Yujun Chean, Qoala
Southeast Asian insurtech company Qoala has announced the appointment of two key leaders, Randy Lianggara and Yujun Chean, to its board.
This strategic move aims to enhance the company’s regional presence as a provider of diverse protection products. The addition of these leaders underscores Qoala’s dedication to expanding its influence and maintaining its position as a leading insurtech provider in the region.
Following its successful Series C funding in March 2024, Qoala has introduced its second Employee Stock Option Plan (ESOP).
Since 2021, Qoala has seen significant growth, with Gross Written Premiums (GWP) increasing by over seven times and its agent partner network expanding fourfold. Operating in Indonesia, Malaysia, Thailand, Vietnam, and the Philippines, Qoala’s milestones demonstrate its resilience and sustained growth despite challenges posed by the pandemic.
In an email interview with e27, Qoala CEO and founder Harshet Lunani elaborates on the company’s growth strategy and valuable insights gained from its journey.
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The following is an edited excerpt from the interview.
Can you share with us how Qoala achieved its most recent milestones? What lessons did you learn from them?
Qoala’s recent achievements are a result of a strategic combination of market insights, technological advancements, and customer-centric approaches.
The company’s Series C funding round of US$47 million, led by PayPal Ventures and MassMutual Ventures in March 2024, has accelerated its growth trajectory. These funds are being used to expand its embedded insurance business across Southeast Asia, enhance technological capabilities, and improve customer experiences.
Qoala’s strategic expansion into the Philippines this year, following the funding, marks a significant step towards solidifying its regional leadership. The launch of an ESOP buyback program also highlights the company’s strong business performance in the face of industry challenges. Bringing experienced industry veterans onto the board further enhances Qoala’s strategic direction.
Since its Series B fundraiser in 2022, Qoala has achieved a 2.5x growth in gross written premiums. As a result, the company is investing more in AI to stay ahead in technology and reduce time to market.
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How does running a growth-stage startup differ from running an early-stage one? What adjustments did you have to make?
The transition from an early-stage to a growth-stage startup is like shifting gears in a high-speed vehicle. While the early days were marked by resource constraints and validating product-market fit, the growth stage requires a more strategic and scaled approach.
We have shifted from a lean, agile operation to a structured organization focused on efficiency and scalability. Key adjustments include refining our go-to-market strategy, expanding our team with specialized talent, and implementing technological innovations to increase operational efficiency.
Additionally, we are now focused on sustainable growth while continuing to innovate and expand into new markets.
What notable trends and insights about Indonesian users can you share with us? How do you plan to tap into this opportunity?
Indonesia has 210 million internet users, making it the fourth largest internet user in the world after China, India, and the US, according to the Financial Services Authority (OJK)’s Roadmap 2023-2027. Millennials make up more than 40% of the country’s working-age population, according to Euromonitor 2018.
This tech-savvy and mobile-centric generation shows a strong preference for social commerce and digital payments, with about 70% of Indonesian consumers preferring hybrid channels (online and offline) for insurance information and engagement with insurers, according to a Bain & Company Report in 2019.
Also Read: Qoala expands into Thailand by acquiring local insurtech platform FairDee
This indicates a growing demand for convenience, personalization, and trust in online platforms. To capitalize on this opportunity, we are focusing on developing personalized products, enhancing customer experiences through technological advancements, and integrating seamless payment options.
What is your big plan for 2024?
Qoala’s commitment goes beyond product development and sales to promoting financial literacy across various offline and online platforms.
By leveraging generative AI to improve efficiency, our focus has been on enhancing agent experience and operational efficiency. Additionally, we are developing innovative tools to empower our insurance partners in underwriting, claims management, and fraud prevention, solidifying our position as industry leaders.
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Image Credit: Qoala
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