- Funds will be channeled towards regional expansion
- Claimed its customers have benefited from over US$30mil in claims
Qoala has completed its Series B+ funding round, raising US$7.5 million (RM33 million).
In a statement, the Indonesian based Southeast Asian insurtech said the round led by European investment firm, responsAbility Investments AG, with participation from Appworks and existing investors Eurazeo and Indogenof is testament to its omnichannel growth in the region with its presence in Indonesia, Thailand and Malaysia.
It said the Series B+ funding success was on the back of its continued growth, a path to profitability and regional expansion.
Fueled by its mission to improve lives, Qoala said it 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, the company claimed its customers have benefited from over US$30 million (RM132 million) in claims by partnering with insurers across its three markets.
According to Qoala, its emphasis on technology has shortened its go-to-market speed and improved product experience. Coupled with in-house upskilling programmes, the company said it 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, the firm claimed it 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 eight million customers has resulted in a positive contribution margin and improved economics.
Harshet Lunani, founder and CEO of Qoala said the company is grateful to its investors for believing in the firm 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,” Harshet said.
Meanwhile, Ruzgar Barisik, on behalf of responsAbility’s financial inclusion private equity practice said 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,” Barisik said.
Access to insurance is a key element in promoting financial inclusion as it contributes to a country’s balanced and sustainable economic growth and development.
Qoala said this funding round will further its product and geographic expansion, with a focus on addressing the challenges of insurance accessibility and affordability in emerging markets in Southeast Asia.
It claimed that this also directly contributes to the economy by providing more than 60,000 agents job opportunities, and additional revenue streams to more than 65 businesses.
The firm also aims to empower the public with financial literacy across various offline and online platforms.