“Safe” Insurtech B2B Platform Receives 18 Billion Rupiah Funding Led by GFC and Trihill Capital

Aman (PT Insurtech Technologies Indonesia) has received funding pre seed (pre-start) valued at $1,2 million or equivalent to 18 billion Rupiah led by Global Founders Capital (GFC) and Trihill Capital. Also involved in the round were 1982 Ventures, Alto Partners, and Atlas Global Kapital.

Since it was founded in 2020 by Steven Tannason and Kan Le, Safe mission summarizes the administration and claims process benefits insurance provided by the company for its employees. To support these needs, Aman positions itself as a platform that combines insurance services, HR technology, and financial services healthtech.

Within the system, there are a number of functionalities that make it easy for the HR team to plan or purchase an insurance package that suits their needs --- by connecting with broker partners on the Secure network. Then Aman also assists the HR team in distributing and managing the product according to the predetermined portion.

For companies there will be a dedicated dashboard that is provided web-based; while for employees there is an application mobile devices provided for the claim process.

In addition, in the application there are also a number of benefits that Safe is trying to provide to its users. Such as health related content/wellness, special discounts for mental health services and pharmacy, to other supporting services such as Covid-19 tests.

Safe targeting medium-sized companies, including digital startups and MSMEs in Indonesia.

Insurance potential in Indonesia

According to the latest data from the Financial Services Authority (OJK), insurance penetration in Indonesia is at 3,18%. The percentage includes life insurance (1,19%), general insurance (0,47%), social insurance (1,45%), and compulsory insurance (0,08%). Meanwhile, the density figure (average premium expenditure) is IDR 1,82 million.

This figure shows the large opportunity for adoption of insurance products by new segments in Indonesia. However, players are also challenged to carry out comprehensive product education and penetration in order to reach a wider audience. Digital platforms are considered to be an effective medium to increase the affordability of insurance products.

Menurut report DSInnovate tentang development insurtech in Indonesia, some players are currently still targeting the retail segment through micro-insurance products. The potential in B2B is still very large, considering that this landscape is still dominated by traditional players. Several startups have tried to enter here, whether they were B2C before and then expanded to B2B, or those who have focused on providing insurance platforms for businesses from the start.

Besides Safe, startup insurtech Another targeting B2B is Aigis. Recently they also announced pre-earning funding $1 million from Y Combinator, Init-6, Goodwater Capital, and a number of angel investors. The services provided are as a platform for providing health benefits for office employees.