Indonesia’s PasarPolis aims to democratise insurance

[JAKARTA] With Indonesia’s micro-lending industry seeing fast-paced growth in recent years, fintech companies from around the world have been flocking to Indonesia in a bid to tap the vast unbanked market.

Specifically, it is micro-insurance that is seen as the next big growth sector within Indonesia’s rapidly expanding fintech sector, with micro-policies ranging from as little as US$1 per transaction that have flooded the market on the back of the boom in e-commerce.

Cleosent Randing, the founder and chief executive officer of Indonesian insurance startup PasarPolis, reckons that the next big growth sector after fintech will be digital insurance.