PasarPolis, an online insurance marketplace based in Indonesia, is eyeing an expansion to other Southeast Asian countries, in particular Malaysia and the Philippines.
That said, PasarPolis CEO and founder Cleosent Randing also said that he sees plenty of unrealized potential in the insurtech’s home market of Indonesia.
In an interview with Nikkei Asia, Randing said that Asia is poised to be the fastest-growing market for the insurance industry, while reiterating that “Southeast Asia is our core focus.” While not clear on a schedule for the expansion, the firm has already made bases in both Thailand and Vietnam.
The Jakarta-based insurtech includes investors such as SBI Investment, Xiaomi, Gojek and Tokopedia and carries products underwritten by larger insurers. Among these products are health and accident coverage for drivers and passengers using Gojek, one of the most popular ride-sharing apps in the country.
Part of the firm’s strategy to break through the Indonesian market is its simplification of policies in its home of Indonesia and its neighbours in Southeast Asia. PasarPolis does this by offering full-stack digital insurance, meaning that it comes with complete services: underwriting, pricing, sales, distributions, and claim management.
Randing said that there is no efficient data-gathering system in Indonesia, which makes it harder for the industry and results in more expensive premiums. Insurance in the country is still primarily sold through agents and bancassurance, with leading players including Asuransi Sinar Mas and Asuransi Kredit Indonesia.
In an earlier interview with Insurance Business Asia, Randing said that the insurtech seeks to make the market more accessible with their different propositions, including the TAP Insure app.
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