Qoala Insurtech Enters the B2B and B2B2C Segment

The Qoala insurtech platform expands its business model to the B2B and B2B2C segments by launching Qoala for Enterprise. This service offers insurance solutions for business, both for internal and the source of customer satisfaction.

"By changing our partnership business line to Qoala for Enterprise, Qoala wants to emphasize our commitment to our business partners to empower businesses through innovative insurance solutions," Qoala's Founder & CEO Harshet Lunani said.

Previously, Qoala had partnered with several digital players, including Grab to present a variety of insurance products in the super app. It is said 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 for insurance up to 25 percent, also get additional income through a sophisticated IT system. In the collaboration process with both insurance companies and clients, Qoala helps with product design, pricing, platform integration, claims support, and more.

"The products developed can be tailored to dynamic business needs, supported by the latest technology that allows hassle-free data integration and synchronization. We currently provide at least five types of insurance solutions, including logistics insurance, health insurance, travel insurance, gadget insurance and credit insurance," he said.

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

An example of this unique application, Qoala and OYO collaborated to provide protection for customers while staying at properties in the Southeast Asia region. The protection provided is in the form of an innovative insurance product, a first in the insurance industry worldwide.

Harshet believes that the best way to improve the quality of collaboration is through a market that already has the right incentives and understanding. He said, optimal collaboration focuses on both process and outcome.

Accelerate digital insurance business

Recently, Qoala launched a business expansion to Thailand, supported by a corporate action by acquiring local insurtech startup Fairdee. In April 2020, it has secured series A funding worth 209 billion Rupiah led by the Centauri Fund, a fund managed by Telkom and KB Financial Group.

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

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

The Covid-19 pandemic has not weaken the insurance business growth in Indonesia. From the data summarized by Lifepal, it is shown that there is a relatively fast recovery regarding gross premium income for life insurance throughout 2020. Especially in June 2020, compared to the same period last year the value increased.

In addition, citing 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 successfully booked premiums have reached 185.3 trillion Rupiah for life insurance and 80.1 trillion Rupiah for health insurance.

The existence of insurtech and digital startups in general has put wind in insurance companies' sails. Our data shows that interest in integrating insurance products or services into digital channels continues to increase. Throughout 2020, there were eight public announcements of strategic partnerships between insurance companies and digital platforms.

Several startups show very interesting data about their achievements in the insurtech line. Recently, Grab Financial announced that during its two years of operation in Southeast Asia, their insurtech unit had sold 100 million policies. In its release, Tokopedia also said that by the end of 2020, micro insurance products such as "Gadget Protection" had experienced an increase in transactions of up to 70 times.

– Original article is in Indonesian, translated by Kristin Siagian