InsurTech Platforms
InsurTech Platforms
Business Model Description
Invest in B2A / B2C / B2B2C digital insurance companies engaged in the provision of: - Microinsurance (life and health insurance) i.e. insurance with low premiums and low caps/coverage with a focus on low-to-middle income groups - Mass market insurance products Examples of some companies active in this space are:
PT. PasarPolis Indonesia, founded in 2015, operates an online portal to compare and purchase insurance products through a distribution partnership with insurers and brokers. Its investors include: International Finance Corporation [USD 5 mn in 2021(18)] and LeapFrog Investments, SBI Investments, Alpha JWC, Intudo Ventures, Go-Ventures, and Xiaomi [USD 54 mn in Series B in 2020]. (19)
Fuse, founded in 2017, connects insurance companies with distribution channels and partners to make insurance accessible and affordable. It uses mobile applications to offer an agent-focused service, B2A (Business to Agent/Broker). As of 2021, it has raised USD 70 mn, including USD 25 mn in Series B from an undisclosed global fintech fund, East Ventures, GGV Capital, eWTP and Emtek. (20)
Qoala, founded in 2018, is an insurance marketplace that easy and affordable insurance services. It has raised a total USD 16.5 mn (21), including USD 13.5 mn in Series A from Centauri Fund, Sequoia India, Flourish Ventures, Kookmin Bank Investment, Mirae Asset Venture Investment, and Mirae Asset Sekuritas. (22)
PT Asuransi BRI Life (formerly known as PT Asuransi Jiwa Bringin Jiwa Sejahtera), founded in 1985, operates as a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk and provides life insurance products and services. It launched its IPO in 2019. In 2021, FWD Group acquired a significant minority stake in the company(23).
Expected Impact
Provision of insurance products to improve insurance penetration, particularly for low income groups, leading to stability in economic growth.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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The descriptions on this page are provided for informational purposes only. Only companies and enterprises that appear under the case study tab have been validated and vetted through UNDP programmes such as the Growth Stage Impact Ventures (GSIV), Business Call to Action (BCtA), or through other UN agencies. Even then, under no circumstances should their appearance on this website be construed as an endorsement for any relationship or investment. UNDP assumes no liability for investment losses directly or indirectly resulting from recommendations made, implied, or inferred by its research. Likewise, UNDP assumes no claim to investment gains directly or indirectly resulting from trading profits, investment management, or advisory fees obtained by following investment recommendations made, implied, or inferred by its research.
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Country & Regions
- Indonesia: Countrywide
- Indonesia: Kalimantan
Sector Classification
Financials
Development need
Since COVID-19, banks adopted a more conservative approach for lending to MSMEs, resulting in a decline in the number of MSME credit accounts (4.20%) with the sharpest decline in the number of Micro credit segment. (1) People in remote locations and those with low income (limited savings) mostly rely on informal sources for financial services. (2)
Policy priority
Financial Services Authority's (OJK) 2nd pillar of Structural Framework 2021-2025 focuses on the development of financial services ecosystem by increasing the role of FSS in supporting priority economic sectors, MSMEs, job creation and regional development, including directing all FSIs to expand services to MSMEs (especially in remote rural areas). (3)
Gender inequalities and marginalization issues
Indonesia has >22 mn female entrepreneurs, and majority of them face significant difficulties in accessing financial services (particularly bank loans), which limits the expansion of their businesses. (4) 51.4% women (vs. 46.2% men) have bank accounts.
80% female labor force is employed in informal sectors and millions of women lack access to financial services to address their particular needs. (5) Limited access to capital makes people living in rural areas even more marginalized. (7)
Investment opportunities introduction
Indonesia is home to 20% of all fintech companies in Southeast Asia which are expected to generate USD 8.6 bn in revenue over the next 5 years (by 2026). (7)
Access to e-money encourages urbanization by reducing transaction costs for remitting. 26% urban and 22% rural population uses digital financial services for online shopping (8).
Key bottlenecks introduction
Major issue tends to be readiness of players to comply with licensing requirements with new and constantly changing regulatory frameworks. Various business models of FinTech lending players result in differing capabilities, infrastructure setup, and needs.
