Indonesia-based insurtech firm PasarPolis has plans to launch its services in Singapore, as it continues to expand in Southeast Asia, its top executive said.

The company also eyes opportunities to expand beyond Southeast Asia.

“PasarPolis is currently operating in Indonesia, Thailand, and Vietnam. We are always exploring opportunities to expand into new markets within Southeast Asia and beyond, with a focus on regions where we can make insurance more accessible through our technology-driven approach,” PasarPolis President Peter Van Zyl told TNGlobal in an interview.

“In line with this, we are excited to share that PasarPolis is planning to launch in Singapore soon, further extending our reach and impact in the region,” he said.

In October, Indonesia-based insurtech firm PasarPolis has announced a major expansion of its strategic partnership with GoTo Group’s on-demand service firm Gojek, to expand insurance access in Indonesia.

By leveraging GoTo’s extensive digital ecosystem, PasarPolis said it will offer a range of seamless and affordable insurance solutions that integrate directly into everyday services like mobility, delivery, and logistics.

PasarPolis, through its strategic partner PT Pasarpolis Insurance Broker, secured this collaboration through a competitive tender process, according to a statement then. Gojek entered the Singapore market – the home turf of its archrival Grab, in November 2018.

“By integrating our insurtech solutions into GoTo’s platform, we can reach millions of users, making insurance more accessible and affordable. This collaboration enables PasarPolis to offer comprehensive and seamless insurance products, enhancing customer satisfaction while supporting GoTo’s mission of safeguarding its users and driver partners through a more inclusive financial protection, i.e. through insurance,” Van Zyl said in the recent interview.

“The partnership with GoTo, particularly with Gojek, is vital for PasarPolis as it not only strengthens our commitment to democratizing insurance in Southeast Asia but also validates the importance of financial protection for drivers and society at large,” he explained.

In the interview with TNGlobal, Van Zyl shared the importance of the partnership with GoTo, the company’s plans and strategy expanding in Southeast Asia. He also shared PasarPolis’ competitive edge against other insurtech firms and traditional insurance companies, among others.

PasarPolis is a full-stack insurtech firm in Southeast Asia, committed to democratizing insurance through innovative technology and strategic partnerships. By providing accessible microinsurance products, PasarPolis said it aims to bridge the insurance gap in the region and enhance overall customer experience.

It is worth noting that in September 2020, PasarPolis secured $54 million in Series B funding from investors including Leapfrog Investments, Xiaomi, Argor (formerly Go-Ventures), IFC, Alpha JWC, SBI Investment and Intudo Ventures.

Below are the edited excerpts of the interview:

How important is the partnership with GoTo? What does it mean to PasarPolis?

The partnership with GoTo, particularly with Gojek, is vital for PasarPolis as it not only strengthens our commitment to democratizing insurance in Southeast Asia but also validates the importance of financial protection for drivers and society at large.

By integrating our insurtech solutions into GoTo’s platform, we can reach millions of users, making insurance more accessible and affordable. This collaboration enables PasarPolis to offer comprehensive and seamless insurance products, enhancing customer satisfaction while supporting GoTo’s mission of safeguarding its users and driver partners through a more inclusive financial protection, i.e. through insurance.

What kind of insurtech products are provided by PasarPolis? What other products are PasarPolis planning to launch?

PasarPolis offers a variety of insurtech products such as SafeTrip for ride insurance with Gojek, package delivery insurance for GoSend, and large-scale goods delivery insurance for GoBox. We also cover B2B2C delivery service insurance for GoKilat.

Apart from the partnership with Gojek, in addition, PasarPolis also provides tailored insurance products in collaboration with other ecosystem partners, such as flight delay insurance when working with travel entities and cracked-screen protection when partnering with gadget brands and gadget retail chains such as Xiaomi and IT Galeri.

As a full-stack insurtech, PasarPolis has the flexibility to design and offer tailored microinsurance solutions that meet the unique needs of various industries and partners, ensuring that all parties have access to affordable and relevant insurance coverage.

