Indonesia-based insurtech PasarPolis has partnered with e-commerce giant Shopee to provide affordable and accessible insurance for customers across Indonesia, Thailand, and Vietnam.

With expansion plans across Southeast Asia, PasarPolis currently has partnerships with over 50 insurance providers and digital giants including Gojek, IKEA, Xiaomi, and more, PasarPolis said in a statement.

Through the Shopee platform, customers can access gadget protection, health insurance, personal accidents, and other insurance protection depending on the local customers’ needs.

Meanwhile, with IKEA, customers have the opportunity to get home furnishings insurance to protect the furniture they purchase at IKEA offline stores.

With furniture protection the customers can insure their home furniture from accidental damage, damage during self-product assembling, water damage, fire and burglary, and natural disasters.

“These strategic partnerships with well-known, market-leading consumer brands place micro-insurance products directly at the fingertips of the consumer as part of the purchase process. It’s a game changer for the insurance sector, reducing the cost and vastly increasing market reach,” said PasarPolis Founder and Chief Executive Officer Cleosent Randing.

By remodeling the way consumers engage with the insurance transaction, coinciding with the purchase process, PasarPolis is shifting consumer perception of access to coverage and protection.

Eliminating the additional step of seeking insurance after a purchase has been made, while incorporating it into the shopping process itself, creates a seamless, accessible, and affordable transaction.

“PasarPolis delivers modular insurance options which are highly customised and integrated into our partner’s digital checkout process,” said Randing.

“These tailored, embedded insurance options are more relevant to today’s consumers and the way we shop. Tied to popular, familiar brands creates additional confidence for consumers with a convenient ability to protect themselves and their purchases, in areas they may not have previously considered,” he added.

According to the statement, the perception of insurance coverage historically has been that it’s expensive, and only for big-ticket items requiring a great deal of consideration prior to acquisition.

“What was previously considered a larger investment requiring committed review and analysis, balances out to become a smart purchase, every day choice that is almost risk free,

“Relevance and accessibility are key to democratizing the insurance ecosystem with technology delivering a connection to a broader consumer base for a wide variety of products. Coupled with a fast and simple claims process, securing micro insurance is becoming the preferred method of customer interaction,” said Randing.

PasarPolis also offers real-time policies, frictionless purchase processes, and coverage reaching niche markets.

“We are reinvigorating the insurance landscape by democratizing access with greater relevance to today’s digital-savvy consumers,” Randing added.

Indonesia InsurTech platform PasarPolis raises $5 million in equity financing from The World Bank Group’s IFC