PasarPolis doubles revenue in 2 years, eyes profitability soon

The PasarPolis team / Photo credit: PasarPolis

Indonesia-based insurtech firm PasarPolis said it is one step closer to achieving profitability after doubling its revenue in 2023 compared to 2021, when it last raised funding.

“With a strong focus on building sustainable business operations and expanding its market reach, PasarPolis is well-positioned for profitability in the near future,” the company stated in a statement.

Moreover, the firm disbursed more policies – its gross written premium (GWP) surged 250% during the same period.

Since its launch in 2015, PasarPolis has issued over 2 billion insurance policies. It currently offers products for life, travel, home content, logistics, electronics, and vehicle insurance, among others.

In comparison, local competitor Qoala has facilitated over 215 million policies and generated US$280 million in GWP from 2020 until now.

According to Tech in Asia’s database, PasarPolis has raised nearly US$60 million, with its latest round being a US$5 million strategic investment from International Finance Corporation in February 2021.

In 2023, the firm – which claimed to be Indonesia’s first official full-stack insurtech – noted triple-digit percentage growth month over month in its agency revenue and insurance sales, supported by its underwriting arm Tap Insure.

Now, the company said it expects a 50% compound annual growth rate over the next four years.

“Additionally, we plan to fully underwrite all our products within this period to significantly enhance our EBITDA margin,” PasarPolis founder and CEO Cleosent Randing said in the statement.

Besides Indonesia, PasarPolis also operates in Vietnam and Thailand, and so do its competitors Qoala and Fuse.

Consulting firm Redseer anticipates the insurtech industry in Indonesia to grow 4x by 2026, with a multibillion-dollar total gross premium.

See also: Why PayPal’s VC arm is betting on Qoala despite the insurtech firm not yet being profitable