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Left to right: Tokopedia COO Melissa Siska Juminto, Go-Jek Chief Human Resources Officer Monica Oudang, PasarPolis CEO Cleosent Randing, Minister of Communications and Informatics Rudiantara, and Traveloka SVP Business Development Caesar Indra

Indonesia-based insurtech startup PasarPolis confirmed an undisclosed Series A funding round by Go-Jek, Tokopedia, and Traveloka. Rumours of the funding round had been circulating since four months ago but the startup had just released its official statement on Friday, August 10.

According to PasarPolis Founder and CEO Cleosent Randing, a great portion of the funding will be used to develop a more innovative tailor-made micro-insurance products for policy-holders. The company also aims to utilise the latest technology to develop new innovations.

“We are developing these tailor-made micro-insurance products with the goal to democratise insurance; the more people are using insurance products, the more affordable it is going to be. Everybody will have the chance to be covered by insurance,” Randing told the press on Friday.

The tailor-made micro-insurance products will be issued by insurance companies that have partnered with PasarPolis, to be sold on the startup’s platform. One example of such products is Go-Proteksi, which PasarPolis has launched with Go-Jek in 2017. The micro-insurance product offers life insurance and asset protection for Go-Jek drivers; it includes protection for their smartphones.

The product is claimed to have secured more than 300,000 drivers who routinely pay IDR7,500 (US$0.51) monthly for their premium, with up to IDR30 million (US$2,040) being assured. The drivers are not obliged by the two companies to purchase the insurance products.

According to Randing, there is a great likelihood that the company will work with Tokopedia to develop insurance products for electronic goods and devices, while it will work with Traveloka to develop travel insurance products.

“The products will be modular, simple, with easy claim process. There will also be greater product variation for a better experience,” he said.

Also Read: Singapore’s insurtech startup UEX raises US$1M from Verspieren to expand to other parts of Asia

Product innovation

Launched in 2015, in addition to connecting insurance companies to potential clients, PasarPolis also develops instant claim and digital claim features. The difference between the two features is that instant claim is valid for policy-holders who have no need to process claims.

The startup has implemented this feature with Indonesian budget airline Citilink. Passengers who had purchased travel insurance products no longer need to manually process their claims when their flights got delayed; the claims will be transferred to their bank accounts instantly.

Meanwhile, digital claim enables policy-holders to process their claims online via email.

“We will continue on developing new innovation in order to answer people’s concern about complicated claim process. We aim to make it easier so that people will no longer hesitate about buying insurance products,” PasarPolis COO Christopher Kustono added.

PasarPolis has on-boarded more than 100 insurance products from 30 companies on their platform. PasarPolis already secured around 500,000 policy holders with around 300,000 being Go-Jek drivers.

The platform offers six types of insurance products from travel, property, health, life, to car insurance.

The article PasarPolis Konfirmasi Perolehan Pendanaan Seri A dari Go-Jek, Tokopedia, dan Traveloka was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation and editing by e27.

Image Credit: PasarPolis