As much of our lives are digitizing, this is rapidly changing. Take Indonesia as an example. The country has the largest and fastest-growing internet economy in Southeast Asia. Half of Indonesia’s population is under the age of 30 and owns a smartphone. By 2050, Indonesia is projected to have the third-largest middle class among emerging markets. The rapid digitization of the economy and the post-COVID world presents an opportunity to re-imagine insurance in a country that has less than 2% of insurance premiums as a ratio to GDP, compared to other Asian markets such as India, Malaysia, Thailand which are at 3–5%. Developed countries like United Kingdom and South Korea are above 10% indicating the huge potential for growth in insurance.
It is against this backdrop that Flourish invested in Qoala, an insuretech company on a mission to make insurance dramatically more accessible and thus help people better manage the inevitable risks in their lives.