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Interview with Cleosent Randing, PasarPolis

Pasarpolis quickly rose to success through forging various strong partnerships in Indonesia which opened their doors to a huge distribution network. Cleosent Randing, Founder & CEO of Pasarpolis shared with us how he hopes to make insurance accessible to everyone and is constantly finding ways to target and understand what millennials look out for when buying insurance.
  1. Can you share the story behind PasarPolis?

    PasarPolis started at the end of 2015. We started as more of an aggregator and quickly transformed ourselves to become a digital insurer for the millennials, to make sure insurance is as friction less as possible. Our vision is to make sure that everyone in Southeast Asia has access to a worry free life when it comes to purchasing insurance.

  2. How does Indonesia's insurtech landscape look like? How does it differ from the rest of ASEAN?

    Indonesia’s insurtech space is rapidly growing alongside the growth of hundreds other industries right now. The penetration rate of insurance in Indonesia is lower than the other countries in the region. Therefore, the potential growth of the insurance space is much larger with a lot of avenues to optimize and improve, especially with the growing middle class and insurance literacy of the underserved people at the bottom of the pyramid. When we founded this a couple of years ago, we were knocking on the door of insurance companies to see us. Now, we're humbled to be able to be a part of the story with strong existing partners like Gojek, Tokopedia, Bukalapak, and many more. While the insurance penetration is low here in Indonesia, it’s growing very fast. If you look at countries like Malaysia, for example, it's at an 8% insurance penetration rate while Indonesia is now at about 3%. PasarPolis has issued over 650 million policies last year and we'll be issuing even more this year, insuring the uninsurable, for example through our partnership with Gojek, their drivers can now buy health insurance for less than a cup of coffee. More than anything, what's meaningful to us is that we are creating social impact and shouldering the responsibility to really democratize insurance to the underserved.

  3. What is PasarPolis's differentiating factor amongst the insurtechs in Indonesia? What are some of the strong partnerships PasarPolis has that helped with its success?

    We are in partnership with all four Indonesian unicorns, Gojek, Traveloka, Tokopedia and Bukalapak. Some of our investors and partners are also on PasarPolis’s board and hence we are privilege to have access to low hanging fruit partnerships. For example, we have a strong partnership with Gojek offering multiple products to serve both their drivers and customers not just locally here in Indonesia, but also in Vietnam and Thailand and we will slowly be expanding to the rest of its network. We have strong collaborations between e-commerce companies like Tokopedia, JD which opens up a large distribution network for us. We have in some cases 10-15 products per partner, we measure not by our number of partners but most importantly the depth of our partnership where we position PasarPolis as their growth partner. We work very closely with our various partners to come up with customised products for their consumers and hence we are leading in terms of the number of product lines here in Indonesia. Lastly, our technology sets us apart. We are able to handle the large scale of policies being issued through our various distribution partners, our claims settlement process is fast and efficient and I think the overall customer experience is what placed us in becoming the leading insurtech in Indonesia.

  4. What are some of your new initiatives as a result of the COVID-19 situation?

    We provide COVID-19 insurance at a very affordable rate and have it in 2 languages, Bahasa Indonesia and English to ensure that language is not an issue when it comes to purchasing our products. We have also revised some of our current health insurance products to include COVID-19 coverage for a lot of our partners. Besides COVID-19 insurance related products, we have also launched a new initiative, the “Mitra” program, for our Gojek drivers with the goal of creating additional revenue streams of income for the severely impacted drivers as a result of this pandemic. I am proud to say that in less than 72 hours, our policy team launched that program and it has opened doors for millions of workers around the region to become micro entrepreneurs shortly after losing their jobs. To me, this was a reminder about the truly societal transformational work we do here in PasarPolis that we can make a difference.

  5. Where do you see insurtech in the next 12-24 months?

    Insurtechs will continue to be the leading force towards getting insurance to the bottom of the pyramid while the current agents in the market will focus more on higher end products or the higher end consumers. The under insured and those at the bottom of the pyramid will start buying insurance through the various insurtechs or digital insurers. I think one of the prevalent use case is insurtechs ability to lower the cost of distribution of insurance, making it much affordable than in the past. We were able to go to the bottom of the pyramid to create products that have a lower marginal cost of distribution. Another aspect is finding ways to target the millennial consumers, how do we attract them, what do they look out for when purchasing insurance? We need to constantly innovate and find new ways to make sure that the millennials in Southeast Asia have access to insurance and lead a worry free life. To do that, I think both the buying and claiming process should be simple and the underwriting should also be efficient. That way, we can ensure that the end to end process becomes as frictionless as possible.