Lack of financial literacy has trapped many consumers into an ecosystem of illegal P2P lending. (9)
Insurance
Development need
As of 2019, 1 in 3 Indonesians didn't have health insurance (10) as insurance is not considered a priority.(11) Unexpected expenditure for health threatens the survival of poor people.(12) Low-income population requires access to products which protect their life, health and assets, through savings and loss compensation processes at affordable prices.(3)
Policy priority
National Health Insurance (JKN) program is based on social security principles and aims to provide quality healthcare services to all. Its membership coverage has been increasing every year (82.51% population in 2020). >27,000 health facilities have collaborated with BPJS Kesehatan (Social Security Administrative Body on Health) to serve JKN participants. (13)
Gender inequalities and marginalization issues
In 2019, proportion of women with access to health insurance was 64.5%. (14)
Out of 51% women who hold financial control in the family only 19% are financially literate. (15)
Provinces with higher average level of education tend to have higher National Health Insurance membership.
There are significant differences in coverage across provinces due to the level of community education and economic conditions in each province. Expansion of health insurance coverage is associated with reduction in socio demographic inequalities in access to maternal health services. However, large differences in utilization persist across regions and by economic subgroup.
Accelerating progress toward universal health coverage may reduce health inequalities among low and middle-income households.
Investment opportunities introduction
Indonesia's microinsurance industry has demonstrated considerable growth by producing premiums worth USD 19.4 mn during the first quarter of 2017, an 80% increase from the same period in 2015. (16)
Key bottlenecks introduction
Even though 2/3 millennials understand insurance products, it is difficult to persuade people to use InsurTech platforms to buy insurance online and make regular payments (especially when the benefits are not immediate). (17)
Insurance
Pipeline Opportunity
InsurTech Platforms
Invest in B2A / B2C / B2B2C digital insurance companies engaged in the provision of: - Microinsurance (life and health insurance) i.e. insurance with low premiums and low caps/coverage with a focus on low-to-middle income groups - Mass market insurance products Examples of some companies active in this space are:
PT. PasarPolis Indonesia, founded in 2015, operates an online portal to compare and purchase insurance products through a distribution partnership with insurers and brokers. Its investors include: International Finance Corporation [USD 5 mn in 2021(18)] and LeapFrog Investments, SBI Investments, Alpha JWC, Intudo Ventures, Go-Ventures, and Xiaomi [USD 54 mn in Series B in 2020]. (19)
Fuse, founded in 2017, connects insurance companies with distribution channels and partners to make insurance accessible and affordable. It uses mobile applications to offer an agent-focused service, B2A (Business to Agent/Broker). As of 2021, it has raised USD 70 mn, including USD 25 mn in Series B from an undisclosed global fintech fund, East Ventures, GGV Capital, eWTP and Emtek. (20)
Qoala, founded in 2018, is an insurance marketplace that easy and affordable insurance services. It has raised a total USD 16.5 mn (21), including USD 13.5 mn in Series A from Centauri Fund, Sequoia India, Flourish Ventures, Kookmin Bank Investment, Mirae Asset Venture Investment, and Mirae Asset Sekuritas. (22)
PT Asuransi BRI Life (formerly known as PT Asuransi Jiwa Bringin Jiwa Sejahtera), founded in 1985, operates as a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk and provides life insurance products and services. It launched its IPO in 2019. In 2021, FWD Group acquired a significant minority stake in the company(23).
Business Case
Market Size and Environment
> USD 1 billion
> 25%
> Insurance penetration rate - 2.8% > Unbanked population - >60% (26)
Southeast Asia’s rapidly growing digitally savvy middle class that is expected to grow to 350 mn consumers with USD 300 bn in disposable income makes the region an attractive market for InsurTech companies. (20)
Out of the multiple insurance types provided in Indonesia, life Insurance leads with a market share of >40%, primarily gaining traction from “Corporate Benefits & Investment Linked Products". (26)
As of 2019, PasarPolis has issued 650 mn insurance policies and collaborated with >30 insurance companies in Southeast Asia. (19) Its monthly policy sales increased more than 80x since 2019. (27)
Indicative Return
< 5%
Revenue of online loan & insurance aggregators is expected to grow 3x between 2019-2024 (26)
Fuse has >60,000 agent partners on Fuse Pro app, >40 insurance companies (general and life insurance companies) use Fuse’s platform to offer >300 insurance products for partners or end customers. The company reported >USD 70 mn in gross written premium (GWP) for 9M-2021, highest in Indonesia. (20)
In 2020, gross premium rose by 6.3% in 2018 [USD 30.6 bn] [contribution: 45.4%-life; 33.9%-social; 17.9%-non-life/reinsurance, 2.8%-mandatory (28)], and at CAGR of 17.6% in last 5 years. In 2018, contribution of the sharia-compliant segment rose by 12.1% [USD 1.1 bn] (5.6% of total) (29)
Private Equity firms target 20-25% IRRs on their investment. Returns depend on stage of investment and the valuation at the time of exit. Example: Seed fund investors will earn a better return if they hold their investment, than the investors who enter at a later stage.
