It’s Time To Do Insurance Differently

Insurance is a financial tool many are familiar with but the same cannot be said for the impact it has on an economic level.

On an individual level, we see insurance as a means of financial protection against the barrage of risks and uncertainties we face every day. Be it damages, illnesses or death, insurance has provided people with the financial assistance they need to carry on with their lives.

That said, on an economic level, the protective safety net of insurance has enabled businesses to undertake higher-risk, higher-return activities than they wouldn’t in the absence of insurance. These help businesses run successfully, translating to more jobs and increasing economic activities.

Besides providing financial security to individuals and businesses, insurance has also played a vital role in funding economic development projects. Insurers often invest premiums that are not utilised to pay claims and other operating expenses. These investments frequently finance building construction and offer other critical assistance to economic development projects around the country through stock, corporate and government bonds, and real estate mortgages.

Here are three approaches Qoala has taken to improve the lives of many by impacting change on an individual and economic level;

1. Marketplace

Instead of competing in an already aggressive channel of distribution, Qoala is leveraging insurance adoption via the internet.?

With each distribution channel requiring different resources to be effective and impact the pricing structure, our focus on the digital space has allowed us to scale rapidly to four markets, Indonesia, Malaysia, Thailand and soon Vietnam in a span of four years.

Why a marketplace? Take Malaysia for example, 90 per cent of its population are already internet users with a daily internet usage of nine hours and 18 minutes. This has allowed us to carefully allocate resources in respective channels namely social media in driving growth.

It is also worth mentioning that the average Malaysian spends three hours and one minute daily on social media, or 46 days a year. All the more making social media vital to

2. Gig Economy

The past two and a half years have shown the uncertainties that come with having a single income stream. Hence, we took the opportunity to empower lives with a focus on creating a secondary income stream combined with an age-old practice, representatives.

Marketers or Mitras as known in Indonesia is another channel Qoala has adopted in improving a country’s economy. A person can be employed for a full-time job yet be a Marketer to have a secondary income stream.?

The beauty of this approach is that it promotes time flexibility, encouraging Marketers to have more time for themselves or loved ones. Besides providing a source of income, we are also heavily invested in upskilling Marketers. Workshops are done monthly to equip Marketers with the skillset and knowledge to sell their products better.

3. Partnership

As true as no one person can survive being alone in this world hence the need for bonds, organisations aren’t very different either.

Realising this, Qoala has partnered with brands ranging from e-commerce, financial technology, and banking to travel aggregators in providing digital insurance to their customers.

This win-win approach has helped both parties gain additional revenue with less time and effort while adding more value to the partners’ products.

Our omnichannel approach has successfully allowed us to expand from Indonesia to Malaysia and Thailand within a short period. By understanding the markets’ needs and wants in insurance, we have partnered with over 50 insurance partners within the region in tailoring and providing tactful and bite-sized insurance products.

Rather than carpet bombing every market with an omnichannel approach, we have deliberately deployed respective channels that resonate the most with the market and the needs of our customers. This has allowed us to reach out to a wide group of audience, especially those who perceive insurance as a luxury rather than a necessity.?

That is how we do insurance differently.