Indonesia-based insurtech startup Pasar Polis is seeing a lot of potential in the insurance industry in Indonesia, and other countries in Southeast Asia, according to its Founder and CEO Cleosent Randing. He said there is a large headroom for growth in the region, and Pasar Polis is well-equipped to match the demands of the market through innovative insurance products, including emerging trends in the insurtech industry.
Randing identified some of these emerging trends as embedded insurance, partnerships with digital platforms, bundle of insurance products and value-added services, and omnichannel strategies. He added that there is a boost in demand for insurance products in the region due to the increase in the middle class.
To better serve its customers, Pasar Polis has launched Tap Partners and Pasar Polis Mitra. Tap Partners is a digital platform that gives offline merchants an avenue to sell embedded insurance products. Meanwhile, Pasar Polis Mitra was created in 2020 for offline agents to sell insurance through the Mitra platform, leading in the insurtech industry.
In addition to these initiatives, Pasar Polis is also focusing on omnichannel strategies, which will help provide seamless access to insurance solutions, whether it be policy selection or claims settlement. This will be helped with business-to-business-to-consumer (B2B2C), agency-led, direct-to-consumer (D2C), and business-to-business (B2B) channels. Randing believes that technologies like artificial intelligence and machine learning will help in carrying out the omnichannel.
Pasar Polis has already seen success with its partnerships with over 40 merchants and platforms like Mitra and Tap Insure. In 2022 alone, the company was able to issue 500 million insurance policies.
Southeast Asia insurers are now looking to improve their strategies to better the customer journey. Embedded insurance and partnerships with key players in the market will help drive customer retention and satisfaction. Pasar Polis is well-positioned to take advantage of these trends and continue to innovate in the insurtech space.
In terms of insurance claims, PasarPolis has introduced a unified claims interface that provides customers with a straightforward insurance experience across various channels. Customers can file claims via PasarPolis’s website and mobile app, which streamlines the claims process and improves its efficiency. PasarPolis’s in-house automation platform enables it to complete claims much more quickly, providing customers with a seamless experience.
PasarPolis is dedicated to enhancing its technology to make insurance a more seamless experience for customers, striving to improve it by 10 times.