Two Asian Firms Make CB Insight’s 2023 Top 50 Insurtech Companies List

Two Asian Firms Make CB Insight’s 2023 Top 50 Insurtech Companies List

by August 14, 2023

In Q2 2023, global insurtech funding recorded a significant 36% quarter-on-quarter (QoQ) decline from Q1’s US$1.4 billion, sliding below the US$1 billion mark for the first time since 2018, new data released by CB Insights show. The drop occurred amidst a slump in fintech funding and global venture funding (VC) more broadly, which witnessed a 48% and 13% QoQ dip, respectively.

Quarterly deal count for insurtech declined considerably, falling below 100 for the first time since 2017.

A critical factor behind this slowdown in insurtech funding is the scarcity of mega-rounds exceeding US$100 million, the data show. Only one mega-round took place in each of the past three quarters, in stark contrast to the 46 mega-rounds observed in 2021.

Global insurtech funding, Source: The State of Insurtech Q2 2023, CB Insights

Global insurtech funding, Source: The State of Insurtech Q2 2023, CB Insights, August 2023

Despite a trying VC funding environment and market turmoil, several insurtech companies are prospering and outperforming the market. In its 2023 Insurtech 50 list, CB Insights shares its selection of the world’s most successful and fastest-growing insurtech companies.

These companies are rising above the fray and outperforming more than 2,000 contenders in research and development (R&D), investor traction, team competency and market potential, among other criteria.

Insurtech 50 2023, Source: CB Insights, July 2023

Insurtech 50 2023, Source: CB Insights, July 2023

This year’s Insurtech 50 selection come from 10 different countries, and collectively raised over US$9 billion across 174 equity deals. The list also features 12 unicorn companies valued at US$1 billion and above. These include Tractable, a UK-headquartered company that specializes in AI-based auto and home inspections, Coalition, an American provider of cyber insurance and security services, and WeFox, a German digital insurance company offering automotive insurance, pet insurance, travel insurance, life insurance, and more.

The 2023 Insurtech 50 companies are innovating in various areas including cyber insurance, climate risk, and insurance distribution. Several of them are integrating artificial intelligence (AI) tools to help insurance companies digitize and streamline back-end operations, while others are challenging traditional insurers with their tech-first insurance platforms. Some are digitally connecting different stakeholders within the insurance sector, launching new distribution pathways and facilitating more streamlined risk transfer processes.

Of the 50 companies selected this year, two are headquartered in Asia: Bolttech, business-to-business-to-consumer (B2B2C) insurtech provider from Singapore, and Qoala, an Indonesian multi-channel digital insurance distributor.

Today, we take a deep look at these two companies, delving into their product offerings and latest achievements.

Bolttech (Singapore)


Bolttech is a Singapore-based insurtech company providing a digital platform connecting insurers to distributors and their clientele. The platform is designed to make insurance more accessible, affordable, and personalized, focusing on facilitating various partners, including telcos and financial entities, to effortlessly integrate insurance into their services.

Bolttech says its ecosystem now connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations. The company claims it now quotes approximately US$55 billion worth of annualized premiums.

Bolttech has raised US$443 million in funding and is valued at US$1.6 billion, according to Dealroom and Forbes. The company’s last round was a US$196 million round secured in May 2023 in connection with its Series B. Bolttech said it would use the proceeds to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across its 30+ markets.

Qoala (Indonesia)


Qoala is a multi-channel digital insurance distributor from Indonesia. The company operates in its home country as well as in Malaysia, and Thailand, offering various insurance protections, including health, motor vehicle, property, personal accident, and other needs that can be accessed through the Qoala app or website.

Qoala has a network of more than 50,000 independent insurance advisors that sell insurance products from over 50 different insurance partners. The sale and after-sale processes are entirely digital, improving the time to issue a policy from a previously estimated two weeks to only a few hours.

The company says the combination of a complete digital underwriting experience with a human touch offered by its agents has helped increase insurance adoption in geographies and demographic brackets where insurance has historically been hard to distribute or entirely unavailable.

Qoala, which claims it has served more than 8 million customers, has raised about US$80 million in funding, data from CB Insights and Dealroom show. Its last round was a US$7.5 million Series B+ funding round closed in March 2023.

The company said at the time that it would use the proceeds to boost product and geographical expansion, and to widen its reach to more underserved geographies and populations in Southeast Asia.


Featured image credit: edited from Freepik