Insurtech PasarPolis announced closing an oversubscribed series B funding round at $54 million. The investment marks the largest series B funding for insurtech in Southeast Asia, which was participated by LeapFrog Investment, SBI Investment, Alpha JWC Ventures, Intudo Ventures, global consumer electronics giant Xiaomi, as well as its existing series A investors.
The capital will be used to advance its AI technology, leverage big data to build tailor-made insurance products for the digital ecosystem, and expand deeper penetration by growing its current 10,000 agents network across its three operating countries—Indonesia, Thailand, Vietnam. The company has also partnered with over 30 premier insurance companies in Southeast Asia to help develop tailor-made products for different types of consumers and 25 digital partners.
PasarPolis claims to have served over 35 million customers to date, with four million customers in June 2020 alone. The company also stated to have maintained gross profit/positive unit economics amid the pandemic, with increasing demand on health and ecommerce attached products and logistics.
“PasarPolis has become the bridge for the uninsured towards insurance protection. Through this funding, we will continue this mission in Indonesia, Thailand, and Vietnam. As we move forward into a more digital world, the presence of insurtech has become an essential aspect of the industry. The COVID-19 pandemic has increased awareness and demand for insurance, but consumer’s online purchasing lifestyle has resulted in insurtech becoming indispensable,” Cleosent Randing, founder and CEO of PasarPolis said in a statement.
Cleo founded the company in 2015 upon realizing the underinsured market in Indonesia and initiated to provide affordable and tech-enabled insurance services for all. The startup bagged an undisclosed series A funding in 2018 from three Indonesian unicorns, namely Gojek, Tokopedia, and Traveloka, which broadened its policy claims, such as for ride-hailing drivers, ecommerce shipping, and travel insurance. PasarPolis claims to have issued more than 650,000,000 policies in 2019 to first-time insurance purchasing consumers, ride-hailing drivers, delivery couriers, and online SME merchants who previously had limited access to proper insurance policies.
Earlier in February, PasarPolis partnered with Gojek to launch GoSure to provide affordable and convenient insurance services access for Gojek users. Its offers on GoSure range from gadget screen protection, life insurance, the hospital cash plan, transportation, and travel protection.