Success Embracing 80 Thousand Insurance Agent Partners in Indonesia, Fuse Replicates This Model in Vietnam

Sebagai platform insurtech which empowers insurance agents with a digital platform, currently Fuse claims to continue to experience positive business growth. Even though we realize that insurance penetration is still low in Indonesia, there are many opportunities for insurtech to work on this sector with a variety of services.

To DailySocial.id, Fuse Founder & CEO Andy Yeung said, until now and in 2023, the company's focus is to continue to strengthen its position as insurtech largest in Indonesia.

"We continue to make efforts to take advantage of various aspects to increase digital competitiveness in the country. Several ways are by optimizing Fuse's digital systems, processes and distribution channels, as well as building customer trust in the insurance ecosystem."

After launching Fuse Pro some time ago, they see that partners/agents/brokers still have an important role in the value chain of insurance sales. In the future this role will not be disrupted by technology. Through Fuse Pro, it is hoped that it can help and support partners in conducting insurance transactions online online, as well as improve their digital skills.

Currently, Fuse has more than 80 thousand registered partners/agents/brokers spread across various regions of Indonesia. Fuse is also pushing the partnership strategy. One of them is with Tokopedia to fulfill general insurance needs for users.

Platform insurtech It was founded in 2017 by Andy Yeung and Ivan Sunandar. They claim to be a pioneer application that focuses on the agency model. This is considered relevant to conditions in Indonesia, as much as 97% of the population is still underinsured due to lack of trust in the current insurance system.

Apart from Fuse relying on agency service, insurtech Others offering similar services include, PasarPolis through PasarPolis Partners and Qoala with Qoala Plus Partners. It's just that both of them focus on retail first and then on business, while Fuse does the opposite.

Positive growth in Vietnam

In 2021, Fuse has completed series B funding. No investment nominal obtained. This round was led by GGV Capital with the involvement of previous investors, including East Ventures Growth, SMDV, Golden Gate Ventures, Heyokha Brothers, Emtek, and a number of unidentified investors.

Fuse is in the right position at this time to enter the still insurance market underpenetrated or unserved. Using Fuse's unique technology platform, which combines multiple distribution models, adapts to the different ways consumers buy insurance.

"We will replicate this success in Indonesia in many countries in Southeast Asia, because we hope that Fuse's presence will enable more and more people in Southeast Asia to receive insurance protection."

Regarding its business growth in other countries such as Vietnam, it is noted that currently Fuse has issued more than 5 million policies in the land of the blue dragon since it officially arrived last year.

There Fuse offers microinsurance products through the channel E-commerce at a price that is affordable for all people. Then recently, Fuse replicated the Business to Agent/Broker to Customer model – which has proven to be successfully developed in the Indonesian market – to Vietnam.

According to data from the e-Conomy SEA 2022 report published by Google, Temasek and Bain & Company. Vietnam's digital economic growth is projected to be brilliant in 2025. Vietnam is predicted to reach a GMV of $23 billion by the end of 2022 and US$49 billion by 2025.

The general insurance industry in Vietnam is also predicted to grow as it is supported by a strong economic recovery, an increase in the frequency of natural disasters, and the growth of compulsory insurance.

"We firmly believe that digital insurance transformation can help more people get insurance protection, and we hope that the level of insurance penetration can increase substantially in the coming years in Indonesia, Vietnam and Southeast Asia," said Andy.