Qoala set on pioneering the future of Malaysian insurance

Discover how Qoala’s product aggregation, omni-channel approach and affordability reshape Malaysia’s insurance landscape to benefit all.

In Malaysia’s evolving insurance landscape, Qoala is emerging as a trailblazer, poised to revolutionise the market as a comprehensive aggregator of various insurance products.

In an exclusive interview by Insurance Asia, Jonathan Ong, Qoala country manager for Malaysia, outlined the company’s vision and strategy to cater to diverse customers whilst streamlining the insurance buying process.

“Qoala is the most comprehensive aggregator that we have in the market. We combine products like motor, health, property, travel, and personal accident insurance,” said Ong as he stressed on the company’s commitment to offering a wide range of insurance solutions under one roof.

As one of the more mature insurance markets, Malaysia holds an insurance penetration rate of about 5.6% of the GDP.

Although this figure is still below the global average of 7%, Ong — who doubles up as the head of direct-to-consumer operations at Qoala — sees immense growth potential.

“In 2021, the GWP of Malaysia’s General Insurance stands at about 4.3 billion. So there’s still a lot of room to grow, in my opinion,” he said.

Qoala aims to tap into unexplored segments, focusing on products beyond mandatory motor insurance.

“We see opportunities in other insurance coverage areas, such as personal accident, health, property, and more,” said Ong as he expressed confidence that their company’s comprehensive aggregator approach over a range of offerings does the trick.

Malaysia’s insurance market presents unique challenges, including limited awareness of insurance, expensive premiums, and difficulties in assessing insurance products.

To address these pain points and drive insurance penetration, Qoala invests significantly in content creation through social media and marketing to raise awareness and promote the significance of financial protection.

“We want to be a household name in educating more Malaysians about the importance of insurance,” Ong said.

In line with its digital-first approach, Qoala caters to the diverse population of Malaysia and reaches out to customers beyond geographical boundaries.

“Being a digital player, such as ourselves, we go beyond borders, we go beyond the geographical boundaries, and that has allowed us to reach different customers from across the nation,” Ong said.

As for Qoala’s direct-to-consumer channel, he said efforts go along with other business models such as agency and partnership to ensure accessibility to both tech-savvy and non-digital-savvy customers whilst, at the same time, cater to their preferences for purchasing insurance.

“We enable customers to make their own comparison, and with that, they are able to make more informed decisions before they make a purchase,” said Ong.

This omni-channel strategy is what sets Qoala apart from traditional insurance providers in Malaysia.

In pursuit of financial literacy, Qoala’s content creation extends beyond insurance, covering financial management, personal finance, taxation, and more, allowing it to contribute to the government’s agenda of promoting financial education.

In this regard, Ong said: “Our goal is to position ourselves as a household name for financial education.”

To ensure accessibility and affordability, Qoala collaborates closely with insurance partners, delivering products that cater to the mass market. The digital approach facilitates distribution across borders and regions, catering to diverse language preferences.

“Malaysia is pretty diverse country. You’re looking at a population of 30-plus million people of different ethnicities, different cultures, different languages,” Ong said.

But Qoala’s focus on affordability further enhances its appeal to the mass market. “We work very closely with our insurance partners to deliver products that are affordable to the mass market,” Ong said.

By leveraging its digital platform and partnerships, Qoala ensures that insurance products reach a wider audience, including those who might be priced out when dealing with traditional agents.

With its robust digital distribution model, Qoala effectively breaks down language barriers and expands insurance reach across different regions in Malaysia.

“We are able to help our partners to distribute the products across borders, across regions, even across language barriers that we have in Malaysia,” Ong explained, emphasising the company's commitment to inclusivity.

As Qoala positions itself as a comprehensive aggregator in the Malaysian insurance market, its innovative strategies, commitment to financial education, and dedication to accessibility and affordability stand poised to reshape the insurance landscape.

Its forward-thinking approach and dedication to serving diverse customer segments have also positioned it as a game-changer in Malaysia’s insurance industry.

As the company continues to innovate and lead, as Ong has asserted, Qoala is set to make a significant impact on insurance penetration, making financial protection more accessible and relevant to Malaysians from all walks of life.