An InsuTech or insurance fintech startup is a new thing in Southeast Asia. PasarPolis, the first in Indonesia, is taking a bigger step to introduce easy insurance to Thailand and Vietnam. Go-jek, the country’s biggest unicorn is backing up the plan.
The Southeast Asian market is the easiest market to strengthen a tech based startup. The region has the biggest internet users on earth, even bigger than the USA. And the lack of similar company will make it an even easier path for PasarPolis.
What is PasarPolis?
Cleosent Randing founded his company back in March 2015. His goal is simple and clear, to make it an aggregator platform for insurance in Indonesia. With the massive number of citizen, Indonesia is a potential market for insurance.
To reach that, Randing needs a media to make the people understand insurance better. And in doing so, encouraging them to get an insurance for themselves. He saw the e-commerce platform as the most easy and practical platform.
Together with more than 40 trusted insurance companies, PasarPolis has created more than 100 insurance products. The products are a customized products for the varying Indonesian customers. They include health insurances, vehicle insurances, travel insurances to lifestyle insurances.
It now has more than 700,000 insurances signed across the country.And the growth soon attracted Indonesia’s biggest unicorns. Traveloka, Tokopedia, and Go-Jek funded the company in a closed Series A last August. The investments made PasarPolis as the first startup receiving investment from the trio unicorns at once.
Not only fund investment, the move put more benefit in PasarPolis internal management also. With the help of big data from the three unicorns, it can offer an even cheaper insurance.
And it can scale up bigger market such as Southeast Asian market. As both Traveloka and Go-jek are now actively operating in the region.
