Qoala raised a series B+ funding led by responsAbility Investments AG. The fresh funds will be used to boost company’s product and geographic expansion.
Heaptalk, Jakarta — Insurance technology (insurtech) startup Qoala has secured US$7.5 million in a series B+ funding round, led by a European investment firm, responsAbility Investments AG. In addition, Appworks and existing investors Eurazeo and Indogen also joined the funding round.
The obtainment of the fresh funds comes on the heels of the positive growth of Qoala’s omnichannel, which is currently operating in three countries in Southeast Asia, spanning Indonesia, Thailand, and Malaysia. Now, the company has over 8 million customers across three markets. Hitherto, Qoala has bridged its customers to benefit from claims of more than US$30 million by collaborating with insurers in the three markets.
“We are thrilled and grateful to our investors for believing in us and our mission despite the current economic climate. Through this Series B+ funding, we will further simplify insurance ownership by advancing our product offerings and experience. These advancements will strengthen our position as we strive for sustainable growth in the region”, said Harshet Lunani, Founder and CEO of Qoala.
Driven by its mission to improve lives, Qoala has served a critical function in stimulating financial inclusion in Southeast Asia by providing accessible and affordable motor, property, travel, health, and life policies.
Its focus on technology has made Qoala penetrate the market speedily and improve its product experience. Adding to upskilling program on the internal side, the insurtech company has geared up its agents with tools to provide a wider range of product offerings to their customers. This effort resulted in an 85% yoy increase in average commission payout in 2022.
Providing more than 60,000 agents job opportunities
After securing series B funding in May 2022, Qoala has generated a twofold volume of gross written premiums (GWP) while sustaining its presence in the region. Its efforts to simplify traditional insurance policies which tend to be expensive and complicated have resulted in positive contribution margins.
According to the representative of responsAbility, Ruzgar Barisik, Qoala’s commitment to improving lives through financial inclusion aligns with the firm’s impact strategies. “The insurtech’s growth through the pandemic indicates that its omnichannel approach can distribute insurance to parts of the population that are currently not served by incumbents or have not previously been insured at all. We are excited to join Qoala’s journey of democratising affordable insurance in Southeast Asia.” said Ruzgar, on behalf of responsAbility’s financial inclusion private equity practice.
Access to insurance has been an essential element in promoting financial inclusion as it contributes to a country’s balanced and sustainable economic growth and development. The funding will further boost Qoala’s product and geographic expansion, with a focus on addressing the challenges of insurance accessibility and affordability in emerging markets in Southeast Asia.
The insurtech startup contributes to the country’s economy by providing more than 60,000 agents job opportunities, and additional revenue streams to more than 65 businesses. In addition to its impact on job creation, Qoala also empowers the public with financial literacy across multiple platforms, both offline and online.
