Although Asia-Pacific currently has a penetration rate of just 3.8% for life insurance and 2.1% for non-life, the region is expected to account for 42% of global premiums by 2029, according to a forecast by Swiss Re Institute.
Qoala targets the millions of underinsured in Southeast Asia by leveraging technology and digitalization. Rapidly scaling up since its 2018 launch, the company now processes over 2 million policies per month, with a diversified partnership portfolio serving core industries such as motor vehicle, health, life, travel, fintech, consumables, logistics, and employee benefits.
Since it started operations in Thailand in 2019, FairDee has been helping to digitize independent brokers through its platform, enabling them to increase their productivity and access more insurance products to better cater to customers’ ever-changing needs.
Harshet Lunani, Qoala’s founder and chief executive officer, says: “FairDee and Qoala share the same vision in how insurance can be reimagined. Hence, we are doubling down on developing technology to deliver an excellent insurance experience to the community digitally in Thailand on the back of our strong Southeast Asian presence.
“With this acquisition, we are taking a big leap in the group’s regional ambition to be the number one insurtech in Southeast Asia. Given the shared vision and expertise that FairDee’s team has been able to cultivate since its inception, we are confident to continue to serve millions of underinsured in the region.”
Qoala partners with leading insurance companies such as Allianz, Zurich, Chubb, Great Eastern, Tokio Marine, and leading Southeast Asian digital platforms such as OYO, GrabKios, Traveloka, OVO, Dana, and Momo, to create products and services. Despite the ongoing pandemic, Qoala expanded its regional footprint to Malaysia and Vietnam in 2020.
Last April, Qoala raised US$13.5 million in a Series A funding round, the largest raised by an insurtech from Indonesia. The company is supported by international investors such as Sequoia Capital, Centauri Fund by Kookmin Bank and MDI Ventures, Flourish Ventures, Mirae Asset Management, Central Capital Ventura, MassMutual Ventures, and SeedPlus.
Over the past 18 months, FairDee has grown its annual gross written premium seven times despite the pandemic. Led by co-founders Yujun Chean, Prateek Jogani, and Thanasak Hoontrakul, the entire FairDee team will be joining Qoala to continue the pace of rapid growth in Thailand.
CEO Yujun Chean says: “We started FairDee to bring the best insurance experience to customers across the region. Being part of Qoala will greatly accelerate that vision, and together, we are more than excited to deliver further innovation in Thailand and beyond. Drawing upon Qoala’s regional expertise and support, we are committed to elevating our service quality to our partners and customers in Thailand.”
Source: The Asset
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