The Indonesian startup PasarPolis has raised USD 54 million in an oversubscribed Series B round, the insurtech firm announced on Wednesday. LeapFrog Investments, SBI Investments, Xiaomi, as well as Alpha JWC and Intudo Ventures contributed with fresh capital. The existing backers from its Series A round, including Go-Ventures, also participated this time.
PasarPolis will use the funding to advance its AI technology, analyzing big data to build tailor-made insurance products. It also plans to expand its agent networks in the three countries it operates in, namely Indonesia, Thailand, and Vietnam.
Founded in 2015 by Cleosent Randing and Michael Saputra, the startup reports significant growth since its Series A round in August 2018, with the number of monthly policies increasing more than 80-fold. It served over 4 million new customers in June 2020 alone. PasarPolis currently partners with 30 insurance companies and 25 digital platforms. So far, the platform has served 35 million customers across three markets, Randing told KrASIA.
In addition to health coverage, the platform offers micro and modular insurance products that are integrated with their partners’ systems. This includes accident coverage for Gojek drivers and passengers, insurance for damaged products or missing items for SMEs and e-commerce customers, and travel insurance for delayed flights or trains, lost baggage, or accidents.
“As we move forward into a more digital world, the presence of insurtech has become an essential aspect of the industry,” said CEO Cleosent Randing. He believes that the pandemic increased awareness and demand of insurance, and that the online-purchasing lifestyle resulted in insurtech becoming indispensable.
“In the future, not only will we create the right insurance products for today’s more digital-savvy consumers, but we will build an industry-leading brand that will endure for generations,” Randing added.