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PasarPolis is now one of Indonesia’s first full-stack insurtechs • TechCrunch

PasarPolis is now one of Indonesia’s first full-stack insurtechs • TechCrunch

PasarPolis is now one of Indonesia's first full-stack insurtechs • TechCrunch

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Indonesian company PasarPolis is now able to underwrite its own products, making it one of Indonesia’s first full-stack insurtechs. This means that PasarPolis will be able to offer new products and work with partners such as Tokopedia, Gojek, Traveloka, Xiaomi and IKEA Indonesia to create personalized insurance policies.

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PasarPolis is able to underwrite insurance products through its strategic partnership with Tap Insurance. Tap Insurance has received a full license for insurance underwriting from OJK (Otoritas Jasa Keuangan, or the Financial Services Authority of Indonesia).

Cleosent Randing, founder and CEO of PasarPolis, told TechCrunch that the strategic partnership’s first products will include fire and auto insurance.

Founded in 2015, PasarPolis has raised over $59 million in total to date and is backed by investors including Gojek, Tokopedia, Traveloka, LeapFrog and SBI. Its policies include travel, home contents, logistics, electronics, life and auto insurance.

The PasarPolis team Picture credits: PasarPolis

PasarPolis currently has 60,000 registered agents in Indonesia and partners with 50 insurers. It says it has served more than 80 million customers and issued 1 billion policies between 2019 and 2021, partnering with 40 companies to distribute products.

Distribution partners include Shopee, Tokopedia, Gojek, and Xiaomi. Customers can add microinsurance policies to their purchases from their platform for around 5,000 to 20,000 Indonesian rupiah (or 32 cents to $1.29).

PasarPolis is able to scale as it uses machine learning and data analytics to make the underwriting and claims process faster and more cost effective. It says 87% of non-credit insurance claims in 2022 were settled within 24 hours. PasarPolis’ technology includes algorithms that automate the claims approval process, based on data submitted by customers, such as photos, timeline, and date and time of events. The algorithm then filters the information to PasarPolis’ faster “green” channel.

The company’s most recent launches include its Unified Complaints Interface (POLI), which allows customers to file multiple complaints through different channels like email, WhatsApp, SMS and PasarPolis’ mobile app.

Randing says PasarPolis’ goal is to reduce the cost of insurance and increase penetration in Indonesia, where the insurance penetration rate was just 4% in 2022.

“We believe that inclusive insurance is a vital complement to the basic welfare state,” he said. “Especially online health protection with the growing concern of many to protect the health of their families, especially during the pandemic.”

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