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§ Private Profile · Jakarta, Jakarta Raya, Indonesia
Qoala is a technology company.
Qoala provides an insurtech platform that streamlines the insurance buying process across Southeast Asia. It leverages big data, machine learning, and IoT to connect insurers with customers, offering efficient multiline distribution. This approach facilitates personalized insurance products, addressing diverse needs within the regional market.
The company was co-founded in 2018 by Harshet Lunani and Tommy Martin. Lunani, with prior insurtech experience in Southeast Asia, alongside Martin, recognized significant inefficiencies and pain points in traditional insurance. Their insight was to harness technology, simplifying and enhancing the consumer insurance experience.
Qoala serves individual consumers, agents, and businesses integrating customized insurance offerings. Its long-term vision aims to democratize and empower by making insurance universally accessible, transparent, and efficient across the region. The company endeavors to redefine the insurance landscape, fostering a customer-centric and technologically advanced future.
Qoala has raised $143.2M across 9 funding rounds.
Qoala has raised $143.2M in total across 9 funding rounds.
Qoala has raised $143.2M in total across 9 funding rounds.
Qoala's investors include MassMutual Ventures, Alexandros Bottenbruch, Atomico, Eurazeo, Exceptional Ventures, Hummingbird Ventures, Insignia Ventures Partners, Lightspeed Venture Partners, Lionheart Ventures, Pear VC, Picus Capital, Unconventional Ventures.
Qoala has raised $143.2M across 9 funding rounds. Most recently, it raised $45.0M Series C in March 2024.
Qoala is a Southeast Asian insurtech company that builds a digital platform for distributing multiline insurance products, primarily serving agents, enterprises, and end consumers in Indonesia, Thailand, Malaysia, and Vietnam.[1][2][3][4] It offers coverage for gadgets, cars, motorcycles, health, life, travel, and tropical diseases via an easy-to-use app, solving accessibility issues in underserved markets through competitive pricing, discounts, and multichannel support.[1][3] With over 60,000 agents who have sold more than 170 million policies and 8.5 million transactions, Qoala has raised over $130 million in funding, achieving 30x growth since its Series A and recognition on CB Insights' 2023 Fintech 100 and Insurtech 50 lists.[1][2][3]
The platform targets financial inclusion by leveraging a vast agent network, B2B2C partnerships with over 60 digital partners like eCommerce and travel platforms, and tech innovations including big data, machine learning, IoT, blockchain, automatic claims, personalization, and fraud detection.[1][2][4] This has driven rapid scaling, with revenue around $30.4 million and operations across three core countries.[3]
Qoala was founded between 2017 and 2019—sources vary slightly, with some citing 2017 by a team of mathematicians and computer scientists from BCG, Traveloka, and Accenture, and others 2019 by CEO Harshet Lunani and COO Tommy Martin.[1][2] The idea emerged to revolutionize insurance in Indonesia's fragmented market, combining new product development with machine learning for claims processing to "socialize insurance" and boost accessibility.[3]
Early traction came from building a network of over 60,000 agents and partnerships with insurers, leading to 170 million policies sold.[1] Pivotal moments include a $65 million Series B in 2023 led by Eurazeo (with Sequoia Capital India, Flourish Ventures, and others), pushing total funding past $130 million amid 30x business growth, and expanding into B2B2C with eCommerce platforms.[1][3] CB Insights recognition in 2023 validated its impact on financial literacy and inclusion.[1]
Qoala rides the insurtech wave in Southeast Asia, where low insurance penetration (under 3% in Indonesia) meets rising digital adoption via eCommerce and mobile apps.[1][2] Timing aligns with post-pandemic demand for health/travel coverage and regulatory pushes for inclusion, amplified by market forces like urbanization and fintech growth.[3]
It influences the ecosystem by aggregating insurers, agents, and partners into a unified platform, lowering barriers for microinsurance and B2B2C models—similar to competitors like Fuse or Igloo—while advocating literacy and tech tools for claims/underwriting.[1][5] This positions Qoala as a key enabler of financial protection in high-growth markets, fostering innovation amid fragmented legacy systems.[2]
Qoala's momentum—fueled by $130M+ funding, massive agent network, and tech edge—sets it for deeper SE Asia expansion, potentially Vietnam dominance and new products like cyber or climate-linked insurance.[1][3] Trends like AI-driven personalization, embedded insurance in super apps, and regulatory digitization will shape its path, with B2B2C partnerships accelerating scale.[2][4]
Influence may evolve toward ecosystem leader, powering insurer tools and literacy at regional levels, tying back to its mission of accessible protection amid Qoala's proven 30x growth trajectory.[1][3]