Indonesia Pasar PoliceIt is now able underwrite its own products, making them one of the first integrated insurers in Indonesia. PasarPolis can now introduce new products and work together with partners like Tokopedia and Gojek, Traveloka and Xiaomi to create customized insurance policies.
Because of its strategic partnership with Tap Insurance, PasarPolis can underwrite insurance products. Tap Insurance has been granted a full license by OJK (Otoritas Jasa Keuangan or Financial Services Authority of Indonesia) to underwrite insurance.
PasarPolis founder and CEO Cleosent Randing revealed to TechCrunch the first products in the strategic partnership will be vehicle insurance and fire insurance.
PasarPolis was founded in 2015 and has raised more than $59 million to date. It is backed by investors such as Gojek, Tokopedia and Traveloka. Its policies cover travel, home content and logistics as well as motor insurance.
PasarPolis currently has more than 60,000 registered agents in Indonesia and is a partner with 50 insurance companies. It claims to have served more than 80,000,000 customers and issued 1 billion insurance policies between 2019-2021 in partnership with 40 companies.
Tokopedia and Gojek are the distributors of Xiaomi, Shopee, Tokopedia and Gojek. Customers can add micro policy to their purchases on their platform for IDR 55,000 to 20,000 (or 32cs up to $1.29 US).
PasarPolis can scale because it uses machine-learning and data analytics to make the claims and underwriting process quicker and more cost-effective. It claims that 87% non-credit insurance claims were settled within 24 hours in 2022. PasarPolis technology uses algorithms to automate the claims approval process. These algorithms are based on client data such as photos, chronology, dates and times of events. The algorithm filters the information to the PasarPolis channel that is faster.
The company’s most recent launches include the Unified Claims Interface, (POLI), which allows customers submit multiple claims via different channels, such as email and SMS, WhatsApp, SMS, and the PasarPolis mobile application.
Randing stated that PasarPolis’ goal was to lower insurance costs and increase penetration in Indonesia. In Indonesia, where insurance penetration was just 4% by 2022, this is Randing’s goal.
He said that universal insurance was an important addition to the state’s basic social security. “In particular protecting health in line with the growing concern of many to protect the health of their families, especially during a pandemic.”
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