Indonesian InsurTech innovator PasarPolis has secured another $54m in a funding round to improve its AI-based claim automation platform and into its onboarding platform for agents.
LeapFrog Investments, SBI Investment, AlphaJWC, Intudo Ventures, Xiaomi and Go-Ventures all participated in the Series B round, TechCrunch reported.
CEO Cleosent Randing and COO Michael Saputra launched PasarPolis in 2015. Since then, the company has grown to offer its services in Indonesia, Thailand and Vietnam.
It most recently closed a Series A round in 2018, which also enjoyed backing from Go-Ventures.
The startup claims that it issued over 650 million policies to first-time policy buyers last year.
The news comes at an intense time for the InsurTech industry.
Total InsurTech funding in the first six months of 2020 saw a 13.3% drop compared to the same period in 2019, according to FinTech Global’s research. Despite the drop, there was a 5.4% increase in the number of deals compared to the same period last year.
Investment into the InsurTech industry grew from $1.68bn in 2016 to $5.96bn in 2019. By the end of June 2020, the industry had only raised $2.01bn in total.