Heaptalk, Jakarta — AC Ventures-backed insurtech PasarPolis has achieved millions in policy sales following its expansion into Thailand and Vietnam in 2019.
Earlier this year, PasarPolis also achieved a two-times revenue growth since its last funding round until 2023 while consistently maintaining positive gross margins. Gross Written Premium (GWP) surged by 250% in the fiscal year, showcasing significant growth for the company.
Besides offering insurance protection to users in Thailand and Vietnam, PasarPolis offers gadget and cracked-screen insurance through Shopee. While in Vietnam, the partnership has expanded to include comprehensive gadget insurance and product liability coverage, ensuring customers to easily safeguard their purchases.
Through this strategy, PasarPolis platform can expand into other major markets with minimal investment. Besides Shopee, PasarPolis partners with VFS Global—the world’s largest outsourcing and technology services specialist—in Indonesia and Thailand. Other key partners in the region include VNtrip, Sendo, and Chotot.
PasarPolis aims to expand regionally further, targeting a new market such as Singapore and consolidating its position as a dominant force in Southeast Asia’s insurance landscape. The company remains committed to continuous innovation, with plans to introduce new products and enhance existing offerings to fulfill market demands.
This insurtech anticipates a 50% compound annual growth rate (CAGR) over the next four years and plans to fully underwrite all products. Expanding beyond Indonesia into Southeast Asian markets like Vietnam and Thailand, PasarPolis solidifies its position as a regional leader in the insurance industry, focusing on profitability, sustainability, and innovation.
“Our entry into the Vietnamese and Thai markets has been a tremendous success, thanks to our strategic partnerships and efficient operations. We have proven that we can rapidly scale and provide valuable insurance solutions with the right ecosystem partners and a customer-first approach. We look forward to democratizing insurance across Southeast Asia.” VP of Corporate Finance and Regional Partnership at PasarPolis, Brendan Batanghari, affirmed.
