Indonesian insurtech startup PasarPolis is expanding to more Southeast Asian countries, such as Thailand and Vietnam, this year as part of its growth strategy, the company has revealed.
PasarPolis is a one-stop service insurance platform that connects individuals and businesses to insurers. It included features such as three-minute quick claims with digital document verification system and is supported by an engineering team of over 30 from India and Indonesia.
In these two markets, its service will be integrated into ride-hailing apps GET and Go-Viet. The two ride-hailing services are the brands that Go-Jek used to expand its services in the country.
With the funding, PasarPolis has a firm financial status and aims to grow its business in the Southeast Asian market by extending its business into Thailand and Vietnam in 2019"
The company's entry to the two markets follows an undisclosed Series A funding round that it has secured from Indonesian unicorns Go-Jek, Tokopedia, and Traveloka in August 2018.
PasarPolis founder and CEO Cleosent Randing told nationmultimedia.com: "With the [Series A] funding, PasarPolis has a firm financial status and aims to grow its business in the Southeast Asian market by extending its business into Thailand and Vietnam in 2019."
He added that the company would focus on the B2B2C market in Thailand and Vietnam.
Recently, PasarPolis started offering a range of online insurance products to tourism clients to further expand its business in Thailand.
The company is working with its insurance partners to offer insurance products for e-commerce businesses, that include coverage for product damages during delivery process.