Qoala - Insurtech startup raises USD 47 Mn - Paypal Ventures and MasMutual Ventures

April 2, 2024


PayPal Ventures and MassMutual Ventures have co-led a substantial $47 million Series C funding round for Qoala, an Indonesian insurtech startup. This funding round, which also saw the participation of investors like MUFG Innovation Partners, Omidyar Network, Flourish Ventures, Eurazeo, and AppWorks, brings Qoala's total funding raised to over $130 million. Qoala has distinguished itself by working closely with local insurers and e-commerce firms to offer personalized and affordable insurance products to more than 5 million customers.

The Indonesian insurance market faces challenges such as a low insurance penetration rate of below 4%, which is lower than the global average. Factors contributing to this low penetration rate include limited awareness, low income levels, and a lack of trust in insurance companies. The market is highly fragmented, with numerous small players resulting in intense competition and lower profit margins. However, with half of Indonesia's population under 30 years old, there is a promising market profile for growth. Indonesia's large population and increasing digital adoption present growth opportunities despite these challenges.

Qoala has seen remarkable growth and success through its innovative business model and operations. The startup simplifies the claims process through image uploads and utilizes machine learning to detect fraud. With a network of over 60,000 human workers, Qoala is embedded in more than 50 consumer-facing platforms. The startup experienced a 15x growth in gross written premium from 2020 to 2023, processed over 115,000 claims, and added 45,000 new users in the past year. Qoala operates not only in Indonesia but also in Malaysia, Thailand, and Vietnam, with plans to utilize the fresh funds for strategic acquisitions, partnerships, and AI integration.


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Qoala's growth is evident in its surge in gross written premiums by 2.5 times since 2022, with the company now handling up to 60% of all claims internally.

The startup has over 65,000 traditional offline agents selling its insurance products and aims to democratize the insurance industry.


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