Exclusive: Indonesian insurtech startup Aman raises $1.2m pre-seed funding

Aman, an insurtech startup based in Indonesia, has raised US$1.2 million in a pre-seed funding round co-led by Trihill Capital and Global Founders Capital, with participation from 1982 Ventures, Alto Partners Multi-Family Office and Atlas Global Kapital.

Also joining the round were a host of prominent angel investors including Assaf Wand, co-founder and CEO of US insurtech unicorn Hippo; Abhinay Peddisetty, co-founder and CEO of BukuWarung; Antonio Mazza, co-founder of WeNetwork; Joshua Kevin, founder of Talenta; and Prasanna Sankar, co-founder of San Francisco-based Rippling, an HR tech company worth over US$11 billion.

Aman co-founders Steven Tannason (left) and Le Khanh An / Photo credit: Aman

How Aman is different

In an exclusive interview with Tech in Asia, Aman co-founder and CEO Steven Tannason said that the proceeds from the round will be used to build a “strong and robust team,” particularly in the areas of engineering, product, sales and marketing.

In a market where several insurtech players are on the rise, Aman needs to offer a value proposition that distinguishes it from the incumbents. Tannason believes that his company offers exactly that.

He says that Aman sits at the intersection between insurance, HR tech and healthcare. The company, which was founded by Tannason and Le Khanh An in 2020, describes itself as an employee health benefit platform. With the help of its web app dashboard, employers and HR teams can pick and buy the right insurance products for employees and take care of cumbersome after-sale administration.

Employees also get access to a mobile app that allows them to see their benefits, submit and track their claims, and chat with Aman’s benefit concierge.

“For teams that are maybe underresourced, we can help to alleviate the workload and save time as well as costs,” Tannason says.

Currently, the company’s product is used by startups including Xendit, Stockbit & Edenfarm, and enterprises like Nabati Group. Aman is already earning revenue by charging commission fees for every product and plan purchased through its platform.

Laser-focused on employee health benefits

Aman’s insurance-meets-SaaS model sets it apart from peers like Fuse, Qoala, and PasarPolis. However, Aman operates a similar model to insurtech newcomer Aigis, which recently announced its seed funding round. It is interesting to note, however, that PasarPolis has recently moved into Aman’s territory by launching an employee benefit product.

The HR element in Aman’s offering may also overlap with HR tech companies. East Ventures-backed Mekari, for example, has rolled out an employee benefit platform of its own.

Tannason, who previously had stints at tech titan Google and TikTok parent firm ByteDance, is confident that Aman’s laser focus on employee health benefits will put it in good stead amid any incoming competition. He also prefers to see those from adjacent verticals like HR tech as potential partners rather than rivals.

Screenshot of Aman’s dashboard for employers / Photo credit: Aman website