Lifepal, the digital direct-to-consumer (D2C) insurance marketplace in Indonesia, has announced it has raised $9m Series A funding. The oversubscribed funding round was led by ProBatus Capital with participation from Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle Fund, bringing the total capital raised to $12m. In a country where 270m people still rely on traditional agents for their insurance needs, Lifepal says that it is quickly becoming Indonesia’s number one online insurance destination where customers can easily compare, save and claim insurance policies online. As a one-stop platform offering over 300 policies across health, life, automotive, property, and travel, Lifepal has more than 50 insurance partners which include some of the region’s largest players.
They built a platform that uniquely serves their consumers by incorporating educational content that helps customers understand their needs and an online marketplace that enables them to pick the right solutions from the comfort of their homes. Finally, their contact centre model allows consumers to engage with live agents to address potential questions and aid in payments and claims processing. ProBatus Capital is a global, multistage venture firm backed by Prudential Financial. By leveraging data from its financial content and community platform, the largest in Indonesia with 4m monthly visitors, Lifepal can provide more appropriate recommendations to consumers. In addition, being a direct-to-consumer distributor enables Lifepal to own the relationship with the customer across the long customer-lifetime-value typical of the insurance industry with claim support, renewals, and cross-selling. This has led to 12-times year-over-year expansion, growing 20% month-over-month.