Qoala, a Indonesian insurance startup, has sequred $47 mn in a funding round, co-led by renowned investors PayPal Ventures and MassMutual Ventures, with additional participation from MUFG Innovation Partners, Ohana Holdings, Flourish Ventures, Eurazeo, and AppWorks.
Qoala has made a mark in the insurance sector by offering a diverse range of insurance products sourced from various insurers.
Founded in 2018 by Harshet Lunani and Tommy Martin, Qoala combines data and machine learning to simplify the insurance process and enhance customer experience by making insurance more accessible, affordable, and understandable (see How AI Technology Helps Insurers Enhance the Customer Experience?).
The insurtech has adopted an innovative distribution model, collaborating with marketers and e-commerce platforms to reach a broad customer base. Consumers have the convenience of purchasing insurance directly through Qoala’s user-friendly website and mobile application.
Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission
Harshet Lunani, Founder and CEO of Qoala
The company’s mission is to increase insurance penetration and help protect more people financially through innovative and user-friendly tech solutions.
“Our mission to democratise insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods”, Harshet Lunani says.
The substantial investment marks a significant milestone for Qoala, providing the company with ample resources to further expand its product offerings, enhance technological capabilities, and strengthen its market presence both domestically and internationally.
The funding round underscores investor confidence in Qoala’s business model and its potential to revolutionise the insurance industry in Indonesia and beyond
“By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap”, Alexandros Bottenbruch, Principal, PayPal Ventures sayd.
Qoala offers an insurance products including travel, health, motor vehicle, and property insurance, catering to both individuals and businesses. The startup has a unique approach that includes features like automated claims processing, which significantly speeds up settlements, and microinsurance products to serve a broader demographic.
Qoala has experienced rapid growth and expansion across Southeast Asia, with significant backing from venture capital firms, highlighting its success and the potential to disrupt the traditional insurance industry.
by Peter Sonner
