Indonesian insurance technology (insurtech) startup PasarPolis announces that it has received series A funding from three Indonesian unicorns: Go-Jek, Tokopedia, and Traveloka.
PasarPolis did not mention the amount of this A series funding. But, according to DealStreetAsia report, the three unicorns are investing in PasarPolis up to US $ 8 million. These three unicorns will use PasarPolis products for their respective platforms.
“We can create tailor-made microinsurance products so that future insurance can be democratized. The more people use insurance, the price can be cheaper. All people can be covered with insurance, “said the CEO and Founder of PasarPolis Cleosent Randing to DailySocial.
PasarPolis has been provided 300 thousand Go-Jek drivers Go-Protection insurance services that have been covered life insurance to smartphone insurance.
Meanwhile, PasarPolis also provides travel insurance services for Traveloka. As for Tokopedia, PasarPolis will provide insurance for sellers and buyers who trade in its platform.
Cleosent established PasarPolis in 2015 as an insurance company aggregator with prospective customers. Previously, Cleosent also established an advertising agency startup called Valuklik, which was officially acquired by the Dentsu Aegis Network.
The product innovation that is proposed by PasarPolis are instant claims and digital claims. Instant claims allow customers to get instant refund when the force majeur happened.
For example when flight customers experience flight delays. The refund will be transfered customer’s bank account instantly without the need to claim. This type of insurance has been implemented by Citilink Indonesia.
While, digital claim allow claim process that is much faster than manual claim. Customers need only to send an email, After that, the claim will be processed directly by the insurance.
Currently PasarPolis has partnered with more than 100 insurance products. 30 insurance partners also market their products on the PasarPolis website.
PasarPolis claimed, they currently have around 700 thousand customers. They target 1 million customers by the end of 2018.