Qoala collaborates with Bank Mandiri to drive insurance products penetration

Sinta, news . 29 Sep 2022
Qoala and Bank Mandiri

Heaptalk, Jakarta — An insurance technology startup, Qoala, collaborates with Bank Mandiri to implement multiple insurance products in the Bank’s ecosystem. Marking the collaboration, SVP Transaction Banking Retail Sales Bank Mandiri Thomas Wahyudi, as well as Co-founder and COO Qoala Tommy Martin, signed a memorandum of understanding (MoU) on BUMN Startup Day at Indonesia Convention Exhibition Bumi Serpong Damai (ICE BSD), Tangerang (26/09).

To encourage financial inclusion, Bank Mandiri through PT Mandiri Capital Indonesia (MCI) takes part in expanding the digital ecosystem by supporting support the development of startup companies in Indonesia. President Director of Bank Mandiri Darmawan Junaidi said, “This is part of digital transformation at Bank Mandiri to expand the digital ecosystem which is expected to provide the best service and added value to the community.”

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Further, CIO at MCI Dennis Pratistha said that his party is committed to supporting strategic partnerships between the Mandiri Group and State Owned Enterprises (SOEs) with startups. The commitment also includes encouraging innovation in the digital ecosystem in Indonesia.

Dennis conveyed, “Our role is as an innovation bridge between the Mandiri Group and startups that prioritize business growth and digital transformation. The value we provide to startups in the form of synergy includes lending in the form of loan channeling Bank Mandiri and startups as well as beyond lending in the form of strategic cooperation to support Livin’ and Kopra by Mandiri.”

Moreover, the synergy is also to develop products and services that provide maximum benefits for the people of Indonesia. Tommy Martin delivered, “The agreement is our breakthrough as an insurtech company in expanding insurance access for various groups of people in Indonesia. Qoala and Bank Mandiri will support each other in this collaboration as partners. We hope that the collaboration of  Qoala and Bank Mandiri can improve the welfare of the community.”

Tommy further added as a financial platform, the collaboration of Qoala and Bank Mandiri complements multiple financial planning and insurance options that are currently offered. In partnership with insurance broker PT Mitra Jasa Pratama and other 30 leading insurance companies, Qoala sets a goal to develop the best insurance products.

Qoala’s mission is to promote insurance through a combination of new product developments supported by technology and claims processes based on digital and machine learning. The startup offers various insurance protections, ranging from psychological, health, motor vehicles, property, personal accident, and other needs.

Operating in four countries spanning Indonesia, Malaysia, Thailand, and Vietnam, Qoala has partnered with more than 30 trusted insurance partners and collaborated with numerous corporate partners throughout Asia, including nine unicorn startups namely Traveloka, Shopee, Dana, JD.ID, Momo, Investree, and Kredivo.