PasarPolis builds and distributes inexpensive, highly customizable "micro-policies" and modular insurance products through mobile apps and partner integrations. The company partners with more than 30 insurance providers and is a licensed insurance broker, selling most products via mobile apps and a network of about 10,000 PasarPolis Mitra agents. PasarPolis says it issued more than 650 million policies in 2019 and has sold policies to more than 35 million customers in total; in June it served over four million new customers. Founded in 2015 and operating in Indonesia, Thailand and Vietnam, it targets consumers and gig workers such as ride-hailing drivers, couriers, and online merchants. Management plans to use new funding to develop an AI-based claims automation platform to enable real-time risk segmentation and to invest in PasarPolis Mitra for agent onboarding and customer engagement. The company emphasizes both online and offline strategies and cites competitive advantages in integrating customized, modular insurance with partners' systems. PasarPolis began as an insurance comparison site and now sells micro- and modular insurance online, including ‘click box’ policies bundled with major digital platforms. It distributes products through partners such as Go-Jek, Tokopedia and Traveloka and has developed programs like life insurance for drivers and SME health initiatives. The company reports being cash flow positive and says its partnerships provide access to roughly 100 million insurable hits per month. PasarPolis is building additional modular and usage-based products (for example usage-based car insurance and cover for transport delays). It is expanding regionally into other Southeast Asian markets alongside partners, with Go-Jek enabling moves into Vietnam and Thailand. The team includes a core staff in Indonesia and 15–20 engineers in Bangalore.

Total raised

$59M

Funding rounds

2

Latest round

Series B

Latest activity

Sep 2020