Qoala Books “Seed Round Investment” of More than 21,6 Billion Rupiah, Ready to Present Digital Insurance Products in Various Sectors

Startups insurtech Qoala recently received funding in seed round of $1,5 million (or equivalent to 21,6 billion Rupiah) from Sequioa Capital India (Surge). Not only that, the funding round was followed by the involvement of several investors including SeedPlus, MassMutual Ventures SEA, Golden Gate, MDI Venture, Central Capital Venture and Genesia. Only my advanced funding nominal is not mentioned.

Co-Founder & COO Qoala Tommy Martin said the funding will be focused on insurance technology innovation in various industries, both digital and conventional. It is hoped that the technology and easy claim experience can improve education and reach of micro insurance products, especially in small cities in Indonesia.

Tommy further explained the three main technologies developed. First there is a system fraud detection using artificial intelligence, enabling improved aspects of risk management so that the claim verification process can be faster. Then platform data analytics and insight which will assist insurance companies (partners) in making products that are more relevant to consumers. and third unified app which makes it easier for customers to manage various policies and obtain product information.

"Qoala is currently collaborating with ACA and Simasnet regarding flight and train insurance products with a digital-based claim process. The company also cooperates with various travel agents such as PegiPegi, Padiciti, AeroTravel, Golden Nusa, MNC Travel, and so on," explained Tommy.

The next business target, Qoala will expand product coverage to other industries outside of travel, including insurance for smartphone and automotive products. Several supporting technologies are being developed, one of which is the image/video recognition to detect cracked screens on damaged mobile devices and vehicles.

"Technology recognition What we have developed aims to reduce the need for insurance companies for a physical inspection of the damage so that it can speed up the claim process," said Tommy.