Heaptalk, Jakarta — Shinhan EZ General Insurance has cooperated with Tap Insure, a strategic partner in the insurtech PasarPolis, to penetrate the Indonesian insurance market. In this collaboration, Shinhan will revolutionize the insurance landscape by providing an insurance service for the four-wheeled vehicles in the country.
In more detail, with this strategic collaboration, Shinhan aims to integrate seamlessly into PasarPolis’ full-stack insurance ecosystem through its strategic partnership with Tap Insure. In this effort, Shinhan is specifically targeting Korean companies operating in Indonesia.
Additionally, PasarPolis plays a significant role as a technology platform within the collaboration between Tap Insure and Shinhan. This tech platform facilitates the distribution of insurance sales and streamlines the claims process, actively contributing to the insurtech aspect of the partnership.
Chief Executive Officer of Shinhan EZ General Insurance, ByoungKwan Kang, said, “Our move to partner stems from Tap Insure’s vision to transform the insurance landscape in Indonesia and Southeast Asia by developing digitally native insurance products from start to finish, as well as the robust insurtech ecosystem provided by PasarPolis. The innovative potential in Indonesia’s insurance sector is immense, and this partnership will allow us to introduce innovative insurance solutions while contributing to the market’s growth. We look forward to a future of transformative insurance offerings,”
Furthermore, this partnership also carries significant importance for Indonesia’s insurance sector, poised for remarkable growth due to the country’s dynamic economy and large uninsured population. With Indonesia’s insurance penetration still below 4%, the company observed ample space for expansion. Additionally, in the broader Southeast Asian market, the insurance market is on the verge of a substantial upswing, with Indonesia, Thailand, and Malaysia accounting for a significant portion of total premiums underwritten.
Founder and Director at Tap Insure, Cleosant Randing, voiced, “This strategic partnership represents a convergence of innovation, expertise, and a shared vision for the future of insurance in Indonesia. We collaborate with Shinhan EZ General Insurance as our partner in this journey because of their specialized knowledge in affordable automotive-related insurance, which aligns with our goal of making insurance accessible to all.”
Its collaboration with Tap Insure has further enhanced its capabilities, enabling it to become Indonesia’s first official full-stack insurance ecosystem. On the other hand, Tap Insure stands out for its remarkable Risk-Based Capital (RBC) ratio, which surpasses an impressive 7,000%. The RBC is a vital metric that assesses an insurer’s capacity to fulfill its long-term obligations, encompassing policyholder claims.
Adhering to the regulatory guidelines of Indonesia’s Financial Services Authority, the mandated minimum RBC requirement for insurance companies is set at 120%. Tap Insure’s exceptionally high RBC ratio is a testament to its outstanding financial stability and unwavering dedication to serving policyholders.
In response to this affiliation, the President of PasarPolis, Peter Van Zyl, admitted, “This strategic partnership signifies a shared commitment between PasarPolis, Tap Insure, and Shinhan EZ General Insurance to revolutionize insurance in Indonesia and positively impact the lives of Indonesians. We are thrilled about the transformative insurance offerings that the future holds.”
