The Indo Tekno podcast is hosted by Alan Hellawell, who is the founder of Gizmo Advisors and a venture partner at Alpha JWC Ventures. In this episode, Alan talks to Cleosent Randing, founder and CEO of InsurTech platform PasarPolis.
Indonesia has one of the world’s lowest insurance penetration rates at 1.79%. This situation is set to change, dramatically…
PasarPolis and its industry peers are dealing with a totally clean slate, in that Indonesia is largely new to both offline and online insurance. Randing details how the company has grown to its current pace of 50 million policies per month, largely by removing traditional frictions to insurance adoption. For instance, a Gojek driver, Tokopedia customer, or Traveloka passenger can subscribe to any number of “micro-insurance” products with just a few clicks.
This ease of insuring even the smallest of products or activities has been key to courting the digitally savvy millennial customer, on PasarPolis’ way toward accessing an estimated USD 3 billion opportunity longer term.
Randing steps through a number of fascinating examples, from “contextual insurance” products with Gojek, to total loss insurance offerings on the Tokopedia e-commerce platform, in illustrating all of the barriers to adoption that players such as PasarPolis have taken down.
According him, PasarPolis benefits from three clear tailwinds in driving online insurance adoption:
- First, a positive Indonesian regulatory stance around insurtech has been key to educating and promoting insurance products to Indonesia’s population.
- Secondly, the challenges that COVID-19 has thrown at the offline incumbent insurers allows PasarPolis to move products online, while also creating totally new digital solutions with its many partners.
- Third but not least, the massive impact that smartphone adoption has had on the immediate accessibility, and the precise targeting, customization, and pricing of insurance that individuals have as they step through through their day.
Listen to the full podcast here.