Qoala is an insure-tech startup based on Jakarta, Indonesia. The one-year-old startup has investors such as MassMutual Ventures Southeast Asia, Mid ventures, SeedPlus, Central Capital Ventura. With Centauri Fund, Sequoia India, Mirae Asset Qoala it raised 13.5 million dollars in Series A financing round.
What Qoala Offers?
Qoala offers customers insurance cover on phone display damage, e-commerce logistics. It also offers personalised products and hotel-quality checks. It works with AXA Mandiri, Tokio Marine, Great Eastern to cover the insurances. The startup has a partnership with e-commerce firms such as Grabkios, JD.ID, Shopee, and Tokoprdia. And also maintains a partnership with PegiPegi and RedBus for hotel and travel booking.
The startup is fully digitalised. It uses machine learning to detect fraud. It’s a great platform where customers have a hand on a variety of products. They can have the products at an affordable price and insurance over the products. And for the insurers, they reach more targeted customers.
Qoala generates more than 2 million insurance each month. The insurances cover from health to electronics categories and all the peer-to-peer categories.
What Is In The Future For Qoala?
Kenneth Li said that the multi-channel approach of Qoala will attract more customers. It has the potential to open up the untapped digital insurance industry in Indonesia. He also added the GWP to GDP ratio in Indonesia is low compared to other countries. And it has a financially strong growing middle class. The two factors will help the insurance industry to boom in Indonesia.
According to an online internet survey, the countries of SEA has a really low DIP. The digital insurance penetration is low as 6%. And the digital insurance market valued around 2 billion dollars now. That will grow to 8 billion dollars by the year 2025.
Last week, Singapore based startup Igloo raised around $8.2 million. This week Qoala made it to $16.5 million. The future is bright for insurance startups in South East Asian countries.