Insurance Technology Developer Qoala Receives Investment

Indonesian omnichannel insurance technology Qoala announced the completion of a $47 million Series C funding round. PayPal Ventures and MassMutual Ventures co-led the financing round, Qoala said in a statement. MUFG Innovation Partners, Ohana Holdings, Flourish Ventures, Eurazeo and AppWorks (previous investors) participated in the round.

Also Read: AiDash Receives Investment from Sabancı Climate Ventures

Qoala

According to the statement, the company can expand its (B2B2C) business in Southeast Asia with the help of the Series C financing. Besides enhancing Qoala's ability to improve customer, agent and partner experiences, it will allow the company to accelerate its technology-driven startups and seamlessly integrate AI across all channels.

It will use the money to research new products and distribution avenues for its agent platform. It will also use it to accelerate its expansion by exploring well-timed partnerships and acquisitions in each sector. The company's dominant market position in the region will be strengthened by this multi-pronged strategy. By expanding the company's application of productive artificial intelligence (AI), this funding will be used to greatly improve agent experiences and operational efficiency.Qoala will be able to further develop its well-established InsurTech platform with this investment. It will keep it at the cutting edge of technology and shorten its time to market. To further demonstrate its commitment to innovation and quality in the market, the company is also committed to creating tools to help insurance partners increase their fraud detection, claims processing and underwriting capabilities. In total, Qoala has raised more than $130 million.