Insurance technology firm PasarPolis has notched $54 million in funding, with Xiaomi Corp., LeapFrog Investments Ltd. and SBI Investment among the backers in the Series B round. Gojek, Traveloka and Tokopedia were some of the first investors in the Indonesia-based company, Bloomberg reported.
The company will reportedly harness the funds for artificial intelligence (AI) infastrcuture to create tailored insurance offerings, while growing its Thailand, Vietnam and Indonesia business.
CEO Cleosent Randing told Bloomberg that some large insurance firms are over a century old and much innovation in the space hasn’t taken place. “As Amazon is building innovation against the likes of Macy’s, we want to ultimately make insurance a delightful experience where you don’t need to make claims but they will be made automatically,” Randing said.
PasarPolis, which was started in 2015, provides micro-insurance that lets delivery people, ridesharing workers and eCommerce buyers as well as merchants purchase protection for as little as a couple of pennies. Customers bought over 650 million policies last year.
The firm seeks to harness technology to offer consumers who use mobile devices with a quicker and simpler experience to send in claims and select different offerings.
Last November, news surfaced that Vouch Insurance said it notched $45 million in a funding round and has expanded its service into California. The company provides insurance to growing tech companies via a digital system.
Its offerings include insurance for general liability, cybercrime, management liability and an array of other coverage, with plans beginning at a few hundred dollars annually.
Vouch provides a single digital experience in adding to current coverage or discovering and choosing coverage for the first time. The process takes minutes instead of the months or weeks it would take to use a traditional broker.
Vouch does not serve as a broker, but has created customized insurance programs that meet the requirements of customers, where coverage is suggested depending on what the company has come to know about the startup and is linked to a decisioning model that supports the system.