Qoala Secures Seed Round Investment Over 21.6 Billion Rupiah, Ready to Offer Insurtech Product in All Sectors
Funding is to focus on technology development in order to provide efficient claim
Randi Eka - 14 May 2019
Qoala insurtech startup recently secured funding in seed round of $1.5 million (around 21.6 billion Rupiah) from Sequioa Capital India (Surge). In addition, it was supported by some investors, including SeedPlus, MassMutual Ventures SEA, Golden Gate, MDI Venture, Central Capital Ventura and Genesia. However, the value is still undisclosed.
Tommy Martin, Qoala's Co-Founder and COO said this round is to be focused on insurtech in all industries, either digital or conventional. This technology and experience are expected to improve education and coverage of micro insurance, particularly in small towns in Indonesia.
He further explained the three main technologies on development. First, there is fraud detection system using artificial intelligence, it'll improve risk management for fasten verification process. Next, data analytic and insight platform to help insurance company (partners) in creating more relevant product for consumers. Those three integrated aspects are to facilitate customers for management policy and product information.
"Qoala is currently in partnership with ACA and Simasnet related to train and flight insurance product with digital based claim. The company also partnered up with some travel agents, such as PegiPegi, Padiciti, AeroTravel, Golden Nusa, MNC Travel, and others," he said.
The next business target is Qoala to expand product coverage to other industry outside travel, among those are smartphones and automotive. Some supported technology are being developed, such as image/video recognition feature to detect screen crack on device or vehicle.
"our recognition technology we develop intends to reduce insurance company requirements of physical exam of the broken device to fasten the claim process," he added.
–Original article is in Indonesian, translated by Kristin Siagian