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Executive Column: Insurtech firm PasarPolis expands business scope
Moving from a brokerage to a digital insurance firm allows PasarPolis to build its own products and improve unit economics.
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PasarPolis CEO Cleosent Randing (PasarPolis/-)
S
ince 2015, insurance technology (insurtech) firm PasarPolis has sought to ease people’s way into an insurance plan. The start-up attracted investor interest and raised US$54 million in a series B funding round from LeapFrog Investments, SBI Investment and smartphone maker Xiaomi in 2020. It also has expanded to Thailand and Vietnam.
PasarPolis CEO Cleosent Randing spoke to The Jakarta Post's Aditya Hadi about his decision to move from a brokerage-only business to a digital insurance firm that can sell its own products and how the company is braving the “tech winter”.
Question: What is the idea behind PasarPolis?
Answer: Since the beginning, our objective has been to ensure that people can feel a sense of security by having insurance.
In Indonesia, there is a clear public distaste toward insurance, due to the complex process of buying and claiming for reimbursement. That's why we decided to start with a frictionless way to buy insurance.
Another interesting aspect of Indonesians that makes them different from people in other countries is that they don't actively look for insurance. Almost no one here spends their weekend searching for insurance products on Google, for example.
Thus, instead of waiting for people to buy, we’ve tried to enter their daily lives, such as their activities in buying a ticket for traveling, purchasing a new gadget and ordering online transportation. We come to their micro moments.
