Both bolttech and Qoala made the grade, in a selection process that saw the the CB Insights team examine the profile of more than 2,000 contenders. The list aims to highlight the world’s most successful and rapidly growing insurtech companies that are excelling in R&D, investor interest, team expertise, innovation and market potential.
The final selection of 50 came from 10 countries, with Qoala and bolttech hailing from Indonesia and Singapore respectively. bolttech provides business-to-business-to-consumer (B2B2C) insurtech provider, and Qoala is a multi-channel digital insurance distributor.
Insurtech in Asia is booming
With a population of over 4.4 Billion collectively, Asia is sure to play a huge role in the trends of growth and development within the global insurtech market. As a mixed emerging and developed market, the APAC region boasts a young and upwardly mobile population that has embraced technology. It is also home to economies that are growing fast. This combination makes it a hotspot for insurtechs to establish themselves and thrive. We’ve profiled both bolttech and Qoala to demonstrate their innovative rises to success within the thriving Asian marketplace.
Bolttech (Singapore)
Group CEO: Rob Schimek
Bolttech is a Singapore-based insurtech firm that operates a digital platform connecting insurers with distributors and their clients. This platform aims to enhance the accessibility, affordability, and personalization of insurance. It collaborates with various partners, such as telcos and financial entities, to seamlessly integrate insurance into their services.
Bolttech’s ecosystem currently links 700 distribution partners with over 230 insurance providers, offering more than 6,000 product variations. The company claims to provide quotes for approximately US$55 billion worth of annualized premiums.
Having secured a total of US$443 million in funding, Bolttech is valued at US$1.6 billion. Its most recent funding round, a Series B round, amassed US$196 million in May 2023. The proceeds are earmarked for enhancing organic growth, investing in proprietary technology, bolstering digital capabilities for business partners and end consumers, and acquiring talent across its 30+ markets.
Qoala (Indonesia)
Founder: Harshet Lunani
Qoala is a multi-channel digital insurance distributor hailing from Indonesia, and extends its services to Malaysia and Thailand. It offers diverse insurance protections, including health, motor vehicle, property, and personal accident coverage, accessible through the Qoala app or website.
The company collaborates with over 50,000 independent insurance advisors, selling products from more than 50 insurance partners. Its entirely digital sale and after-sale processes have reduced policy issuance time from two weeks to a matter of hours.
Qoala, having served over 8 million customers, secured around US$80 million in funding. Its most recent funding round, a Series B+ round, closed in March 2023, raising US$7.5 million. The company intends to utilise the funds to expand its product offerings and geographical reach, particularly in underserved regions and populations across Southeast Asia.
