Another awesome month for InsurTech in Asia! Congratulations to PasarPolis for raising US$5M from the World Bank’s International Finance Corporation (IFC), which focuses on accelerating financial inclusion and literacy in developing countries. It is IFC’s first investment in an Indonesian startup and demonstrates the belief that InsurTechs like PasarPolis can help increase insurance penetration in developing countries. Listen to our episode with PasarPolis founder and CEO Cleosent Randing here.
In the Philippines, Singaporean InsurTech Igloo is on a similar mission. In a partnership with broker Philpacific Insurance Brokers Inc. (Philinsure) the startup is looking to provide affordable protection to small business owners and develop new products such as Dengue insurance for the Philippine market. Listen to our episodes with Igloo founder Wei Zhu and Igloo’s Thailand head here.
In Korea, InsurTech Small Ticket announced a partnership with KB General Insurance and delivery app Yogiyo with the goal to provide Yogiyo Express’ part-time delivery riders with the necessary insurance solutions for commercial activities. SmallTicket was Korea’s first InsurTech. We spoke to the founder Julie Jung-Eun Kim about her journey. Find that episode here.
In Singapore, former InsurTech poster child CXA announced that it is selling its brokerage unit as it says it is doubling down on its SaaS business. The AIP team has been sceptical about CXA for a while now and we haven’t seen any major breakthroughs from CXA for a while. The startup hardly publishes any business results, profitability goals keep being postponed and the last funding round from May 2020 seems to have been canceled.