Feb 4, 2021

World Bank’s IFC funds PasarPolis’ microinsurance vision

PasarPolis
IFC
Insurtech
Indonesia
William Girling
2 min
World Bank’s IFC funds PasarPolis’ microinsurance vision
The International Finance Corporation (IFC), sister organisation to the World Bank, has invested US$5m in insurtech PasarPolis...

The startup is attempting to reshape Indonesia’s flagging insurance market, where reportedly only 15.8% of adults are literate about the concept. It is attempting to remedy this situation by creating a more inclusive insurance model based on microinsurance.

Now in its fifth year, PasarPolis has achieved a not inconsiderable measure of success: so far, it has managed to provide cover for 30 million people, roughly 11% of the country’s population. This achievement is made more impressive by the fact that 90% of its customers are first-time insurance buyers.

Making insurance accessible

IFC, which specialises in fostering financial inclusion and literacy in developing countries, will bring $5m in investment to accelerate PasarPolis’ mission. Microinsurance is becoming particularly important for ‘gig economy’ workers and those with lower income, something which hasn’t gone unnoticed by Azam Khan, IFC Country Manager for Indonesia, Malaysia and Timor-Leste:

“At IFC, we are excited to make this investment in PasarPolis, Southeast Asia’s largest insurance technology platform that is gearing up to expand its digital distribution channels, making insurance more accessible and affordable especially for the underserved and those living in remote areas.

“Moreover, this timely investment aims to support the country’s effort to advance the development of the digital economy and achieve greater digital integration within ASEAN.”

Fernanda Lima, Partner at LeapFrog Investments, one of PasarPolis’ existing partners, stated that this new alliance proved the positive social impact that insurance can bring the region, particularly as it recovers from COVID-19’s effects:

“With 30 insurance companies, and 25 digital partners, together serving millions of new customers last year, the opportunity for PasarPolis to expand its offering and geographic reach is extraordinary.”

Closing the insurance gap

Insurance penetration in the ASEAN market remains at a critically low 3.6%, and the insurance gap in Indonesia’s market is estimated to be $14.6bn, making it one of the most underinsured countries in the world.

PasarPolis’ Founder and CEO Cleosent Randing is acutely aware that bridging this disparity will be the company's most formidable challenge. However, with its tech-based approach and now financial support from IFC, it is a problem he believes can finally be solved.

“This strategic collaboration with IFC, known around the world as the vital conduit for catalysing private-sector investment that also lifts prosperity, is also an acknowledgement of the positive impact that we are delivering for many more individuals and households in the society.”

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Jun 18, 2021

The Ultimate FinTech & InsurTech LIVE Event

Insurtech
Fintech
live
event
3 min
We release three new speaker names for the FinTech and InsurTech virtual conference that can’t be missed, streaming live from London

From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future. 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach. 

Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.

The event will include:

 

  • Keynote addresses from respected industry leaders
  • Dynamic live roundtables (inc. Q&A)
  • Fireside discussions
  • Inspirational Speakers & Presentations
  • Extensive networking opportunities

 

 

Meet the Speakers

Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees. 

Our second batch consists of:

 

Scott Abraham

Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.” 

Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.

In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.

 

Alistair Fraser-Hawkins

Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.

Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:

"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."

 

Mike Massaro

Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.

An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.

His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.

 

This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.

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