Qoala, an omnichannel insurtech in Southeast Asia has acquired FairDee, a Thai Insurtech. The strategic acquisition of FairDee will further expand Qoala's reach in Southeast Asia - with the insurtech serving Indonesia, Singapore, Malaysia, Vietnam, and now Thailand.
With the Asia-Pacific region seeing an insurance penetration rate of just 3.8% for life insurance and 2.1% for non-life insurance at present, Swiss Re Institute forecasts that Asia-Pacific will account for 42% of global premiums by 2029. Qoala aims to capitalise on this opportunity by helping the millions of severely underinsured in Southeast Asia by leveraging technology and digitalisation to provide affordable and relevant insurance products to consumers.
Since its launch in 2018, Qoala now processes over 2 million policies per month, with a diversified partnership portfolio serving core industries such as motor vehicle, health, life, travel, fintech, consumables, logistics, and employee benefits.
Qoala's newest partner FairDee - operating since 2019, has been helping to digitise independent brokers through its platform, enabling brokers to increase their productivity and access more insurance products to better cater to the end customers’ ever-changing needs..
This collaboration aims to speed up technology scalability and innovation across all businesses of Qoala, with learnings from Indonesia and Thailand used to strengthen the core competencies and digital offerings across all markets.
Image: Harshet Lunani,Founder and CEO, Qoala
Harshet Lunani is the Founder and CEO of Qoala says, "FairDee and Qoala share the same vision in how insurance can be reimagined. Hence, we are doubling down on developing technology to deliver an excellent insurance experience to the community digitally in Thailand on the back of our strong SEA presence."
"With this acquisition, we are taking a big leap in the group's regional ambition to be the number one insurtech in SEA. Given the shared vision and expertise that FairDee’s team has been able to cultivate since its inception, we are confident to continue to serve millions of underinsured in the region,” he added.
Yujun Chean, Co-Founder and Chief Executive Officer of FairDee says, “We started FairDee to bring the best insurance experience to customers across the region. Being part of Qoala will greatly accelerate that vision, and together, we are more than excited to deliver further innovation in Thailand and beyond. Drawing upon Qoala’s regional expertise and support, we are committed to elevating our service quality to our partners and customers in Thailand."
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InsurTech Symbo to scale Southeast Asia and India platform with US$9.4 Million Series A raise
Hong Kong: Study shows insurance agents and advisers in Asia optimistic
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