Indonesian insurtech startup PasarPolis is expanding into Singapore, while Qoala has added two new board members.
PasarPolis reports robust growth
Indonesia-headquartered insurtech firm PasarPolis has announced plans to expand in Singapore after achieving milestones in Vietnam and Thailand.
The Singapore expansion is part of its overall goal to further expand regionally and consolidate its position as a key player in Southeast Asia’s insurtech landscape.
The startup reported millions in policy sales in Thailand and Vietnam while extending collaboration in the two markets, according to the announcement.
Overall, PasarPolis said revenue has doubled since its last funding round until 2023 and it has maintained a positive gross margin since its inception in 2015. The company raised $12 million in a bridge funding round in December 2022 from various investors including UK-based equity investor Leapfrog Investment and Indonesia-focused Intudo Ventures.
The financial year ended 2023 saw a 250% growth in gross written premiums, surpassing 2 billion policies issued to date. The firm said it wants to maintain a 50% compound annual growth rate over the next four years, especially with the entry into Singapore.
“We have proven that with the right ecosystem partners and a customer-first approach, we can rapidly scale and provide valuable insurance solutions,” said Brendan Batanghari, vice president for corporate finance & regional partnership at PasarPolis.
Qoala ropes in two new board members
Indonesian insurtech company Qoala has named two industry veterans to its board as it undertakes regional expansion, according to an announcement.
The company said it appointed Randy Lianggara, who serves as the regional CEO for Asia at AVIVA; and Yujun Chean, previously the co-founder and CEO of Thai insurtech FairDee, as new board members.
Lianggara has been tasked with strengthening its presence and strategic impact in Southeast Asia, while Chean has joined as the group chief operating officer, per the announcement.
Qoala raised a total of $47 million in its Series C funding round in March, anchored by PayPal Ventures, the corporate venture arm of payments giant PayPal; and US-based insurer MassMutual.
The startup was founded in 2018 by Harshet Lunani, the founder and former CEO of digital investment platform Kelola; and Tommy Martin, who has previously worked at Traveloka and insurance broker PT Mitra Jasa Pratama.
