PasarPolis Milestone: Pioneering Indonesias Insurtech Industry

PasarPolis, one of Indonesia’s first full-stack insurtechs, now has the capability to underwrite its own products. This will allow PasarPolis to roll out new offerings and collaborate with partners such as Tokopedia, Gojek, Traveloka, Xiaomi and IKEA Indonesia for tailored insurance policies.

PasarPolis partners with Tap Insurance to provide insurance underwriting, enabled by their full license from the Indonesian Financial Services Authority (OJK).

Cleosent Randing, PasarPolis’ founder and CEO, announced to TechGround that the first products of their strategic partnership will be fire and vehicle insurance.

PasarPolis, founded in 2015, has raised $59 million to date with investors such as Gojek, Tokopedia, Traveloka, LeapFrog and SBI. Their policies cover travel insurance; home contents; logistics; electronic devices; life and vehicle insurance.

PasarPolis' team

PasarPolis’ team is a group of dedicated professionals who are passionate about providing industry-leading customer service. They strive to be the best in delivering top-notch services, creating meaningful experiences for customers, and building long-term relationships. Image Credits: Pasar

PasarPolis has 60,000 agents in Indonesia and partners with 50 insurance providers. It has served over 80 million customers and issued 1 billion policies from 2019-2021, collaborating with 40 firms for product distribution.

Shopee, Tokopedia, Gojek, and Xiaomi are our distribution partners. Customers can add micro-insurance policies to their purchases from these platforms for around 5K-20K IDR ($0.32-$1.29).

The company recently launched its Unified Claims Interface (POLI), enabling customers to file multiple claims via email, WhatsApp, SMS and the PasarPolis mobile app.

Randing states that PasarPolis has set out to lower the cost of insurance in Indonesia, where only 4% of the population had coverage in 2022.

He stated that inclusive insurance is an essential complement to standard state social provisions, particularly health coverage as people become more conscious of safeguarding their family’s wellbeing, especially during this pandemic.

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Kira Kim

Kira Kim is a science journalist with a background in biology and a passion for environmental issues. She is known for her clear and concise writing, as well as her ability to bring complex scientific concepts to life for a general audience.

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