PasarPolis secures US$54M in oversubscribed Series B to scale its online insurance biz in Indonesia, Thailand, Vietnam
PasarPolis, an Indonesia-based online insurance aggregator, announced today it has closed US$54 million in a “heavily oversubscribed” Series B round of financing.
Investors of this round include LeapFrog Investments, SBI Investment, AlphaJWC, Intudo Ventures and Xiaomi, in addition to its existing Series A investors, including Go-Ventures, the VC arm of gojek.
With the funds, the insurtech firm will be able to advance its Artificial Intelligence technology and leverage Big Data to build tailor-made insurance products for the digital ecosystem.
The Jakarta-headquartered firm also aims to make deeper penetration into its existing markets, including Vietnam and Thailand where it forayed into in May last year.
“Through this funding, we will continue this mission in Indonesia, Thailand, and Vietnam. As we move forward into a more digital world, the presence of insurtech has become an essential aspect of the industry. The COVID-19 pandemic has increased awareness and demand of insurance, but consumers’ online purchasing lifestyle has resulted in insurtech becoming indispensable,” said Founder and CEO Cleosent Randing.
The LeapFrog partnership will accelerate its efforts in making insurance available for emerging consumers, whereas Xiaomi will help it create an easily accessible insurance through mobile-first technology.
Founded by Randing and Michael Saputra, PasarPolis aggregates insurance products from over 30 insurance companies in Southeast Asia, and has built a network of over 10,000 agents across Indonesia.
In 2019, PasarPolis said it issued more than 650 million policies to first-time insurance purchasing consumers, ride-hailing drivers, delivery couriers and online SMEs.
In February, PasarPolis announced a partnership with gojek to launch GoSure, a platform that offers insurance products to users.
“With 30 insurance companies, and 25 digital partners, together serving over 4,000,000 new customers in June 2020 alone, the opportunity for PasarPolis to expand its offering and geographic reach is extraordinary. There is huge potential for positive social impact,” said Fernanda Lima, Partner, LeapFrog.
“As part of our investment, LeapFrog will focus on helping PasarPolis improve its consumer insights and product innovation capabilities, and expansion in other markets,” he noted.
In 2018, the firm had confirmed a Series A fundraise from gojek, Tokopedia, and Traveloka.
Since then, the number of monthly policies issued by the firm grew more than 80x and the number of partners grew 4x, it said in a statement.
As per a study, the insurance penetration rate in ASEAN remains low at approximately 3.6 per cent.