Investment Timeframe
Medium Term (5–10 years)
InsurTech development in Indonesia lags behind FinTech and is likely to take medium to long-term to break-even as the regulations and demand side dynamics evolve. (30)
Insurance industry is highly and strictly regulated by the government. As a relatively nascent sector, InsurTech regulations require more development and maturity for sector growth. (30)
Ticket Size
USD 1 million - USD 10 million
Market Risks & Scale Obstacles
Market - Volatile
Market - Volatile
Market - Highly Regulated
Impact Case
Sustainable Development Need
Covid-19 highlighted the need to promote insurance coverage as the population recognised the importance and application of health & life insurance products. (26) As of 2021, total expenditure on health insurance was USD 8.3 bn in urban areas and USD 4.6 bn in rural areas each year. (34)
Proportion of population with insurance literacy is ~15.8%. Most people (specifically, the unbanked) view formal insurance plans as high-end investments aimed at the upper economic classes. (27)
Reduce the proportion of underbanked and underinsured population. Even though >⅔ of the millennials market (24% of 270 mn population) understand banking and insurance products, only 6% own insurance products. (30)
Gender & Marginalisation
Need to expand health insurance coverage to reduce sociodemographic and geographical inequalities in access to maternal health services in Indonesia. (35)
Insurance in age15-49 women and men, respectively: (36) Health: 58% & 57% Subsidized Health: 31% & 28% Nonsubsidized Health: 22% & 23%
Women from disadvantaged groups, including the poor and those living in rural and remote areas, often face increased financial barriers and limited access to high quality health services, resulting in lower coverage of essential maternal health care services. (35)
Expected Development Outcome
Increase the insurance penetration rate by promoting digital insurance transformation (including leveraging technology to augment the capabilities of existing insurance agents) which can help more people get adequate safeguards. (20 and 27)
Simplify the process of applying for insurance, including complicated registration, ineffective claims processing, and high premiums. InsurTech players aim to provide quick access to insurance coverage, eliminating the need for individuals to go via brokers or fill out lengthy paperwork. (27)
Entry of more players and increase in competition will result in better choice of products, more suited to the needs of the end consumers. Covid-19 has intensified MSME players' interest (~88% MSMEs shown interest) in business interruption insurance products, with insurance scheme features. (3)
Gender & Marginalisation
Reduce gender or region disparity in insurance penetration due to issues like, heterogeneity of population, diverse health facilities, socioeconomic or geographical barrier. (37) Rural women (47%) and men (50%) are more likely than women and men in urban areas to have no health insurance. (36)
Ensure affordability of insurance products by adjusting the tariffs and premium for sustainable financing and increasing participation of the informal workers. (37)
Increase the level of education provided to consumers to understand the importance of insurance as an investment, specifically in light of COVID-19. (26)
Primary SDGs addressed
1.3.1 Proportion of population covered by social protection floors/systems, by sex, distinguishing children, unemployed persons, older persons, persons with disabilities, pregnant women, newborns, work-injury victims and the poor and the vulnerable
1.3.1 Proportion of population covered by social protection floors/systems, by sex, distinguishing children, unemployed persons, older persons, persons with disabilities, pregnant women, newborns, work-injury victims and the poor and the vulnerable
Proportion of population enrolled in health insurance through the National Social Security System: 2015 - 85.92% 2020 - 90.11% (38)
Proportion of workers covered by the social insurance for employment programme: 2019: Formal - 56.51; Informal - 3.85 2020: Formal - 63.82; Informal - 3.21 (38)
Coverage of National Health Insurance 97.5% Coverage with BAU scenario 100% Coverage with intervention scenario (37)
96.2% in 2021, 97.4% in 2022, 98.7% in 2023, and 100% in 2024 (3)
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
Planet
Corporates
Public sector
Outcome Risks
Customer acquisition cost is high as time and money is spent in educating consumers about insurance. Many people still view insurance as an expensive and complicated product. (27)
Face-to-face interaction maybe required to build trust with the investor and offer a sense of safety while buying insurance online. (27)
Potential cyber attack (system's vulnerability to customer data theft and abuse) can impact the economy adversely with leakage of private customer information (7)
Default in payment of insurance premium will render the policy cancelled, resulting in waste of time and money spent in acquiring the customer.
Gender inequality and/or marginalization risk: Vulnerable sections of society will only be able to afford low-premium based products, thus requiring more innovation in insurance product offering.
