1. Startups

Qoala Insurtech Startup Enters B2B and B2B2C Segments

Launches Qoala for Enterprise to help businesses meet their insurance needs for employees and consumers

Platform insurtech Qoala announced the expansion of its business model to the B2B and B2B2C segments with the launch of Qoala for Enterprise. This service offers insurance solutions for businesses, both to meet internal needs and as a source of increased customer satisfaction.

"Through change of business line name partnerships we become Qoala for Enterprise, Qoala wants to affirm commitment to businesses Our business is to empower businesses through innovative insurance solutions," said Qoala's Founder & CEO Harshet Lunani.

Previously, Qoala had partnered with several digital players, one of them Grab to present a variety of insurance products in the super application. Now it claims to have collaborated with several digital platforms, including Traveloka, Tokopedia, Shopee, Blibli, JD.ID, Digimap, Investree, SiCepat, OVO, Dana, including Momo (Vietnam) and OYO (India).

Harshet explained, Qoala for Enterprise allows business partners to save costs on insurance fee structures by up to 25 percent, as well as earn additional income through sophisticated IT systems. In the process of collaborating with both insurance companies and clients, Qoala assists with product design, pricing, platform integration, claims support and more.

"The products developed can be adapted to dynamic business needs, supported by cutting-edge technology that allows hassle-free data integration and synchronization. Currently we provide at least five types of insurance solutions, namely logistics insurance, health insurance, travel insurance, gadget insurance and credit insurance, " he said.

He further added, "Qoala for Enterprise also provides analytics end-to-end of product performance and consumer behavior of Qoala's business partners. In fact, technology artificial intelligence and machine learning Qoala's can detect fraud quickly."

Regarding this unique application, as an example, Qoala and OYO collaborate to provide protection for customers while staying in properties in the Southeast Asia region. The protection provided is in the form of innovative insurance products, which are the first in the insurance industry worldwide.

Harshet believes that the best way to improve the quality of collaboration is through a market that has the right incentives and understanding. According to him, optimal collaboration focuses on both process and result.

Boost the digital insurance business

Recently, Qoala has just launched a business expansion to Thailand, supported through a corporate action with acquire startup insurtech local Fairdee. Last April 2020, they also just booked a series A funding of 209 billion Rupiah led by the Centauri Fund, a fund managed by Telkom and KB Financial Group.

With concept omnichannel, Qoala connects users with various insurance products. Currently, there are 20 insurance company partners who have joined the application with more than 8 million transactions that have been successfully recorded. One of the market penetration strategies taken is through micro insurance products, such as protection gadgets; and has been integrated with several other digital platforms.

Besides Qoala, in Indonesia there are also several similar platforms. One that is quite significant is PasarPolis. Earlier this year they just booked additional funding of more than 70 billion Rupiah from IFC. Previously in September 2020 PasarPolis also recently announced series B funding worth IDR 796 billion -- becoming the largest funding in the landscape insurtech Southeast Asia. Apart from Indonesia, they also cover the Thai and Vietnamese markets.

The Covid-19 pandemic also did not dampen the growth of the insurance business in Indonesia. From Lifepal summarized data, it is shown that there is a relatively fast recovery in terms of gross premium income for life insurance throughout 2020. Moreover, in June 2020, compared to the same period last year, the value increased.

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In addition, citing the results of the Munich Re Economic Research study, Indonesia will lead the growth of health and life insurance premiums from 2019-2030, with a CAGR of 9,1%. Throughout 2019, the premiums that have been recorded have reached 185,3 trillion Rupiah for life insurance and 80,1 trillion Rupiah for health insurance.

Presence insurtech and digital startups in general have also become a breath of fresh air for insurance companies. Our data shows that the interest in integrating insurance products or services into digital channels continues to increase. Throughout 2020 alone, eight strategic partnerships between insurance companies and digital platforms were announced to the public.

Several startups show very interesting data about their achievements on the line insurtech. Recently Grab Financial announced two years of operations in Southeast Asia, unit insurtech they managed to sell 100 million policies. In a release, Tokopedia also said, as of the end of 2020, micro insurance products such as "Gadget Protection" which were sold to users had experienced an increase in transactions of up to 70 times.

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