of 2020 grew by 13.2% on an annual basis (year on year).

Qoala Plus Aims for Premiums of IDR 200 Billion in 2021

He is optimistic about this target, because in today’s digital era, marketing insurance products is easier than traditional marketing patterns. Especially during the current pandemic, digital insurance offers can overcome face-to-face obstacles. In addition, to achieve this year’s target, Qoala has also prepared various steps.

Among them are increasing the number of marketing partners from last year’s 10,000 partners to 30,000 partners, increasing the number of new offices from now 5 offices to 12 offices. Qoala will also strengthen after-sales service after the last year 2020 successfully completed around 250 claims with the largest claim valued at IDR 11 billion.

Surabaya Becomes Qoala’s Axis in East Java

Qoala with his claims team will help his partners in processing claims and feel calm when asked about claims. Of the total premiums in 2020, Qoala plus’s contribution in Surabaya is in the second position after Jakarta.

According to Ipung, Surabaya as an industrial city that has its own characteristics can still maximize its potential, because around it, there are several satellite cities such as Malang, Kediri, Madura, Jember and Banyuwangi.

Qoala Plus Aims for Premiums of IDR 200 Billion in 2021

However, he continued, Qoala was optimistic about maximizing sales potential. “We are very happy because this shows that the insurance market in Surabaya is very enthusiastic about welcoming Qoala Plus,” said lpung.

“We want all these regions to be able to access insurance products easily and quickly, so that East Java’s contribution is even greater,” he said.

For this reason, his party wants to make Surabaya the axis of optimizing the potential for insurance sales in Central and Eastern Indonesia. According to him, there are still many opportunities that can be maximized. Around Surabaya, for example, there are satellite cities such as Malang, Kediri, Madura, Jember and Banyuwangi.

He added that during 2020, his party had paid claims from policyholders amounting to Rp14 billion. Of that amount, most of it is used for payment of fire and flood claims. In total, the number of claims in 2020 will reach 250 claims. “For the number of policyholders, this year we are targeting as many as 50,000,” he added.

Qoala Regional Business Manager for East Java, Dwiyanto Kurniawan also said that trust is the key to Qoala Plus being well received by Qoala Plus partners and customers in Surabaya. “Commitment and certainty for these products are important today in marketing insurance products,” he said.

Qoala Plus Aims for Premiums of IDR 200 Billion in 2021

Provides Bicycle Insurance

Qoala collaborated with brokerage Mitra Jasa Pratama and insurance company Takaful Umum to launch bicycle protection products in October 2020. This time, the insurtech startup partnered with OVO. The bicycle protection insurance product, which is issued by Takaful Umum Insurance through Qoala, can also be accessed on the OVO application.

“We are optimistic that this will be responded positively by cyclists, because now they can ride with a safer and more comfortable feeling,” said OVO VP of Financial Services Irene Santoso quoted in a press release, Thursday (14/1).

The insurance covers new bicycles up to the age of five. The company bears a bicycle price of up to Rp 250 million. Sum insured for damages up to 90% and for loss up to 70% of the price. Meanwhile, the annual premium offered is 2.75% of the price.