Aditya Hadi Pratama · · 1 min readPasarPolis to underwrite insurance with new strategic partnership
PasarPolis, an Indonesia-based insurtech firm, has sealed a strategic collaboration with local firm Tap Insurance, which recently won a license from the Financial Services Authority to offer insurance underwriting services.
PasarPolis team / Photo credit: PasarPolis
With the partnership, PasarPolis can now underwrite its own digital insurance offerings after previously only distributing products from other companies. The startup said it is the first insurtech firm in Indonesia that can offer such services.
Founded by serial entrepreneur Cleosent Randing in 2015, PasarPolis has since expanded its operations to Thailand and Vietnam.
The company said it has issued 1 billion policies between 2019 to 2021, serving about 80 million customers. In October last year, it launched the Tap Insure app to sell policies directly to consumers.
Indonesia is one of the world’s most underinsured countries, with the penetration rate compared to gross domestic product only reaching 3.18% in 2021.
See also: Is 2022 the year of insurtech? Not so fast
In 2020, PasarPolis raised US$54 million in series B funding from LeapFrog Investments, SBI Investment, and Xiaomi, among others.
The insurtech firm also counts GoTo Group, Traveloka, Alpha JWC Ventures, and the World Bank’s International Finance Corporation among its investors.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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