JAKARTA, Indonesia, 28 March 2023 – Qoala, Southeast Asia’s largest insurtech company has completed its Series B+ funding round, raising USD 7.5 million. The round led by responsAbility Investments AG (“responsAbility”) is a testament to Qoala’s omnichannel growth in the region with its presence in Indonesia, Thailand and Malaysia.
Fueled by its mission to improve lives, Qoala has played a pivotal role in the region’s drive for financial inclusion by providing accessible and affordable motor, property, travel, health and life policies. To date, Qoala’s customers have benefited from over USD 30 million in claims by partnering with insurers across its three markets.
Left to right: Tommy Martin (Deputy CEO and Co-founder of Qoala), Harshet Lunani (CEO and Founder of Qoala)
Omnichannel presence has benefited millions of customers in SEA with claims of over USD 30 million
The insurtech company’s emphasis on technology has shortened its go-to-market speed and improved product experience. Coupled with in-house upskilling programmes, Qoala has equipped its agents with tools to provide a wider range of product offerings to their customers, translating to an 85% y-o-y increase in average commission payout in 2022.
Since its Series B last May, Qoala has doubled its volume of gross written premiums and strengthened its market presence in the region. Its success in simplifying traditionally expensive and complicated policies for over 8 million customers has resulted in a positive contribution margin and improved economics.
This funding round was led by a responsAbility, a European investment firm, with the participation of Appworks and existing investors Eurazeo and Indogen, echoing confidence in Qoala. The company’s Series B+ funding success was on the back of its continued growth, a path to profitability and regional expansion.
“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.
“Qoala’s commitment to improving lives through financial inclusion aligns with our 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 Barisik, on behalf of responsAbility’s financial inclusion private equity practice.
Access to insurance has been a key 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.
Qoala also directly contributes to the economy by providing more than 60,000 agents job opportunities, and additional revenue streams to more than 65 businesses. Besides impacting the economy with job creation, Qoala empowers the public with financial literacy across various offline and online platforms.
Qoala is an insurance technology (insurtech) company with a mission to democratise insurance through an omnichannel presence and new product development. Qoala operates in three countries; Indonesia, Malaysia, and Thailand offering various insurance and takaful protections ranging from cars, motorcycles, property, personal accidents, travel, and health that can be accessed quickly, easily and transparently through the Qoala application or website.
Yohana Angeline | Senior PR Associate, Qoala Indonesia | firstname.lastname@example.org |+62 815 1711 8025
Jeremy Jeesandaran | PR Associate, Qoala Malaysia | email@example.com | +60 16 312 7360