ImpactAlpha, May 16 — Insurance penetration in Southeast Asia lags the global average. Jakarta, Indonesia-based Qoala is looking to make affordable home, vehicle and health insurance and microinsurance produce accessible to retail consumers in the region.
Its digital brokerage platform partners with 50 insurers to offer insurance to customers in Indonesia, Malaysia and Thailand. Those countries are among the fastest-growing global markets for insurance, but “the hurdles to accessing insurance today are still very significant,” said Qoala’s Harshet Lunani.
Qoala will use the investment to hire 250 employees this year and create an employee stock ownership program. European asset manager Eurazeo led the Series B round, with Flourish Ventures, MDI Ventures, Sequoia Capital India, SeedPlus and MassMutual Ventures participating.