Impact Risks
Low insurance penetration in Indonesia increases GoI's burden to bear the cost of providing compensation for injuries at work or cost of rebuilding property after catastrophes.
InsurTech platforms require strong internet connectivity. Thus, limited accessibility for insurance coverage can restrict the improvement in quality of life of the underinsured population.
Failure to adapt the product design and delivery for rural, low resource settings might see the product scaling only to high income population.
Absence of adequate customer education could hamper policy renewal and premium payments process, leading to high dormancy rates. Absence of customer protection measures could result in data breaches.
Gender inequality and/or marginalization risk: Lack of regulation and control may result in exploitation of underserved population.
Impact Classification
What
Improve insurance penetration by offering affordable and accessible life and general insurance products with a specific focus on low income groups.
Risk
Customer acquisition cost is high as educating cutomers on the products is difficult. Many people still insist on face-to-face interactions before investing, which undermines the digital model.
Contribution
High insurance penetration can have a cascading impact on livelihood security, reduction in out of pocket expenses, with safeguard against asset losses in case of unforeseen exigencies.
Impact Thesis
Provision of insurance products to improve insurance penetration, particularly for low income groups, leading to stability in economic growth.
Enabling Environment
Policy Environment
The 2021-2021 MPSJKI: is directed at enhancement of the FSS resilience and competitiveness through strengthening resilience and competitiveness, financial services ecosystem development, and digital transformation acceleration. (3)
Structural Framework 2021-25: FSS resilience/competitiveness is carried out through strengthening capital and consolidation of FSI; strengthening governance, risk management and market conduct; aligning regulations with international standards; and cross-sector supervision (3)
OJK Structural Framework 2021-25: on Financial Services Ecosystem Development aims to expand the role of FSS in supporting priority economic sectors, job creation and regional development. It optimizes special MSME programs such as Micro Waqf Bank and Micro Insurance. (3)
Ministry of Health's Regulatory Framework 2020-2024: plans the direction of the draft Law on the National Social Security System. To improve the quality of services, participation is prioritized for the poor, neglected children and underprivileged. (41)
With Covid-19, GoI has implemented several policies such as financing restructuring, relaxation of insurance industry, and relaxation of financing industry. (13)
Financial Environment
Fiscal incentives: Due to Covid-19, GoI issued several regulations for relaxation of tax, under Law No. 1 of 2020. Article 5 of Perpu 1/2020: corporate income tax rate for companies under Income Tax Law is adjusted from 25% to 22% for the 2020 and 2021; and 20% for 2022 onwards. (45)
Regulatory Environment
OJK Regulation No. 27/POJK.05/2018 of 2018: regulates Financial Soundness of Insurance Companies. (42)
OJK will prepare regulation framework in relations to digital insurance and reinsurance brokerage services. The regulatory framework for governance and risk management in the FSS is currently in place for banks, insurance companies, financing companies, and pension funds (3).
OJK Regulation No. 38/POJK.05/2020 of 2020: regulates the scope of insurance and reinsurance business, standards of conduct, reinsurance (including sharia) agreements, claims settlement, expertise in the field of insurance, sharia principles in sharia insurance and reinsurance. (42)
Reg. No. 3 of 2020 for Foreign Ownership in Insurance Companies: maximum foreign party ownership of insurance companies is upto 80% of paid-up capital. The provision is exempt for foreign party owned public companies and insurance companies, with an ownership of >80%. (43)
OJK Letter No. S-18/D.05/2020 of 2020: regarding Technical Adjustment on the Implementation of Marketing Insurance Products Linked with Investment in Respect of the Impact of the COVID-19 on Life Insurance Companies and Sharia Life Insurance Companies supports digital insurance. (44)
Marketplace Participants
Private Sector
Corporates: PT Asuransi BRI Life, PT Astra Aviva Life, PT Lifepal Technologies Indonesia, Pasar Polis, Fuse, Qoala Investors: FWD Group Management Holdings Limited, PT Sedaya Multi Investama, Cathay Capital Private Equity SAS; Insignia Ventures Partners; Hustle Fund Management, LLC
Government
Financial Services Authority (OJK), Ministry of Finance, Ministry of Health
Multilaterals
International Association of Insurance Supervisors (IAIS)
Non-Profit
Indonesia Life Insurance Association OR Asosiasi Asuransi Jiwa Indonesia (AAJI), YLKI, General Insurance Association of Indonesia (AAUI), Indonesian Social Security Insurance Association (AAJSI), Insurance Council Indonesia (DAI)
Target Locations
Indonesia: Countrywide
Indonesia: Kalimantan
References
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