As the insurance industry continues to evolve, InsurTech companies are leading the way in innovation. One such company, Qoala, has recently raised $47 million in a funding round led by PayPal Ventures and MassMutual Ventures. This Series C round will allow Qoala, based in Malaysia, to expand its embedded insurance business across Southeast Asia.

According to a news release from PayPal, the investment will also enable Qoala to intensify its tech-driven initiatives, seamlessly integrate artificial intelligence across all channels, and elevate the experience of customers, agents, and partners. Qoala plans to leverage the funds to explore new products and channels for its agent platform, while accelerating growth by exploring strategic acquisitions and partnerships across all verticals.

This investment is just one example of the growing interest in InsurTech companies and their potential to revolutionize the insurance industry. With the help of artificial intelligence (AI), InsurTech companies are able to offer real-time information and alternative routes to drivers, helping adjusters navigate complex cases, analyzing data, and surfacing important information that might be overlooked by human claims adjusters.

As the connected economy continues to grow, InsurTech companies are poised to move beyond their first generation, in which companies didn’t have the chance to fully grow their products. Now, it’s time to think more about the customer. InsurTech companies need to define that customer and then go and solve their problems. But at the same time, they need to generate a sustainable business model that generates underwriting profitability and build a smarter machine that facilitates solving customer problems.

At Riskwolf, we understand the importance of innovation in the insurance industry. That’s why we offer parametric insurance solutions that enable insurers to build and operate parametric insurance at scale. With unique real-time data and dynamic risk modeling, we help insurers turn real-time data into insurance. If you’re an insurance executive looking to stay ahead of the curve, get in touch with Riskwolf today to learn more about how we can help you develop parametric insurance solutions for your business.

Source: PYMNTS