PasarPolis, a leading insurtech company in Southeast Asia, has achieved impressive policy sales in Thailand and Vietnam, setting the stage for its anticipated expansion into the Singapore market. The company's successful growth and strategic collaborations highlight its strong market presence and readiness for further regional development.
Robust financial performance and market expansion
Since launching in Thailand and Vietnam in 2019, PasarPolis has seen significant policy sales, reflecting its commitment to making insurance accessible and meeting the unique needs of these local markets. This success is a testament to the company's focus on using technology and customer-centric innovations to transform the insurance landscape across Southeast Asia.
PasarPolis reported that its revenue has doubled since its last funding round, with a 250% increase in Gross Written Premium (GWP) in the fiscal year. These results demonstrate the company's robust financial health and impactful presence in the markets it serves.
Strengthening market impact through strategic partnerships
PasarPolis has forged successful partnerships with key ecosystem players, which have been crucial to its rapid scaling and provision of valuable insurance solutions. Following a successful collaboration with the e-commerce giant Shopee in Indonesia, PasarPolis extended this partnership to offer insurance products in Thailand and Vietnam, ranging from gadget protection to comprehensive product liability coverage.
This strategy has enabled PasarPolis to sell nearly one million policies in each of these markets, underscoring the strong demand and successful adoption of its innovative insurance solutions. The company also collaborates with other significant brands like VFS Global, VNtrip, Sendo, and Chotot, further enhancing the scalability and adaptability of its offerings.
“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 with the right ecosystem partners and a customer-first approach, we can rapidly scale and provide valuable insurance solutions. We are proud of our achievements and look forward to continuing our mission to democratize insurance across Southeast Asia,” said Brendan Batanghari, VP Corporate Finance & Regional Partnership at PasarPolis.
Plans for future growth and expansion
PasarPolis aims to maintain a 50% compound annual growth rate over the next four years and plans to underwrite all products within this period fully. As part of its expansion strategy, the company is preparing to enter Singapore, aiming to solidify its position as a dominant force in the Southeast Asian insurtech sector.
With a commitment to continuous innovation and enhancement of its product offerings, PasarPolis is well-positioned to meet the market's evolving needs. By leveraging technology, data analytics, and a strong partnership ecosystem, PasarPolis is on track to achieve sustainable growth, profitability, and leadership in the insurtech industry.
