PasarPolis and Its Focus on Product Innovation and Growth

Reportedly in discussion with investors for the next funding round

Yenny Yusra - 18 May 2020

After receiving fresh series A funding in 2018 from Go-Jek, Tokopedia, and Traveloka with an unspecified value, PasarPolis insurtech is reportedly to be in discussion with the International Finance Corporation (IFC) for further round. Regarding the truth, Cleosent Randing as the founder gives some clarification to DailySocial.

"We avoid commenting on such speculation. We continue to receive offers from the best investors from within and outside the country. We are always open to those who have the vision to democratize insurance for all through technology," Cleosent said.

Was founded in 2015, PasarPolis is said to experience double-digit growth every month. The company has also developed some new breakthroughs such as collaboration with Gojek in developing insurance named Go-Sure, and developing new products such as cracked screen protection using patented QR code technology. Previously. they also expand to Thailand and Vietnam.

"Amid the Covid-19 pandemic we'll also launched many products to protect the wider community," Cleosent said.

The current outbreak of the Covid-19 virus is claimed to affect just a speck of the PasarPolis business. Although some of our partners in the transportation sector have decreased in traffic rate. It is said that PasarPolisis to overcome this by diversifying products into health. For example, the current products that rapidly growing with the number of partners from several industry segments outside transportation.

"To date, we have worked with more than 30 partners, almost all of them are leaders in their respective industries, such as Gojek on ride-hailing, Tokopedia in e-commerce services. In 2019, PasarPolis protects and releases more than 50 million insurance policy every month," Cleosent said.

PasarPolis plans after the pandemic

Cleosent Randing at Go Sure launching

With the Covid-19 pandemic still ongoing, it is predicted that today and in the future new habits will be formed among people who prefer to buy insurance products online.

The insurtech platforms, such as PasarPolis which is actively increasing literacy in the importance of insurance, expected to increase public awareness in the future about the importance of easy and affordable insurance. Utilizing platforms such as PasarPolis that provide access and convenience in providing insurance is now much easier via digital.

"We see that after the Covid-19 pandemic ends will begin a new ' normal' era where insurance purchases via digital continue to increase. With lower distribution costs, consumers can get more value and this Pandemic certainly provides a lesson for us all how important it is to maintain health," Cleosent said.

Original article is in Indonesian, translated by Kristin Siagian 

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