1. Startups

Qoala Insurtech Platform Pockets Series A Funding Worth 209 Billion Rupiah

Planning to add team and develop technology, will launch Covid-19 insurance product

The Qoala insurtech platform founded by Harshet Lunani and Tommy Martin has again pocketed funding, this time for the Series A stage worth $13,5 million or around 209 billion Rupiah. This funding round was led by the Centauri Fund.

Some of the new investors in this funding round include Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment, and Mirae Asset Sekuritas. Past investors include Central Capital Ventures from Bank Central Asia, MDI Ventures, Surge, MassMutual Ventures Southeast Asia, and SeedPlus.

This fresh fund will be used by the company to invest further in technology, people and brands to support our strategy to provide better service to customers, platform partners and insurance companies. Qoala also has a target to increase the number of employees to 300 people by 2021.

"Through this funding, we will invest further in technology, people and brands to support our strategy to better serve our customers, platform partners and insurance companies," said Qoala Co-Founder and COO Tommy Martin.

Previously Qoala had pocketing early stage funding worth $1,5 million (or equivalent to 21,6 billion Rupiah) from Sequioa Capital India (Surge). Some players who are in the same realm include PasarPolis, Fuse Insurtech, and 9Lives.

Covid-19 insurance products

Qoala . team and management

One of the product innovations that will be presented by Qoala in the near future is the offer of special insurance products that cover the risk of contracting Covid-19 for individual consumers and SMEs.

Qoala considers this product to be a complement to the BPJS Health owned by the community by providing additional benefits.

"Especially with the crisis conditions and the current implementation of PSBB, we see the increasing need for innovation to support the insurance industry, especially the limitations of offline product marketing," said Tommy.

As an insurtech platform, Qoala claims to be able to process more than 2 million policies per month, up from the previous 7.000 policies per month in March 2019. Qoala has also expanded its services to cover five core industries, namely tourism, fintech, retail, logistics, and health. employee.

"As a newcomer to the insurance technology industry / Insurtech, we are pleased to have the trust of leading global investors who continue to support us in developing innovations in insurance technology. This support makes us very optimistic in achieving Qoala's vision and mission of socializing insurance and facilitating access to insurance for all people,” said Qoala Founder and CEO Harshet Lunani.

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