Covering Disruptive Technology Powering Business in The Digital Age

In Indonesia, a latest report reveals a prospective 4x growth trajectory for the insurtech landscape within the period of 2021 to 2026, propelling the industry towards a multi-billion-dollar gross premium size. PasarPolis, the leading insurtech company in Southeast Asia, is strategically poised to capture these market opportunities.

PasarPolis is the first Indonesia-based full-stack insurtech ecosystem, which has the unique capability to both distribute and underwrite its digital insurance products through strategic collaboration with Tap Insure, an Indonesian general insurance provider. These integrated capabilities not only enable the company to innovate with more embedded products, but also contribute to a more seamless, affordable, and delightful insurance purchase experience for customers.

Today, the company presents a comprehensive review of the insurtech sector throughout 2023, offering insights into emerging trends, challenges, and opportunities. Alongside this is a look at the the industry’s outlook for 2024, followed by strategic vision and plans for the coming year.

Insurtech Outlook for 2024

Looking ahead, the insurtech industry anticipates a dynamic and transformative year in 2024. With advancements in technology, evolving consumer preferences, and regulatory developments, the landscape is set for innovation and growth.

Key areas of focus include harnessing emerging technologies, and meeting evolving customer expectations.

• The use of Artificial Intelligence (AI) will be more pervasive. With the advancement of generative AI in the industry, the dynamics of customer-agent interactions will be shifting. AI will offer significant help in streamlining claims filing and handling; as well as expediting responses and resolution. As AI continues to advance, they might be able to more accurately predict trends and proactively offer tailored product and policy recommendations that can support both insurers and their customers.
• Hyper-personalisation for modern customers. One of the key characteristics of modern customers is their expectations to have highly customised and relevant offers to their needs. Insurtech companies must be able to offer insurance products and services that are hyper-personalised to fit the customers’ exact needs. They also want these offers to be accessible quickly and easily through digital channels, such as apps or mobile websites.

PasarPolis’ Vision and Plan for 2024:

As PasarPolis charts its course for 2024, the company is committed to a robust strategy focused on innovation and market expansion. Leveraging cutting-edge technologies, PasarPolis aims to introduce a diverse array of insurance products catering to evolving customer needs combined with a more innovative customer experience. The strategic plan includes expanding into new markets, emphasizing partnerships for broader outreach.

The hardworking PasarPolis team posing for prosperity.

In the Distribution Business, strategic alliances have been secured with prominent players with different industry backgrounds such as logistics/shipment, financing-technology, and motor vehicle warranty service providers, and parking management to distribute PasarPolis’s products to their customer base and explore reciprocal business opportunities. These partnerships, leveraging full-stack capabilities, aim to position PasarPolis as the partner of choice for several ecosystems.

Those initiatives not only facilitate massive scale-up but also bring multiple benefits to both the company and business partners. For PasarPolis, it means a proficient workforce primed for quick integration, upselling general insurance products to an existing customer base, and tapping into the higher purchasing power of captive customers for increased sales potential. Meanwhile, the marketing initiatives will benefit from elevating lifetime value (LTV) from their existing customer base via general insurance products, access to a one-stop platform offering a strong product catalog, and higher earning potential due to an extensive product portfolio.

PasarPolis, a success story in the Southeast Asian insurtech revolution, aims to benchmark the achievements of ZhongAn Insurance, whose co-founders included Alibaba’s Jack Ma and Tencent’s Pony Ma. Looking ahead, PasarPolis is poised to bring more value to customers through regional expansion and new product innovation, solidifying its position as a leader in the insurtech industry with sustained innovation and a customer-centric approach.

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