Startup Insurtech Bang Guarantee Receives Investment from Northstar Group and BRI Ventures

Startups insurtech local Bang Guarantee obtained fresh funding from Northstar and BRI Ventures. There has been no official announcement from all parties, but on the website LinkedIn Northstar has a post confirming the news.

This news was first reported by Deal Street Asia today (17/3). Sources said that Bang Jamin received around $2 million-$3 million (more than IDR 30 billion-IDR 46 billion) from the two investors.

The joining of Bang Jamin means adding to the portfolio at BRI Ventures, which previously existed Qoala, startups of the like

Bang Jamin is insurtech Local, which was founded last year, is fronted by Indra Baruna (CEO), Maruly Octavianus Sinaga (COO), Morgan Andre Barry (CPO), and Serano Tannason (CTO), as well as Jens Reisch (Advisor).

Some of these names are veterans in the world of insurance. Indra Baruna, for example, is a former senior official at Adira Insurance (now called Zurich Asuransi Indonesia) and Tugu Insurance. Meanwhile, Jens Reisch was previously President Director of Prudential Indonesia.

On its website, Bang Jamin collaborates with insurance companies to provide products and services online all-in-one, from purchasing to insurance claims supported by AI technology. The insurance products include a variety of vehicle insurance, ranging from electric cars, bicycles, large motorbikes and motorbikes, to sharia insurance. Its insurance company partners include Mega Insurance, Tugu Insurance, Aswata Insurance, Simas Insurtech, Sompo Insurancce, and Etiqa.

For the record, citing e-Conomy 2022 research, it is stated that digital insurance in Southeast Asia is one of the fastest growing sectors in digital financial services, with growth of 64% year-on-year. In terms of value, it is predicted to reach $400 million in 2022 and grow to $1 billion in 2025.

Presence insurtech is considered to be able to positively increase penetration, inclusion and digital literacy, especially in the insurance industry in Indonesia. This data also shows Indonesia as one of the developing countries with potential for industry insurtech.

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To learn about landscapes insurtech local, download report Insurtech Ecosystem in Indonesia.