Indonesia-based InsurTech platform Qoala has reportedly netted $13.5m in its Series A round, which was led by Centauri Fund, a joint vehicle from Kookmin Bank and Telkom Indonesia.
The funding round was also backed by Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment and Mirae Asset Sekuritas, according to a report from TechCrunch.
Previous Qoala backers MassMutual Ventures Southeast Asia, MDI Ventures, SeedPlus and Central Capital Ventura also contributed to the round.
The InsurTech offers a mobile platform to help consumer take out insurance policies for flights, trains and phones. The app will automatically alert the policyholder when there is a claim they can make, with no paperwork needed just a photo of documents.
Train and flight insurance covers delays, cancelation and personal accident, while phone insurance can either be taken out for just the screen or the whole device.
The company is looking to extend its offering to e-commerce, health and P2P insurance.
Qoala founder and CEO Harshet Lunani told TechCrunch, “Our thesis identified that Indonesia has a considerably low gross written premium (GWP) to GDP ratio in comparison to other emerging countries, coupled with the large growing middle class in need of more security in their financial planning which allows immense potential for the insurance sector to take off in Indonesia through innovative propositions.”
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