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  • Qoala secures $47 million in funding.
  • Significant growth and market presence, 15x growth in gross written premium from 2020 to 2023.
  • Invests in acquisitions, partnerships, and AI technology.

An Indonesian startup, Qoala, has loaded cash from PayPal Ventures and MassMutual Ventures that delivers personal insurance products to over 5 million customers. With this round of funding, $47m was raised by the start-up bringing its total funding to over $130m.

The claims process is simplified by image uploads and machine learning thereby detecting fraud. The provision of convenient and cost-effective insurance solutions benefits both customers and insurers. Hence, Qoala uses a network of offline brokers in Indonesia, Malaysia, Vietnam, and Thailand as well as established channels composed of more than 60k agents.

Presently, Qoala is among the most recommended embedded insurance solutions for fifty consumer-facing platforms and marketplaces plus the leading insurance platform for sixty-five thousand traditional offline agents. Consequently, Qoala’s gross written premium has grown fifteen times between 2020 – 2023.

In its reports last year Qoala claimed to have processed more than one hundred fifteen thousand claims and acquired forty-five thousand new users. The start-up operates in Malaysia, Thailand Vietnam, and Indonesia with five million plus clients served in total.

The gross written premiums of Qoala have risen by 2.5 times as much since 2022 and currently the startup processes internally up to 60% of all claims. They plan to use updated capital for strategic acquisitions, partnerships, and AI implementation on their platforms.

Harshet Lunani, a co-founder and CEO at Qoala, said that the fresh funding reflects confidence in the company’s strategy. He stressed their desire to democratize insurance and let us know that they would be ready to apply innovation and create positive change with this money provided.

Edited by Shruti Thapa