Indonesian insurtech company PasarPolis has recorded twice revenue growth since its founding in 2019, with almost 1 million premiums sold in Thailand and Vietnam, the company announced recently.
Based on its records, PasarPolis has been able to double its revenue growth since its inception five years ago, with gross written premium (GWP) reaching 250% in the fiscal year. PasarPolis said that it anticipates a 50% compound annual growth rate (CAGR) over the next four years and plans to fully underwrite all products within this period.
“Since its expansion into Thailand and Vietnam in 2019, PasarPolis has achieved millions in policy sales, underscoring its commitment to democratizing insurance and leveraging technology to address the unique needs of local markets. This success further demonstrates PasarPolis' dedication to innovation and customer-centric solutions in transforming the insurance landscape across Southeast Asia,” the company said in a statement.
PasarPolis also announced its plan to enter the Singapore insurance market to further strengthen its foothold in the region. Last year, it also announced its plans to enter the Malaysian and Philippine insurtech/insurance markets.
Brendan Batanghari, PasarPolis vice president for corporate finance and regional partnership, attributed the company’s growth to its strategic B2B2C partnerships.
“PasarPolis' full-stack insurtech ecosystem thrives by integrating seamlessly with partners. Following a fruitful partnership with e-commerce giant Shopee in Indonesia, PasarPolis has extended this collaboration to offer insurance protection to users in Thailand and Vietnam,” Batanghari said.
The company said that in Indonesia, it offers gadget and cracked-screen insurance through Shopee, providing accessible and affordable protection for electronic devices. Meanwhile, in Vietnam, the partnership has expanded to include comprehensive gadget insurance and product liability coverage, ensuring customers can safeguard their purchases with ease.
Batanghari also said that in Thailand, PasarPolis has successfully launched its digital electronic protection, the first in the country.
The company has also forged partnerships with other companies such as VFS Global, a BPO company that provides outsourcing and technical services to their clients in Thailand and Vietnam, as well as VNtrip, Sendo, and Chotot.
