Despite the advantages of offering accessible insurance, the insurtech firm had to contend with regulatory hurdles and partnership challenges — with technology
Since its expansion into Thailand and Vietnam in 2019, an insurance technology firm originating from Indonesia has made insurance more accessible and customer-centric in the region.
Insurtech is the use of technology innovations designed to make the current insurance model more efficient. By using data science, AI, IoT, and other methods, insurtech firms can make coverage more competitively priced, and less difficult to make claims from. However, regulatory hurdles, and a reluctance of established insurers to work with them, can make insurtech a challenging sector.
That is why PasarPolis runs a full-stack ecosystem that leverages seamless integrations with business partners to overcome the challenges. Following a fruitful partnership with e-commerce firm Shopee in Indonesia, the firm was able to offer insurance protection to more users in Thailand and Vietnam.
With this partnership, PasarPolis offers gadget and cracked-screen insurance in Indonesia, providing accessible and affordable protection for electronic devices. In Vietnam, the partnership has expanded to include comprehensive gadget insurance and product liability coverage, ensuring customers can safeguard their purchases with ease. Thailand has seen the successful launch of digital electronic protection, a first in the country.
Besides Shopee, PasarPolis also partners with other notable brands in multiple markets, such as VFS Global , VNtrip, Sendo and Chotot, chalking up good business that reflects the strong demand and successful adoption of its savvy insurance solutions. According to the firm’s Vice President of Corporate Finance and Regional Partnership, Brendan Batanghari: “These partnerships underscore PasarPolis’s ability to adapt our products and services to meet the unique needs of South-east Asian customers, driving adoption and loyalty. Our commitment to innovation and customer-centric solutions allows us to provide tailored insurance solutions that truly resonate with our diverse user base.”
Founded in 2015, the firm is now on track to become profitable. Building on its successes, PasarPolis is targeting new markets such as Singapore.
