Indonesia-based insurtech PasarPolis has secured $54m investment in a Series B financing round.
The Series B round, which is said to be the largest for an insurtech in the region, involved the participation of LeapFrog Investments, SBI Investment, AlphaJWC, Intudo Ventures and Xiaomi.
These investors were joined by PasarPolis’ existing Series A backers, including Indonesian ride-hailing company Go-Jek’s investment arm Go-Ventures.
PasarPolis will use the fresh infusion to support the development of its AI-based claim automation platform.
Additionally, the company will invest in its onboarding platform for agents, dubbed PasarPolisMitra.
PasarPolis co-founder and CEO Cleosent Randing said: “PasarPolis has become the bridge for the uninsured towards insurance protection. Through this funding, we will continue this mission in Indonesia, Thailand, and Vietnam.”
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Randing added: “We believe that by working together with these globally-renowned investors, we will be able to accelerate the penetration of insurance in the region by further expanding access to fast and inclusive affordable -insurance plans.”
Established in 2015, PasarPolis offers micro-insurance policies to ride-hailing drivers, delivery couriers, and online small-to-medium businesses from over 30 insurance companies. The company is currently said to have 10,000 agent partners.
Last year, the company unveiled plans to enter into Thailand and Vietnam as part of its expansion in South Asia.
Gojek partnered with PasarPolis to roll out an online insurance service, called GoSure, earlier this year.
GoSure is designed to cover insurance needs for travel, motor vehicles, and mobile device protection.