Indonesia's insurtech firm, PasarPolis, has closed a Series B round with total amount US$54 million, said the CEO in a virtual conference - Photo by the Company

JAKARTA (TheInsiderStories) – Indonesia’s insurtech firm, PasarPolis, has closed a Series B round with total amount US$54 million, said the CEO in a virtual conference. The investors included Chinese’ Xiaomi, Go-Ventures, LeapFrog Investments, SBI Investment, AlphaJWC, and Intudo Ventures.

The company has been present in the country since 2015, founded by Cleosent Randing and Michael Saputra. Now the office has been operates in Indonesia, Thailand, and Vietnam. The number of insurance policies has grown 80 times per month since August 2018 and partners with more than 30 insurance providers.

Last year, the provider has issued more than 650 million insurance policies, including ride-hailing drivers, delivery couriers, and online merchants. In June alone, PasarPolis claims it served more than four million new customers and in total has provided policies to more than 35 million customers.

Currently, said Randing, the insurance penetration rate in the Southeast Asian region only 3.6 percent and the startup aimed to reach more people who have never purchased insurance across the region. The new funding, he said will be used on its artificial intelligence-based, which allows the PasarPolis to customize insurance products for different industries. 

It also plans to invest in a new platform for agents, PasarPolis Mitra, was launched in May. Now, the insurtech firm has a network of about 10,000 agents across the archipelago. 

Indonesian Life Insurance Association reported, in the first quarter (1Q) of 2020, the country’ life insurance industry posted a premium income of Rp44.1 trillion (US$3.00 billion), a 4.9 percent decrease compared to the corresponding quarter of last year. Total new business premiums amounted to Rp25.9 trillion, down by 8.3 percent from the 1Q of 2019.

The chairman, Budi Tampubolon said, that it was difficult to make projections for the life insurance industry for this year. The association estimates that the decline in the industry’ performance due to the pandemic could continue until the end of 2020.

The number of people who had life insurance in Indonesia, he said, reached 63.97 million by end of March. The number represents a 20.3 percent increase over the 53.17 million insured persons at end of March 2019.

The total number of life insurance policies recorded a 0.1 percent increase to 17.08 million in the 1Q of 2020, up from 17.06 million in the 1Q of 2019. The number of group life insurance policies, however, fell by 13.2 percent to 672,667 in the first quarter of 2020, from 774,824 in the corresponding period last year.

US$1: Rp14,700

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