Heaptalk, Jakarta — Insurance Technology (Insurtech) PasarPolis reported twofold revenue growth since the last funding round until 2023 and maintained a positive gross margin consistently. The company’s Gross Written Premium (GWP) also surged by 250% in the fiscal year 2023.
The company has also issued over 2 billion policies since its inception. During this period, PasarPolis experienced faster growth than other insurance companies, despite holding a higher market share within Indonesia and Southeast Asia’s Insurtech startup sector. In 2023, the company’s agency revenue and insurance product sales through its underwriting partner demonstrated a month-over-month triple-digit percentage of growth.
“We are thrilled to announce our remarkable enhancement and expansion plans. Our commitment to innovation, sustainability, and customer-centric solutions has driven our success. As we continue to push boundaries and set new standards in the insurance industry, we are confident in our ability to achieve sustained profitability while positively impacting the communities we serve,” Founder of PasarPolis, Cleosent Randing, said.
In addition to its financial achievement, PasarPolis has shaped the trajectory of Indonesia’s landscape. The industry’s report projects a 4x growth for insurance sector in five years ahead, indicating a multi-billion-dollar gross premium size potential. Cleosent perceived that PasarPolis’ strategic investments in underwriting capabilities, cost efficiency optimization, and revenue generation highlight the company’s proactive
PasarPolis also anticipates a 50% compound Annual Growth Rate (CAGR) over the next four years and plans to underwrite all products within this period fully. Additionally, the company plans to fully underwrite all its products within this year to significantly boost its EBITDA margin.
Moreover, this insurtech has successfully expanded its operations beyond Indonesia into burgeoning Southeast Asian markets such as Vietnam, Thailand, and other Southeast Asian countries. With promising growth metrics and increasing market penetration in these regions, PasarPolis solidifies its position as a regional leader in the Insurtech industry, paving the way for further innovation and market expansion.
“Another significant driver for our business is strengthening the model of managing general agent (MGA), whereby in this business model, we play a crucial role in promoting additional products to our captive customers. This model will also become an invaluable asset to our partners, including Shopee, GoTo, and Home Credit,” affirmed Cleosent.
