Ride-hailing company Go-Jek, e-commerce firm Tokopedia and travel booking startup Traveloka have come together to provide a Series A funding round for PasarPolis, a digital insurance startup in Indonesia aiming to tap Southeast Asia's growing internet economy.
PasarPolis started out as an insurance comparison site but today it offers micro and modular insurance online, according to a report in TechCrunch. The amount of funding is undisclosed but TechCrunch understands that it is in the range of $5-8m.
Go-Jek, Tokopedia and Traveloka are three of PasarPolis's major clients. It offers ‘click box’ policies that are bundled with ride-hailing trips, e-commerce sales and travel deals.
PasarPolis founder and CEO Cleosent Randing told TechCrunch in an interview that the deal was strategic and aimed at developing new products with the three companies, which he estimates provide “access to 100 million insurable hits per month". He said that the startup could be picky because it is already cash flow positive.
“We were very very selective with this round, it’s something we are keeping quite a low profile about,” he explained. “It’s more of how we can be the provider of choice for the largest digital companies in Indonesia… we feel it’s a strategic investment and collaboration to advance micro insurance via the Internet.”
Beyond consumer-focused products, PasarPolis has developed programmes such as life insurance for Go-Jek drivers, and healthcare initiatives for SMEs that sell products on Tokopedia.
Currently, PasarPolis's focus is on developing new insurance products, cementing its position in the market and expanding to other markets in Southeast Asia.