PasarPolis, a Insurtech company based in Indonesia, has reported a 2 times revenue growth since its last funding round until 2023.

PasarPolis said in a statement on Friday that it has maintained a positive gross margin since its first year of operation, demonstrating its financial strength and stability.

The fiscal year also marked record growth for PasarPolis, with gross written premium (GWP) surging by 250 percent.

The company has issued over 2 billion policies since its inception.

During this period, PasarPolis experienced faster growth compared to other insurtech companies, despite the latter holding a higher market share within Indonesia and Southeast Asia’s insurtech startup sector.

With a strong focus on building sustainable business operations and expanding its market reach, PasarPolis said it is well-positioned for profitability in the near future.

“At PasarPolis, we are thrilled to announce our remarkable growth and expansion plans,

“Our commitment to innovation, sustainability, and customer-centric solutions has been pivotal in driving our success,” said Cleosent Randing, Founder of PasarPolis,

“As we continue to push boundaries and set new standards in the Insurtech industry, we are confident in our ability to achieve sustained profitability while making a positive impact on the communities we serve,” he added.

Meanwhile, a recent industry report projects a 4 times growth for the sector from 2021 to 2026, indicating the potential for a multi-billion-dollar gross premium size.

Cleosent further explained that PasarPolis’s strategic investments in underwriting capabilities, cost efficiency optimization, and revenue generation, highlighting its proactive approach to maximizing profits and ensuring long-term sustainability in the dynamic Insurtech landscape.

“Our primary aim extends beyond merely boosting revenue; we’re focused on enhancing the economics across all our business lines,

“Over the next four years, we anticipate revenue growth at a compound annual growth rate (CAGR) of 50 percent,” he said.

Additionally, he said the firm plans to fully underwrite all its products within this period, to significantly enhance its earnings before interest, taxes, depreciation, and amortization (EBITDA) margin.

Another significant driver for its business in strengthening the model of Managing General Agent (MGA), where with this model, they play a crucial role in promoting additional products to their captive customers.

“The MGA model will also become an invaluable asset to our partners, including, Shopee, GoTo, and Home Credit,” explained Cleosent.

According to the statement, these strategic moves have yielded phenomenal business growth for the PasarPolis ecosystem.

In 2023, the company’s agency revenue and the sales of insurance products through its underwriting partner experienced month-over-month triple-digit percentage

Moreover, PasarPolis has successfully expanded its operations beyond Indonesia into burgeoning Southeast Asian markets such as Vietnam, Thailand, and another Southeast Asian country.

With promising growth metrics and increasing market penetration in these regions, PasarPolis said it solidifies its position as a regional leader in the Insurtech industry, paving the way for further innovation and market expansion.

As PasarPolis continues its trajectory of exponential growth and strategic expansion, the company said it remains steadfast in its commitment to driving profitability, sustainability, and innovation.

With a strong foundation built on financial stability, market leadership, and forward-thinking strategies, PasarPolis said it is poised to emerge as Southeast Asia’s foremost Insurtech powerhouse, shaping the future of insurance across the region.

The firm which is backed by three Indonesian Unicorns, including Gojek, Tokopedia, and Traveloka, has now expanded to other Southeast Asian markets, including Vietnam, Thailand and Singapore.

PasarPolis unveils strategic plans to capture Indonesia’s Insurtech market opportunities