Xiaomi joins $54m Series B for Indonesia's PasarPolis

SBI Investment, Intudo Ventures, Leapfrog Investments, and Alpha JWC Ventures also participated, as did some Series A backers. It follows an investment of undisclosed size in 2018 that featured Indonesian unicorns Gojek, Tokopedia, and Traveloka, as well as Singapore’s Alto Partners.

PasarPolis provides digital insurance products and services to first-time consumers, ride-hailing drivers, delivery couriers, and small online merchants. There is a focus on using artificial intelligence to customize the offering to the unique needs of Southeast Asian markets. 

The company claims to have issued 650 million policies since inception in 2015, with four million new customers acquired in June alone. In the past two years, the number of monthly policies issued is said to have grown 80-fold. The size of the partner network – including 30 insurance companies, 25 digital technology providers, and 10,000 agents – has grown fourfold during the same period.

Xiaomi, best known as a smart phone maker, is expected to support a technology build-out with a focus on mobile-first and internet-of-things enhancements. LeapFrog said it would help improve consumer insights, product innovation capabilities, and expansion into new markets. Operations are currently limited to Indonesia, Vietnam, and Thailand. PasarPolis estimates insurance penetration across ASEAN remains as low as 3.6%.

“As we move forward into a more digital world, the presence of insurtech has become an essential aspect of the industry,” PasarPolis CEO Cleosent Randing said in a statement. “The COVID-19 pandemic has increased awareness and demand of insurance, but consumer’s online purchasing lifestyle has resulted in insurtech becoming indispensable.”

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• Topics
• Southeast Asia
• Financials
• Early-stage
• Indonesia
• SBI Holdings
• Intudo
• LeapFrog Investments
• Alpha JWC Ventures
• insurance
• Financial Services