Tap Insure, part of the PasarPolis insurtech ecosystem, has partnered with Shinhan EZ, a subsidiary of Shinhan Financial group, to revolutionise the insurance market in Indonesia.
The collaboration is set to redefine the dynamics of insurance in Indonesia by utilising Shinhan EZ’s experience in microinsurance product development in South Korea.
In addition, by working with Tap Insure, the insurer is ready to explore the landscape of insurance in Indonesia, starting with auto insurance.
PasarPolis aims to leverage Shinhan EZ and its expertise in digital non-life insurance product development while Shinhan EZ needs PasarPolis’ knowledge of the market and microinsurance.
Furthermore, Shinhan EZ has the primary goal of integrating with PasarPolis’ full-stack insurance ecosystem through its strategic partnership with Tap Insure.
Reaction to Shinhan EZ entering Indonesia
ByoungKwan Kang, chief executive officer of Shinhan EZ General Insurance, expressed his excitement and said: “As we enter the Indonesian market in collaboration with Tap Insure, we are not merely excited but deeply committed to a groundbreaking venture. Our decision to partner stems from Tap Insure’s vision to transform the insurance landscape in Indonesia and Southeast Asia through the development of digitally native insurance products from start to finish, as well as the robust insurtech ecosystem provided by PasarPolis. The innovative potential in Indonesia’s insurance sector is immense, and this partnership will allow us to introduce innovative insurance solutions while contributing to the growth of the market. We look forward to a future of transformative insurance offerings.”
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Cleosent Randing, founder and director at Tap Insure, added: “This strategic partnership represents a convergence of innovation, expertise, and a shared vision for the future of insurance in Indonesia. We collaborate with Shinhan EZ General Insurance as our partner in this journey because of their specialized knowledge in affordable automotive-related insurance, which aligns with our goal of making insurance accessible to all.”
Peter Van Zyl, president of PasarPolis, passionately stated: “This strategic partnership signifies a shared commitment between PasarPolis, Tap Insure, and Shinhan EZ General Insurance to revolutionize insurance in Indonesia. It’s not just about business; it’s about creating positive change. Our vision goes beyond profit; it’s about bridging the insurance gap in Indonesia, ensuring accessibility, and driving innovation. Together, with the support of Shinhan EZ General Insurance, we aim to positively impact the lives of Indonesians. We are thrilled about the transformative insurance offerings that the future holds.”