Indonesia insurance start-up Fuse raises $25m
Fuse, which claims to be Indonesia’s largest insurance technology start-up, has raised $25 million in a Series B extension. It comes within six months of a $50 million Series B featuring East Ventures.
Indonesian telecommunications giant Emtek, US-based GGV Capital, and China’s eWTP, a technology fund associated with Jack Ma, also participated. They were joined by Singapore’s Golden Gate Ventures, according to AVCJ Research. The fresh capital will support a Southeast Asia expansion expected to include Thailand.
Launched in 2017, Fuse positions itself as the first insurance technology company in Indonesia that uses a mobile app to enable an agent-focused model. The company, which has branch offices in China and Vietnam, offers a range of B2B and B2B2C selling models that allow different channel partners to distribute products such as micro insurance more cost-effectively to end customers.
Fuse’s app mobilizes more than 60,000 marketers and agent partners to provide about 40 insurance companies with some 300 products. Earlier this year, the company agreed to supply local e-commerce unicorn Tokopedia with all its general insurance products. Gross written premiums currently amount to more than IDR1 trillion ($70 million).
The company pointed to research suggesting there are 350 million consumers with $300 billion in disposable income in Southeast Asia, noting they were largely under-insured. “We deeply believe that digital insurance transformation can help more people get protection with insurance and hopefully, the insurance penetration rate can increase substantially in the coming years in Indonesia as well as Southeast Asia," CEO Andy Yeung said.
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