Indonesian InsurTech PasarPolis said to raise $5m round

Indonesian InsurTech startup PasarPolis has reportedly raised $5m in funding from the International Finance Corporation (IFC).

The investment will also enable the companies to collaborate on initiatives designed to make insurance available to all, according to a report from Tech in Asia. One of these initiatives will be affordable micro-insurance.

Plans for the capital include expanding the reach of its products and insurance literacy in Asia, with a focus on Vietnam and Thailand.

PasarPolis founder and CEO Cleosent Randing told Tech in Asia, “From an industrial point of view, Vietnam and Indonesia have similar criteria for the insurance market, although awareness of insurance in Vietnam is still relatively low compared to Indonesia or Thailand, which is maturing fast.”

Founded in 2015, the company offers consumers an online insurance comparison platform. Users can access quotes for health, life, car, personal and property insurance.

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