PasarPolis Raises $54m to Support Further Expansion in Southeast Asia

Jakarta. Futura Finansial Prosperindo, the company behind Indonesia's largest insurance technology company PasarPolis, has raised $54 million from its latest funding round led by global venture capital firms LeapFrog Investments and SBI Investments, the company said in a statement on Tuesday. 

Xiaomi, Intudo Ventures, Alpha JWC, and existing investors are also involved in the Series B funding round, which the company said it would use to continue its aggressive expansion in Indonesia and Southeast Asia. 

PasarPolis issued 650 million insurance contracts last year, mostly to those who never use insurance services like online motorcycle taxi drivers, delivery couriers, and online micro-, small- and medium-sized enterprises. Its Indonesian website sells health insurance and gadget insurance products.

In March, GoSend, the delivery services of ride-hailing firm Gojek Indonesia, offered insurance for all goods delivered on the platform in collaboration wth PasarPolis. 

The company said that it had seen 80-times growth of police issuance in the PasarPolis market place over the past two years. 

Cleosent Randing, PasarPolis's founder and chief executive officer, said he believed Indonesia's market, where only 3.6 percent of its population has insurance, allowed for more growth. 

"We believe that through collaborations with these leading local and global investors, PasarPolis can increase insurance penetration in  Southeast Asia, including Indonesia, through expanding public access to insurance products that are inclusive, affordable, and efficient," Cleosent said in the statement. 

Fernanda Lima, a partner at LeapFrog Investments, said the global venture capital would help PasarPolis to improve "customer insights, capabilities for product innovation, and expansion to other markets."

Rizal Edwin, the deputy assistant fo digital economy development at the Coordinating Ministry for Economic Affairs, said that the PasarPolis latest funding round was in line with "the government strategy to create healthy investment climate to accelerate the economic recovery."

Cleosent established PasarPolis in 2015 intending to provide frictionless service to insurance customers from selecting their insurer to submitting claims. Last year, the company expanded to Thailand and Vietnam.  

I Nyoman Adhiarna, the interim director of digital economy at the Communication and Information Technology Ministry, said the ministry "pledged full-support" to start-ups like PasarPolis to continue their innovation.