Updates: PasarPolis’s plan and targets for its expansion

Indonesian insurtech startup PasarPolis announced its launch in the Vietnam and Thailand market.

The company’s entry to the two markets followed an undisclosed Series A funding round that it has secured from Indonesian unicorns Go-Jek, Tokopedia, and Traveloka in August 2018.

PasarPolis is a one-stop service insurance platform that connects individuals and businesses to insurers. It included features such as three-minute quick claims with digital document verification system and is supported by an engineering team of over 30 from India and Indonesia.

In these two markets, its service will be integrated into ride-hailing apps GET and Go-Viet. The two ride-hailing services are the brands that Go-Jek used to expand its services in the country.

PasarPolis itself will continue to use its original brand in the new markets.

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In Vietnam, PasarPolis has also worked with online travel agent Atadi and C2C marketplace Sendo.

In a press statement, PasarPolis Founder and CEO Cleosent Randing said that in Thailand and Vietnam, the company will focus on the B2B2C market.

Currently offering travel insurance products in the markets, the company is working with its insurance partners to offer insurance products for e-commerce businesses, that include coverage for product damages during delivery process.

In a message to e27, Randing said that the Thailand and Vietnam markets are expected to contribute 10 to 20 per cent to the company’s top line this year.

When asked about any other potential Southeast Asian market that the company will expand to, the CEO said that PasarPolis aims to focus on Vietnam and Thailand before pursuing other markets.

“Ultimately, we aim to replicate the insurance platform business model that has made PasarPolis the market leader in Indonesia in other markets. At the moment, we issue more than two million policies per day or 70 million policies per month,” he wrote.

Image Credit: Craig Whitehead on Unsplash