Insurtech Pasarpolis offers insurance to all at a price cheaper than a cup of coffee.
Not just any company can attract simultaneously the nation’s three largest unicorns to a strategic partnership, but that is exactly what Pasarpolis achieved: a series-A funding of estimated $5-8 million investment from Go-Jek, Tokopedia and Traveloka. Starting as an insurance comparison site, Pasarpolis has grown into an insurance technology (insurtech) startup offering microinsurance. The aim is to solve the protection gap by focusing on middle-to-lower income market through affordable insurance.
“Our mission is to maximize technology in democratizing protection to everyone, providing microinsurance and educate the importance of insurance among Indonesians. We are really redefining insurance by making it very simple and convenient for customers,” said Cleo sent Randing, 31, Founder and CEO of Pasarpolis.
He founded Pasarpolis in 2015 after noting the low penetration and awareness of insurance in Indonesia. Thus, the company’s tagline of ‘insurance for all’.
Pasarpolis simplifies insurance claims processes using technology and invites people – particularly the middle-to-lower classes – to have better access to insurance. It is believed that people here shun insurance as they perceive it as being complicated and expensive. With the low insurance penetration rate in Indonesia at only 2.9%, Pasarpolis sees huge growth potentials in the sector.
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