PriyaPatel
TLDR:
- Omnichannel InsurTech firm Qoala has raised $47m in Series C funding.
- The funding will be used to expand product range, distribution channels, and strategic partnerships.
Omni-channel InsurTech leader Qoala has successfully completed its Series C funding round, amassing $47m. The funding, led by PayPal Ventures and MassMutual Ventures, aims to boost Southeast Asian insurance innovation. Qoala is disrupting the traditional insurance landscape with its embedded insurance business model using cutting-edge technology like artificial intelligence. The company aims to enhance the user experience and operational efficiency for agents and partners. The funding will be used to broaden product range, distribution channels, and pursue strategic acquisitions and partnerships to accelerate growth.
Since its Series B round in 2022, Qoala has seen a 2.5x increase in gross written premiums and improved claim processing efficiency and customer satisfaction. CEO Harshet Lunani expressed gratitude towards the team and investors, emphasizing the confidence in Qoala’s mission and strategy. With this new funding, Qoala is poised to drive innovation and impact lives and livelihoods in the region while solidifying its market position as a leader in insurance innovation.
