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September 3, 2020

Indonesian insurtech PasarPolis raises funds to develop AI-based platform

By Johney Amala

Indonesia-based insurtech PasarPolis has secured $54m investment in a Series B financing round.

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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.”

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.

 

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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