Indonesian insurtech company PasarPolis has experienced remarkable growth since its inception in 2019, doubling its revenue and rewriting the insurance playbook in Southeast Asia. The company has sold nearly one million policies across Thailand and Vietnam while recording a stunning Gross Written Premium (GWP) growth of 250% in the last fiscal year. Looking ahead, PasarPolis expects to sustain a 50% Compound Annual Growth Rate (CAGR) over the next four years as it aims to fully underwrite all its products. The company’s success can largely be attributed to its strategic B2B2C partnerships, especially with key players like Shopee.
In Indonesia, PasarPolis collaborates with Shopee to offer gadget and cracked-screen insurance, making electronic device protection more accessible and affordable for millions. This partnership has been fundamental in extending the reach of insurance products to a broader audience. In Vietnam, the collaboration has been enhanced to provide comprehensive gadget insurance and product liability coverage, while in Thailand, PasarPolis has rolled out the country’s first digital electronic protection. These initiatives underscore PasarPolis’ commitment to catering to local market needs and breaking down barriers to insurance accessibility through technological solutions.
Strategic Market Expansions
PasarPolis’ ambition doesn’t stop at the borders of Indonesia, Thailand, and Vietnam. The company has plans to extend its footprint into the Singapore insurance market, with further intentions to penetrate the Malaysian and Philippine markets. These expansions are part of PasarPolis’ broader mission to democratize insurance and make it more accessible and affordable throughout the region. By leveraging technology and strategic partnerships, PasarPolis is poised to tailor its offerings to meet the unique demands of each local market it enters. This approach not only adapts to regulatory and cultural nuances but also ensures that the company remains competitive and relevant.
The insurtech firm has also partnered with a range of businesses, including VFS Global, VNtrip, Sendo, and Chotot, fortifying its B2B2C model. These collaborations enable PasarPolis to seamlessly integrate its insurance products into the platforms that consumers already trust and use daily. By embedding insurance options into the transactions and experiences of millions of users, PasarPolis is effectively meeting customers where they are and transforming insurance from an obscure product into a straightforward part of everyday life. This level of integration not only boosts the company’s revenue but also deepens consumer trust and brand loyalty.
Technology-Driven Solutions
Since its launch in 2019, Indonesian insurtech firm PasarPolis has achieved impressive growth, doubling its revenue and revolutionizing the insurance sector in Southeast Asia. The company has sold close to a million policies in Thailand and Vietnam, with a phenomenal 250% rise in Gross Written Premium (GWP) over the last fiscal year. Looking forward, PasarPolis aims for a 50% Compound Annual Growth Rate (CAGR) over the next four years as it plans to underwrite all its products. This success owes a great deal to strategic B2B2C partnerships, notably with giants like Shopee.
In Indonesia, PasarPolis works with Shopee to provide gadget and cracked-screen insurance, making device protection more accessible and affordable for the masses. This partnership has been crucial in broadening the reach of insurance solutions. In Vietnam, the collaboration extends to comprehensive gadget insurance and product liability coverage, while in Thailand, they have introduced the country’s first digital electronic protection. These endeavors highlight PasarPolis’ dedication to addressing local needs and dismantling barriers to insurance through technological innovation.
