Indonesian tech unicorns Go-Jek, Tokopedia and Traveloka are backing digital insurance startup PasarPolis in a Series A funding round, TechCrunch reports.
The three tech unicorns will also act as strategic partners for the startup.
PasarPolis sells insurance options spanning travel, health, vehicle, accident, property and life. These are underwritten by 30 insurers including AXA, AXA Mandiri and Lippo Insurance, although TechCrunch reported that the company has a pending application for an insurance license, which if approved will give it new product options.
Go-Jek, Tokopedia and Traveloka are major clients of the digital insurance startup, which offers “click box” policies packaged with ride-hailing trips, e-commerce sales and travel deals, according to TechCrunch.
In travel, PasarPolis founder and CEO Randing told TechCrunch that growth in insurance revenue for major OTAs such as Expedia is surpassing that in ticket sales.
PasarPolis intends to work with its three partners to develop new products. There are plans to offer more modular options for consumers, such as usage-based car insurance, or cover for public transport-based delays, according to the TechCrunch report.
PasarPolis is also focused on expanding into new South-east Asian markets.
The company is considering another funding round early next year as it seeks to grow regionally.