27 March 2024 – PayPal Ventures has just invested in an Indonesian business that offers personal insurance solutions that cover a range of risks, such as ticket cancellation, phone screen damage, and accidents.
With its headquarters in Jakarta, Qoala is an insurance broker that collaborates with leading regional insurers and e-commerce companies to provide clients with individualized and reasonably priced solutions. Via its website, app, and offline interactions, it offers insurance coverage for vehicles, motorbikes, property, personal accidents, travel, and health.
Indonesia, the world’s fourth most populated nation, has a rather low insurance penetration rate. The Indonesian Financial Services Authority reports that the country’s insurance penetration rate is less than 4%, which is less than the average for the world. The Insurance Development Institute adds that there are many small firms in Indonesia’s highly fragmented insurance market, which increases competition, decreases profit margins, and puts the sector’s expansion and penetration in danger.
Conclusion
The startup uses machine learning to detect fraud and streamlines the claims process through image uploads. It also depends on a network of over 60,000 human workers, which it refers to as “agents” or marketers, to sell insurance. This benefits both customers and insurers by increasing access to practical, affordable insurance solutions.
