Indonesia’s Pasarpolis is now able to underwrite its own products, making it one of Indonesia’s first fully-stacked insurtechs. This means Pasarpolis can offer new products and create customized insurance policies with partners such as Tokopedia, GoJek, Traveloka, Xiaomi and IKEA Indonesia.
PasarPolis is able to underwrite insurance products due to its strategic partnership with Tap Insurance. Tap Insurance has received a full insurance license from OJK (Otoritas Jasa Keuangan or Financial Services Authority of Indonesia).
Pasarpolis founder and CEO Cleocent Randing told TechCrunch that the first products from the strategic partnership will include fire and vehicle insurance.
In the year Founded in 2015, Pasarpolis has raised over $59 million to date and is backed by investors such as Gojek, Tokopedia, Traveloka, LeapFrog and SBI. The policies include travel, home contents, logistics, electronic devices, life and vehicle insurance.
Pasarpolis group Image Credits: Pasarpolis
PasarPolis currently has 60,000 registered agents and partnerships with 50 insurance providers in Indonesia. In the year Between 2019 and 2021, I have served more than 80 million customers and issued 1 billion policies, with 40 companies to distribute products.
Distribution partners include Shopee, Tokopedia, Gojek and Xiaomi. Customers can add micro insurance policies to their purchases from 5,000 to 20,000 Indonesian Rupiah (or 32 cents to $1.29 USD) from their platform.
PasarPolis is able to scale because it uses machine learning and data analytics to make the underwriting and claims process faster and more cost-effective. In the year It says that by 2022, 87% of non-credit insurance claims will be settled within 24 hours. Passarpolis’ technology includes algorithms that automate the claim approval process, based on customer-supplied information, such as photos, timelines, and dates and times of events. The algorithm then filters data into PasarPolis’s fast “green” channel.
The company’s most recently launched Unified Claims Interface (POLI) enables customers to submit multiple claims through multiple channels such as email, WhatsApp, SMS and the Pasarpolis mobile app.
Randing said Pasarpolis’ aim is to reduce insurance costs and increase penetration in Indonesia. By 2022, the insurance penetration rate was only 4%.
“We think inclusive insurance is an important addition to the basic state community,” he said. “Especially in connection with the concern of many to protect the health of their families, especially when the epidemic occurs, the health protection”
