In a world where financial inclusion is still a challenge, Qoala’s recent $45 million Series C funding round led by PayPal Ventures and MassMutual Ventures is a testament to the importance of insurtech. The omnichannel insurtech company’s mission to democratize insurance and drive financial inclusion has garnered the confidence of investors, including MUFG Innovation Partners, Ohana Holdings, Flourish Ventures, Eurazeo, and AppWorks.

Qoala’s Series C funding will enable the company to expand its embedded insurance business (B2B2C) across Southeast Asia. The investment will also empower Qoala to intensify its tech-driven initiatives, seamlessly integrate artificial intelligence across all channels, and elevate the experience of customers, agents, and partners. With this new infusion of funds, Qoala is better equipped than ever to drive innovation and impact lives and livelihoods.

Since its Series B fundraise in 2022, Qoala has recorded a 2.5x growth in gross written premiums and currently processes up to 60% of total claims in-house, while delivering market-leading customer satisfaction. The impressive growth is predominantly attributed to their diversified partnership channels, which saw a significant expansion in business partners. The company’s profitability metrics have continued to trend upwards, outpacing GWP’s growth, highlighting its commitment to sustainable financial performance.

Qoala’s agent platform has demonstrably improved insurance accessibility and claim resolution for Indonesians within just four years. Its diverse product portfolio and motivated 60,000+ marketers network further contribute to safeguarding its customers' financial well-being. Through nationwide presence and impactful initiatives, the platform simplifies insurance and empowers individuals across Indonesia, making a significant societal impact.

The insurtech’s emphasis on financial inclusion was recognized by CB Insights in 2023, when Qoala was named to its Fintech 100 and InsurTech 50 global list. The company’s mission of improving lives has gone beyond product innovation and distribution to being a strong advocate of financial literacy across various offline and online platforms.

As insurance executives, it’s important to recognize the significance of insurtech in driving financial inclusion and democratizing insurance. Qoala’s success is a testament to the importance of embracing technology and innovation to improve the lives of individuals and communities. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. Get in touch with Riskwolf to develop parametric insurance for your case and join the insurtech revolution.

Source: PayPal Ventures Co-leads Qoala’s $45 Million Series C Funding Round