PasarPolis Growth in South-east Asia

Indonesia-based insurtech firm PasarPolis claimed that it is now poised for profitable growth and is preparing for its next major step: expansion into Singapore. The firm said in a statement that building on its successes, it aims to further expand regionally, targeting new markets such as Singapore and consolidating its position as a dominant force in Southeast Asia’s.

Innovations & Expansion - The company said it remains committed to continuous innovation, with plans to introduce new products and enhance existing offerings to cater to evolving market demands. It also emphasized that the firm is on track to become profitable, leveraging technology, data analytics, and strategic partnerships to drive sustainable growth, profitability, and market leadership in the insurtech sector.

It is noted that the firm anticipates a 50 percent compound annual growth rate (CAGR) over the next four years and plans to fully underwrite all products within this period. According to the statement, the firm continues to strengthen its position in the region with impressive milestones in Vietnam and Thailand.

Expanding beyond Indonesia into Southeast Asian markets like Vietnam and Thailand, the firm said it has solidified its position as a regional leader in the insurtech industry, focusing on profitability, sustainability, and innovation.

It noted the operations in these markets have proven highly effective, driven by strategic partnerships and a customer-centric approach. These achievements highlight the firm’s successful strategy of collaborating with ecosystem partners for impactful market entry and expansion.

It is noted that since its expansion into Thailand and Vietnam in 2019, PasarPolis has achieved millions in policy sales, underscoring its commitment to democratizing insurance and leveraging technology to address the unique needs of local markets.

PasarPolis said this success further demonstrates its dedication to innovation and customer-centric solutions in transforming the insurance landscape across Southeast Asia.

Revenue Growth - PasarPolis reported impressive financial performance, achieving a 2 times revenue growth since its last funding round until 2023, while consistently maintaining positive gross margins. Its gross written premium (GWP) surged by 250 percent in the fiscal year, showcasing significant growth for the company.

PasarPolis’ full-stack insurtech ecosystem thrives by integrating seamlessly with partners. Following a fruitful partnership with e-commerce giant Shopee in Indonesia, the firm has extended this collaboration to offer insurance protection to users in Thailand and Vietnam. 

In Indonesia, the firm offers gadget and cracked-screen insurance through Shopee, providing accessible and affordable protection for electronic devices. In Vietnam, the partnership has expanded to include comprehensive gadget insurance and product liability coverage, ensuring customers can safeguard their purchases with ease.

Meanwhile, Thailand has seen the successful launch of digital electronic protection, a first in the country, which has garnered significant consumer adoption and satisfaction. These achievements demonstrate the scalability of PasarPolis’ platform, enabling easy expansion into other major markets with minimal investment.

Besides Shopee, PasarPolis also partners with other notable brands in multiple markets, such as VFS Global – the world’s largest outsourcing and technology services specialist – in Indonesia and Thailand.

Other key partners in the region include VNtrip, Sendo and Chotot.

1 Million Policies - Since expanding overseas, PasarPolis has sold nearly one million policies in each market, Thailand and Vietnam, reflecting the strong demand and successful adoption of its innovative insurance solutions.