Qoala, an insurtech startup backed by the likes of Sequoia, MDI Ventures and Golden Gate Ventures announced today the acquisition of FairDee, a Thai insurtech to expand their reach into the Thailand market.
Since its 2018 launch, Qoala said that it 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.
Harshet Lunani
Founder and Chief Executive Officer (CEO) of Qoala, Harshet Lunani, 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.”
Qoala partners with leading insurance companies such as Allianz, Zurich, Chubb, Great Eastern, Tokio Marine, and leading SEA digital platforms such as OYO and GrabKios, Traveloka, OVO, Dana, and Momo.
In the past 18 months, FairDee has grown its annual Gross Written Premium by seven times despite the pandemic under Yujun Chean, Prateek Jogani, and Thanasak Hoontrakul, co-founders of FairDee. The entire FairDee team will be joining Qoala to continue the pace of rapid growth in Thailand.
Yujun Chean
“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,”
added Yujun Chean, Co-Founder and Chief Executive Officer (CEO) of FairDee.
In 2020, Qoala also expanded its regional footprint to Malaysia and Vietnam.
Featured image: Qoala Co-Founders Tommy Martin (left) and Harshet Lunani (right)
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Source: https://fintechnews.sg/49830/thailand/insurtech-qoala-acquires-thais-fairdee-expands-to-thailand/