How many countries are PasarPolis operating in? Any plan to expand into other countries?

PasarPolis is currently operating in Indonesia, Thailand, and Vietnam. We are always exploring opportunities to expand into new markets within Southeast Asia and beyond, with a focus on regions where we can make insurance more accessible through our technology-driven approach. In line with this, we are excited to share that PasarPolis is planning to launch in Singapore soon, further extending our reach and impact in the region.

The revenue of PasarPolis mainly comes from which market? if you are at liberty to disclose?

While we operate in multiple Southeast Asian countries, Indonesia remains our primary market. Our collaboration with leading digital platforms like Gojek and Shopee has significantly contributed to our growth in this region.

How big is the market share of PasarPolis?

PasarPolis is likely the only full-stack insurtech player in Southeast Asia, meaning we have the unique capability to handle insurance underwriting, leverage technology to automate policy creation and claims, and partner with key ecosystem players to distribute microinsurance products at scale. We are backed by top-tier investors, including Leapfrog Investments, Xiaomi, Argor (formerly GoVentures), IFC, Alpha JWC, SBI Investment, and Intudo Ventures.

Our strategic partnerships and robust technology platform have allowed us to serve millions of users across multiple markets, and we remain committed to our mission of democratizing insurance for all.

What are the opportunities PasarPolis see in the Southeast Asian region?

Southeast Asia presents vast opportunities for insurtech, given the region’s growing digital economy and low insurance penetration rates, which are reported to be as low as 3-4 percent in some markets, according to sources from OJK (Indonesia’s Financial Services Authority). This low penetration highlights a significant gap and immense potential for growth. PasarPolis aims to bridge this gap by providing affordable, simple and easily accessible (in just a tap away) insurance products tailored to the diverse needs of the region. With the increasing reliance on digital platforms and mobile technology, Southeast Asia offers an ideal environment for insurtech expansion and innovation.

Is there any market PasarPolis prioritizes and why?

Indonesia remains a priority market due to its large population, growing middle class, and rapid digital adoption. However, PasarPolis is also focused on expanding in other Southeast Asian markets like Thailand and Vietnam, where there is a growing demand for digital insurance solutions.

What are the challenges for insurtech company like PasarPolis to operate in Southeast Asia which has different cultures, languages and regulations in various countries? What are PasarPolis’ strategies?

Operating in Southeast Asia presents challenges, including navigating diverse regulatory environments, cultural differences, and language barriers. PasarPolis addresses these challenges by working closely with local regulators to ensure compliance and by partnering with local ecosystem players. Our go-to-market playbook relies on these partnerships, as they help us better understand and navigate local cultural complexities and meet unique user demands. Our technology platform also enables us to offer scalable and efficient insurance solutions that are tailored to each market’s specific needs.

What is PasarPolis’ competitive edge against other insurtech companies in the region?

PasarPolis’ competitive edge lies in our full-stack insurtech platform, which integrates seamlessly with leading digital ecosystems like GoTo. Our technology enables us to issue up to 100 policies per second, ensuring scalability and efficiency. As the former CEO of Allianz Indonesia, I bring my experience in regulatory compliance, building strong partner networks, and deep insurance knowledge to PasarPolis. My goal is to help the company grow rapidly while ensuring we remain fully compliant with regulations.

At the same time, we are committed to maintaining our focus on making insurance affordable, accessible, and easy to use for all our customers.

How to compete with traditional insurance companies and banks? What is your competitive edge against these traditional channels/insurance companies?

PasarPolis doesn’t necessarily compete with traditional insurance companies; in fact, we help empower them as they are important ecosystem partners. We collaborate with major insurance companies to custom-create microinsurance products using our technology, making the entire process of product development, sales, and distribution more seamless. Traditional insurance players are crucial stakeholders in the industry, and we’ve learned a great deal from their expertise. By integrating our technology, we support them in democratizing insurance and reaching a wider audience with more accessible and efficient products.

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