Ride-hailing company Go-Jek, e-commerce platform Tokopedia and travel booking startup Traveloka have all provided Series A funding for the Indonesia based insurance startup. According to Deal Street Asia the total amount of investment is around US$5-8 million. PasarPolis offers micro- and modular-insurance online, with its three investors offering its policies as an add-on to their existing services.
PasarPolis Founder and CEO Cleosent Randing said in an interview with technology news site TechCrunch that the company is aiming to develop new products with the three companies. “We were very very selective with this round, it’s something we are keeping quite low profile,” he said. “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.”
As well as its more customers-focused products, PasarPolis has also developed more specific products for its investors, such as life insurance for Go-Jek drivers and healthcare initiatives for SMEs that sell product on Tokopedia.