Pasarpolis: Insurtech startup providing online insurance comparison.

Based on Lifepal’s data, about 60% of its health and life insurance customers are buying coverage for the first time. On the other hand, many automotive insurance shoppers had policies before, but their coverage expired and they decided to shop online instead of going to an agent to get a new one. Qoala plans to use the funding to build-out its existing team over the next year. Cleosent Randing founded his digital insurance startup, PasarPolis, in 2015, when Indonesia’s fintech ecosystem was still in its infancy. Originally an aggregator site, PasarPolis is now a leading player in the local insurtech industry, having served around 35 million customers across its three markets—Indonesia, Vietnam, and Thailand. In the past decade, the insurance industry in Indonesia has been growing from IDR 125 trillion in 2010 up to nearly IDR 500 trillion this year.

Guideline is a retirement plan platform for developing organizations that provides an all-inclusive 401 and full-stack solution. This free sheet contains 100 accelerators and incubators you can apply to today, along with information about the industries and stages they generally invest in. More recently, PasarPolis introduced a micro-insurance that protects mobile device screens. This has become important as people depend more and more on their smartphones for daily activities, Randing said. Most Indonesians are already familiar with the concept of collective action or sharing burdens within a community, which can be similar to the execution of insurance. In every suburb in the country, there is a neighborhood association called Rukun Tetangga, or RT, which is the lowest administrative division. The head of each RT usually collects small amounts of money from every family in the neighborhood.

  • Bold Penguin is a commercial insurance exchange that connects clients, agents, and carriers to find the best rate in the shortest amount of time possible.
  • The company says its site, including its blog, now has about 4 million monthly visitors, creating a funnel for its marketplace.
  • The last known injection of cash came in 2018 to the sum of around $6.5 million USD.
  • Pier is a digital insurance company that offers coverage for both smartphones and automobiles.
  • Sedgwick is a company that specializes in technology-enabled claims and productivity management.

Waterdrop and Qingsongchou allow people to initiate crowdfunding campaigns seeking support for medical expenses. Other innovations such as mutual aid plans help participants share the medical cost burden of critical illness. The crowdfunding and mutual aid platforms often serve as lead generators for their insurance marketplaces.

Upcoming products include Insurance Wallet, which will include an application process with support on how to claim a policy — for example, what car repair shop or hospital a customer should go to — and escalation if a claim is rejected. Indonesia’s insurance penetration rate is only about 3%, but the market is growing along with the country’s gross domestic product thanks to a larger middle-class. “We are really at a tipping point for GDP per capita and a lot of insurance carriers are focusing more on Indonesia,” said Ficari. Making applying, managing and initiating claims as easy as Sunday mornings has helped this company stake its claim on a slice of the insurance market pie in Thailand. Series A funding of $10 million USD from VC firm Vertex Ventures in February 2019 gives the company a boost for its plans to expand into neighbouring countries of Malaysia, Singapore and Indonesia. Awarded the honour of “Thailand’s Best Fintech Startup 2019“, Sunday has been making waves in the insurance market of Thailand since 2017. The relatively new fintech kid on the block offers personally tailored insurance for car, travel and health — both personal and corporate.

Cover Genius Lands $70m Infusion To Grow Its Embedded Insurance Business

Jakarta-based PasarPolis emerged as an aggregator platform for insurance in 2015. Since then it has grown into one of Indonesia’s leading InsurTech companies, with a strong focus on microinsurance.

  • In the near future, PasarPolis will stay focused on collaborating with suitable partners so it can continue expanding service coverage in Indonesia and the rest of Southeast Asia.
  • Based on customer reviews, savings over traditional car insurance providers like Geico or Progressive range from $400 all the way to $2000.
  • Insurtech firms are overcoming unique challenges in different parts of Asia, be it refining products in Singapore, or reaching previously untapped prospects in Vietnam.
  • We believe digital carriers that embrace both offline and online distribution channels will see faster growth.
  • A strong sales organization is the tip of the spear for every SaaS startup, but because so few founders have meaningful experience in this arena, they don’t know how to set their teams up for success.

The PasarPolis TeamThe company aggregates insurance products from 30 companies across the region and counts at least 10,000 agents across Indonesia. It has gained traction amid the insurance gaps faced in the country and the region in general. PasarPolis has shared that five years after launch, 30 million Indonesians, or 11 percent of the population, have purchased insurance protection from the company. It considers this a “remarkable feat” amidst the country’s general insurance penetration of less than 4 percent and an ASEAN insurance penetration rate of 3.6 percent. In this model, large digital conglomerates with loyal userbases become the distribution channels. While consumers may recognize the insurtechs as providers of the coverage, big tech partners will continue to wield influence over the larger customer relationship.


Friendsurance offers a cash back bonus to small groups of consumers who remain claimless at the end of the year. Jirnexu provides FSIs and service providers with end-to-end digital acquisition tools and solutions. INZMO is a cutting-edge insurance platform that adds value and improves the insurance experience for all parties involved at critical phases. InsureQ is an insurance firm that caters to the needs of SMEs, freelancers, and startups. PolicyStreet is an online platform that streamlines the insurance purchasing process. MoneySmart is a financial platform that allows you to find the best loan, insurance, and credit card rates. Beam Dental is a digital dental benefits provider that emphasizes preventative care and awards for good oral hygiene habits.

According to research by Google, Temasek and Bain & Company, there are over 360 million internet users in the region, making it a fertile market for insurance companies to make the move to providing online products. This has led to a surge in insurtech startups in Southeast Asia as fintech companies, and traditional insurance providers team up to better serve their markets. Acko, for instance, sells intra-city travel policies to ride-hailing company Ola users for premiums as low as 1 Indian rupee per ride. Indonesia-based PT. PasarPolis Indonesia sells vehicle, health, accident, life, property, and travel insurance policies through Go-Jek, Tokopedia, and Traveloka. Another Indonesian insurtech, Qoala, provides insurance products covering flight and train delays, phone display damages and e-commerce logistics for Traveloka, Ovo, Dana, and Momo users in Southeast Asia. Australia-based Cover Genius distributes insurance products for global e-commerce companies, including Booking, eBay, Shopee, Tile and Wayfair. The company offers life insurance, accident insurance, individual health insurance, hospital cash plan insurance and more insurance services.

But the small number of existing digital carriers will see a growing share of the aggregate amount raised by insurtechs, thanks to their high capital needs. We believe digital carriers that embrace both offline and online distribution channels will see faster growth. Other venture-backed insurtech startups tapping into this demand include Fuse, PasarPolis and Qoala. Both Qoala and PasarPolis focus on “micro-policies,” or inexpensive coverage for things like damaged devices. PasarPolis also partners with Gojek to offer health and accident insurance to drivers. Fuse, meanwhile, provides insurance specialists an online platform to run their businesses. Choosing an insurance policy is one of the most complicated financial decisions a person can make.

Then, in early September, PasarPolis notched USD 54 million in a Series B funding round. Adding insurance used to be slow and cumbersome but insurtech providers like Boost ensure that any brand or retailer can seamlessly add insurance options to their wares. Aman is an employee benefits platform that allows businesses to purchase and administer quality yet affordable employee benefits. [newline]The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

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