Digital Insurance Startup PolarPolis to Receive Funding from Three Indonesian Tech Giants
An effort geared to create funding for a new startup in Indonesia has seen three mega corporate companies join forces to spearhead the project’s success.
The companies in question are Traveloka (travel booking), Go-Jek (ride-hailing), and Tokopedia (e-commerce firm). It is worth noting that each of these firms is worth billions of dollars.
Series A funding
The startup in question is PasarPolis. It will be provided with Series A funding by the three companies in the near future. Additionally, PasarPolis aims to target the Southeast Asian marketing; a market that is continually growing in terms of internet users.
PasarPolis initially began its operations as an insurance comparison site. However, it diversified its operations by following through on modular and microinsurance services online.
Additionally, Taveloka, Tokopedia, and Go-Jek are some of the major clients of this firm, providing ‘click box’ opportunities in e-commerce sales, ride-hailing tips, and travel deals.
Though the Series A funding is yet to be disclosed, a report created by Deal Street Asia puts it at around the $6-8 million range.
An age of new products
Cleosent Randing, CEO of PasarPolis, states in an interview that the deal was a strategy geared at creating new products for the three major corporations, which he predicts will give access to more than one hundred million organic user hits every month. He also noted that the startup could be a bit selective on who to choose as it currently has quite the positive cash flow.
Randing says that the company’s aim at the moment is to become one of the largest companies in the digital insurance spectrum in Indonesia.
Hence, having such fruitful investment and collaboration from such established companies will ensure the startup advances its microinsurance through the façades of the internet.
Spearheading the digital insurance scene
PasarPolis has the vision to provide customers with affordable modular insurance that will enable them to gain relevance and traction in today’s competitive digital economy.
Apart from consumer-oriented products, PasarPolis has also dubbed in creating programs such as providing Go-Jek drivers with life insurance, create healthcare products that target SME’s linked to Tokopedia. Lastly, in the travel space, they aim to promote the revenue of certain insurance companies such as Expedia which will, in turn, spell well for Traveloka.
At the current moment, the focus is mainly on creating new insurance products, thus solidifying their position in Indonesia while expanding their market to Southeast Asia.
As a matter of fact, according to a recent co-authored Google report, Southeast Asia has more internet users than the United States.
Therefore, working with the likes of Go-Jek in countries such as Thailand and Vietnam will mean big business for the firm. However, Randing is also looking to work with other companies and insurers to create a wide variety of options for their consumers. This could be in the form of car insurance based on usage, and public transport cover.
Randing further reiterated the company’s goal which is to make insurance extremely affordable to all its customers.
Interestingly, PasarPolis has even outsourced a majority of its new talent from India. Following suit the likes of Go-Jek and other Indonesian companies.
At the current moment, Randing says that the company’s engineering department is 15 to 20 strong and is based in Bangalore. However, the partner support team and tech staff are all centered in Indonesia.
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