Indonesia presents a market with significant headroom for growth.
Southeast Asian insurance market is poised for significant growth, with key regions like Indonesia, Thailand, and Malaysia representing about 60 percent of the total premiums underwritten.
After pioneering the distribution space, PasarPolis said it is now the only full-stack digitally native insurance company with a robust presence across the insurance value chain.
The insurtech market in Indonesia shows promising potential with a growing demand for affordable insurance products.
It said PasarPolis has identified several trends in the current market conditions, including bundling of products and value-added services, embedded insurance, partnerships with digital platforms, along with an omnichannel distribution approach to tap into the growing market.
One such trend is bundling products and offering value-added services for high-net-worth customers as a solution for insurers.
Insurers in Southeast Asia (SEA) are now focusing on rethinking their propositions and enhancing the customer journey. Insurers are also partnering with digital platforms to embed products into the customer’s journey, perfectly suited to their requirements.
Finally, omnichannel is emerging as a theme, enabling customers to interact with insurers via multiple channels.
Going forward, PasarPolis said it continues to focus on its omnichannel strategy.
The company recently unveiled its latest innovation, Tap Partners – an innovative digital platform designed to provide offline merchants with a seamless means of selling embedded insurance products.
This development promises to revolutionize the insurance industry by empowering offline merchants to offer comprehensive insurance coverage effortlessly, utilizing an advanced digital platform.
The firm’s omnichannel strategy allows it to maximize product distribution through various channels, including business to business to consumer (B2B2C), agency led, direct to consumer (D2C), and business to business (B2B), which sets it apart from more traditional insurance sales and marketing approaches.
Its unique approach to insurance sales and marketing has also set the standards for other insurtechs and traditional incumbents globally.