Follow us on LinkedIn, Instagram, Facebook, YouTube and Twitter
Jakarta, Jan 13: PasarPolis has become Indonesia’s first official full-stack insurtech ecosystem, giving the company the ability to both distribute and underwrite its own digital insurance products. This achievement comes after PasarPolis sealed a strategic collaboration with local insurance firm Tap Insurance, which has received a full license from Indonesia’s Financial Authority (Otoritas Jasa Keuangan/OJK to operate as an insurance underwriter.
“The insurance gap and unequal insurance distribution continue to be major challenges in Indonesia – and PasarPolis is strongly committed to solving this. Our full-stack insurtech ecosystem allows us unparalleled flexibility in innovating insurance, making the customer experience 10x better by promising a frictionless, simpler, and more affordable process for all,” Cleosent Randing, CEO and Founder of PasarPolis said.
“We believe that with technology, we’re in a prime position to effectively bridge the insurance gap by providing a wider range of suitable insurance products and services, and improving access to affordable insurance protection across all market segments, including the uninsured and the underserved of society.”
PasarPolis will use advanced technologies and data to streamline its underwriting and claims processes, making it easier and more cost-effective to create insurance products and provide a seamless experience for consumers. Ecosystem partners such as Tokopedia, Gojek, Traveloka, Xiaomi, and IKEA Indonesia will also have the opportunity to design custom insurance products using the full-stack ecosystem.
Serving at-risk communities
The Indonesian insurance industry is still largely traditional, and most players find it difficult to digitize. Only a small number of insurance providers are able to use digital channels to offer insurance, but these digitization efforts only stop there. PasarPolis goes one step further by not only using digital means of distribution but also powering its entire underwriting and claims processes with advanced technologies combined with data.
Indonesia is also among one of the world’s most underinsured countries, with an insurance penetration rate of approximately 3.18 per cent in 2022.
This puts the nation at high risk of further deaths and losses, especially given how the country is frequently assailed by natural catastrophes that are further exacerbated by climate change.
However, the high cost of insurance premiums remains one of the most prohibitive factors to the uptake of insurance, together with complicated claims processes and access to products.
The PasarPolis difference
Traditional underwriting processes and high levels of human labor make it challenging for underwriters to create highly-affordable insurance products that are desperately needed in underinsured nations like Indonesia.
Unlike other incumbents, PasarPolis harnesses innovation by utilizing a digital means of distribution and advanced technologies such as machine learning combined with data analytics to streamline their entire underwriting and claims processes, which will result in lower overall costs and allow the company to lead the industry.
As the top insurtech provider in Indonesia, PasarPolis has a wealth of experience in the insurance industry. The company has over 60,000 registered agents and works with over 50 insurance partners and 40 leading ecosystem partners to serve over 80 million customers and issue over 1 billion policies between 2019 to 2021.
In 2022, the company saw strong growth, with 87 per cent of total claims settled within 24 hours for non-credit insurance. For device protection insurance specifically, PasarPolis was able to settle 77 per cent of all claims within two hours using its technology.
Consumers can expect to see a lot more offerings in 2023, primarily affordable, sensible products and premiums through PasarPolis. With the launch of the Unified Claims Interface (POLI) and the Tap Insure app, customers will find it a breeze to file claims across multiple channels such as email and mobile app.
“It’s not just a matter of cost, but whether underwriter firms are willing to launch affordable products for Indonesians. PasarPolis is determined to answer the main challenges posed, and serve the vast underinsured so that all levels of society in Indonesia can be insured.
We want to make the entire process of buying and claiming insurance delightful, with everything just a tap away,” Randing added.
Led by a visionary founder with strong background and credentials
Cleosent Randing, the founder and CEO of PasarPolis, is a highly investible founder with a solid background and strong credentials. His expertise and clear vision have positioned him as a leader in the industry, capable of using technology to drive innovation and growth for the company.
Before founding PasarPolis, Randing founded iProspect Valuklik, a leading performance marketing company in Indonesia that integrates search, display, mobile, and analytics. The company raised seed funding from East Ventures in 2014 and was acquired by Dentsu Aegis Network in 2017.
After merging with iProspect and rebranding as iProspect Valuklik, the firm grew more than five times in size and established itself as the market leader in performance marketing.
His entrepreneurial background has been instrumental in the growth of PasarPolis.
He has successfully guided the company to reach numerous milestones.
In 2018, Randing helped PasarPolis become the first Indonesian company to be jointly invested by three Indonesian Unicorns: Gojek, Tokopedia, and Traveloka (series A). The successful series B funding round in 2020, which raised $54 million, allowed PasarPolis to become the leading insurtech firm in Southeast Asia.
This success allowed Randing and his team to expand the company to Thailand and Vietnam the following year. In October 2022, Randing introduced a new innovation to the company with the launch of the Tap Insure app.
This B2C business model allows consumers to purchase micro-insurance products and file claims.
Randing graduated from Simon Fraser University with a degree in Economics (Hons), as well as Business Administration, Marketing, and International Business.
He was recognized as the EY Entrepreneur of the Year in the Technology and Digital Category in 2018, a testament to his entrepreneurship and innovation in these fields.
Editor’s Note: You can now download our app on the Google Play Store or the Apple Store, or write your next best-selling novel with our sister app Toolis, available on the Apple Store and Google Play Store or purchase something from us at www.tapiroo.com, yayaezzy.com or at lazybumskincare.com.au.
We are happy to note that we are also now on Amazon Australia. Purchase our products as a show of support to us. They are Yaya, Ezzy, Tante June and Xeno backpacks or our beauty products such as LazyBum Skincare Facial Cleanser, LazyBum Skincare Toner and Moisturiser and Blitz Hair Oil Spray.
Also, check out our rate card and media kit here if you would like to advertise with us on this website. Thank you!
Like What You Read?
Howdy! Thanks for dropping by and reading our stuff. DailyStraits.com is an independent website that covers all things business and entrepreneurship related. If you like what you read, a little donation from your good self will go a long way in helping us run this site successfully. Thank you!
$5.00
Welcome to dailystraits.com. Please send all interview requests and press releases to editor@dailystraits.com.