Fuse Sets Different Approach to Advance Insurance Product Literation
Focused on empowering agents digitally. The company's GWP this year is targeted to reach more than $100 million
According to OJK, Indonesia's insurance penetration in 2019 was at 2.81%. A year later, this value rose slightly to 2.92% and to 3.11% in June 2021. With relatively low rate, this is a positive signal for the insurance industry in the country, especially during the pandemic. In comparison, insurance penetration in Thailand reached 4.99% and Malaysia 4.72%.
The ratio of policyholders to the total population of Indonesia still considered very unequal. Many have been using this huge potential for growth, including insurtech startups, to continue to raise public awareness to have insurance in the easiest, cheapest, and most practical way. This step has been translated by intensively mixing micro-insurance products performed by many startups.
For Fuse, this approach is considered less effective to increase penetration in a short time. Founded by Andy Yeung and Ivan Sunandar, this startup actually takes a different approach, Fuse empowers insurance agents with a digital platform.
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