1. Startups

Qoala Digitizes Insurance Claim Process

Currently only receiving travel insurance, soon to release for gadgets, e-commerce, to p2p lending

Insurance penetration in Indonesia has only touched 1,7%, which is low compared to neighboring countries. Seeing the lack of interest, startups insurtech Qoala tries to simplify the insurance claim process with a digital approach. It is expected to provide a positive image of insurance services and a better user experience.

Qoala's founder and CEO Harshet Lunani explained, the company develops services independently end-to-end with technology; starting from KYC stage, fraud management when processing claims, and processing payments. With this solution, insurance companies can reduce operational costs and create a better claims experience machine-driven.

An example of its processing, Qoala can help assess phone screen damage in seconds via embedded machine learning on technology assessment video. With this technology, it is possible for insurance companies to process and pay insurance claims faster.

"We aim to continue to support the growth of the insurance industry and insurance inclusion by providing services mobile devices completely automated with a simplified process," explained Harshet, Thursday (13/12).

Qoala's business focus is more towards post-sales, different from the player aggregator that pre-salts. By regulation, there is no legal umbrella that is in line with Qoala's business model. Therefore, it is revealed that the company is currently still in the registration process to enter the company regulatory sandbox following POJK rules No. 13/2018 regarding digital financial innovation (IKD).

"Since 3-4 months ago we have started communicating with OJK. They are quite open with this kind of business model because it can support the insurance industry," added Qoala COO and Co-Founder Tommy Martin.

At this early stage, Qoala New provides products that specifically reduce risk for traveling consumers such as a 90-minute flight delay product with no claims and 100% refunds for train cancellations. These two products are presented thanks to the collaboration between Asuransi ACA and Simasnet.

Customers who buy insurance from insurance companies simply register their policies into the Qoala system. Next, upload your ID card, flight ticket (if you buy travel insurance), and enter your bank account number to make it easier to pay claims. Later the Qoala system will notify you if there is a claim payment.

Customers no longer need to re-document if they want to claim for the risks that befall them. The reason is, in the Qoala system it is also connected to the schedules of various airlines.

Harshet said with Qoala technology customers can receive their travel insurance claims within 1,5 hours. Meanwhile, if you use a manual process, it can take up to 4 hours.

"Insurance companies can save operational costs up to 25% from 40% of the costs they incur each time they pay travel insurance claims to their customers."

In its business model, Qoala adheres to the B2B2C concept. There are eight travel partners who have worked with the company; including Pegipegi, Panorama JTB, Padiciti, MNC Travel, Bravo Wisata, Travel Nusa, and so on.

Business plan

Tommy continued that in the near future, the company will release various technologies to support general insurance products. Product insurance gadgets targeted to be released in the near future.

Next is vehicle insurance with technology. Even on the site, Qoala is preparing insurance products for E-commerce, health, and p2p loans.

"It is possible that we will develop it into life insurance, but for the initial stage we will educate the public about general insurance whose products can be felt in everyday life."

To access the Qoala service, currently it can be accessed through the PWA (Progressive Web Apps) version. Harshet explained that the Qoala application will launch in the first quarter of 2019.

Qoala has been operating since February 2018 and now has 30 employees, more than half are teams engineering. It is claimed that Qoala has been used by tens of thousands of policyholders. The company has received initial investment of an undisclosed amount from Central Capital Ventures (CCV), Seedplus, and Genesia Ventures.

Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again

Sign up for our
newsletter

Subscribe Newsletter
Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again