Indonesian insurance technology (insurtech) firm PasarPolis recently closed its Series B round of investment, having raised a total of USD 54 million from nine investors. The firm plans to use the new funding to: (1) develop a claims-automation platform that harnesses artificial intelligence; (2) develop additional industry-specific insurance products; and (3) grow its agent-onboarding platform Mitra, which the firm launched in May 2020 and has since helped grow the number of the firm’s insurance agents to approximately 10,000.
The Series B investors are AlphaJWC Ventures, East Ventures, Gojek’s Go-Ventures, Intudo Ventures, LeapFrog Investments, Tokopedia, Traveloka, SBI Investment and Xiaomi. Both Gojek and East Ventures had participated in PasarPolis’s Series A funding round two years prior. Subsequent to the latest funding round, Gojek, Tokopedia and Traveloka are listed as PasarPolis’ lead investors.
PasarPolis was founded in 2015 by Cleosent Randing, who remains the firm’s CEO. In addition to Indonesia, PasarPolis provides insurance to underserved customers in Thailand and Vietnam. The firm’s offerings include protection for: (1) customers’ online purchases; (2) small businesses’ inventory in case of damage or loss; and (3) the health of ride-share drivers and passengers in case of accidents. PasarPolis is also a licensed insurance broker, allowing it to sell products, such as vehicle and health insurance, for 30 insurers.
PasarPolis is headquartered in Jakarta and issued approximately 650 million policies during 2019. It has served 35 million customers since its founding in 2015. This includes 4 million new customers brought on during June 2020 as demand has increased during the COVID-19 pandemic.
AlphaJWC, East Ventures and Intudo Ventures are Indonesian venture capital firms. LeapFrog Investments is a US-based investment firm focusing on financial services in emerging countries. SBI Investment is a venture capital subsidiary of SBI Group, a financial services group based in Japan. Xiaomi is a Chinese electronics company that produces smartphones and mobile apps.
Gojek is a provider of apps for purposes such as transportation and sending payments. Tokopedia is an online marketplace, and Traveloka is an online travel aggregator. All three are headquartered in Indonesia.
By Kate Finster, Research Associate
Sources and Additional Resources
TechCrunch article on PasarPolis fundraising
https://techcrunch.com/2020/09/02/indonesian-insurtech-startup-pasarpolis-gets-54-million-series-b-from-investors-including-leapfrog-and-sbi/
PasarPolis homepage
https://pasarpolis.io
Alpha JWC Ventures homepage
https://www.alphajwc.com/
Gojek homepage
https://www.gojek.com/
Intudo Ventures homepage
https://www.intudovc.com/
LeapFrog Investments homepage
https://leapfroginvest.com/
SBI Investment (SBI Group) webpage
https://www.sbigroup.co.jp/english/company/group/sbinvestment.html
Traveloka homepage
https://www.traveloka.com/
Xiaomi homepage
https://company.mi.com/
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