Positive Growth Claims, PasarPolis Appoint a New President

Through effective business and operational models, platforms insurtech making insurance services more accessible and customer-oriented. Although challenges still exist, cooperation between startups in this field and insurance companies is starting to develop, which is supported by a conducive regulatory environment.

One of the platforms insurtech which has been established since 2015, PasarPolis continue to develop innovation in order to become the next gen digital insurance who always follow the trend of market needs. To strengthen their position in the industry, they recently appointed a new President, Peter van Zyl, to co-navigate the company's strategy.

Peter is known as a professional veteran with a long track record in the insurance industry for more than 20 years. Before joining PasarPolis, Peter served as President Director & CEO of Allianz Indonesia for 7 years and held senior management positions at AIG for more than 15 years.

Delivered in an official statement, for the short term Peter will focus on strengthening his position PasarPolis in the market and implementing new strategies to increase the company's competitiveness. While in the long term, Peter's vision is to make PasarPolis as the leading digital insurance company with easy, fast and affordable services, products and claims.

"We prioritize a more enjoyable insurance experience starting from product selection to 10x better claims for our customers through digitization," said Peter.

PasarPolis will also focus on increasing insurance penetration and literacy in other Southeast Asian countries, such as Vietnam and Thailand, given the huge potential, especially amid increasing public awareness of post-pandemic insurance protection.

In terms of market, Vietnam and Indonesia have similar insurance market criteria, although awareness of insurance in Vietnam is still relatively low compared to Indonesia; and Thailand is a fairly mature insurance market, with a higher penetration rate. In 2019, the company did expansion into Vietnam and Thaland.

Positive growth

Claimed through a digital approach, PasarPolis has reached market segments that are difficult to reach by traditional distribution channels. The products offered are also considered very relevant to the needs of today's society, such as travel insurance to protection gadgets (microinsurance).

By prioritizing approach omnichannel, PasarPolis also wants to provide simple and easy access to insurance products, from selecting policies to settlement of claims. PasarPolis continue to strive to improve the distribution of insurance policies in a more targeted manner, through agency service which is owned.

The pandemic is also considered to have changed the way people meet their various needs, including insurance, which is now easier to do digitally. In terms of preferences, insurance product innovations that are attached to people's daily lives are also increasingly becoming a trend.

In 2022, the number of policies issued by PasarPolis reached more than 500 million. They also claim to be successful in protecting nearly 30% of Indonesia's population or more than 80 million customers.

From an innovation standpoint customer experience, as of June 2023, PasarPolis has successfully completed 98% of the total settlement of B2B2C claims (non-credit insurance) and 95% of the total equipment insurance claims were resolved in less than 2 hours.

Collaborate with general insurance companies Tap Insures, PasarPolis has now become an insurance ecosystem digital full stack capable of doing underwrite product independently. As a company insurtech leading in Indonesia, PasarPolis now has more than 7.500 active Partners and cooperates with more than 40 businesses ecosystem to meet the insurance needs inherent in the daily lives of people from various regions in Indonesia.

Industry dynamics insurtech

In the digital insurance market, PasarPolis went head-to-head with a number of key players such as Qoala and Fuse. However, this industry just received bad news with the closure of services Futuready --- it is known that they have a main focus on providing microinsurance products. Meanwhile, its rivals play in many business models, including agency services.

Another player, namely Aigis, earlier this year chose pivot from a service provider insurtech B2B to SaaS creative industry financial management. This startup, which is supported by Init6, Goodwater Capital, and Y Combinator, is also rebranding to Finnix.

Regarding funding, three startups have booked new investments in the first half of 2023. The first is Igloo, which recorded an investment value of 716 billion Rupiah in their series B funding and is committed to deepening its penetration in the Indonesian market. Then Qoala also got an additional 113 billion Rupiah in their series B round. Then lastly there is Bang Jamin who has just received fresh funding from Northstar Group and BRI Ventures.