Indonesia’s largest online insurance market has grown 12-fold year-over-year; Now attracting more than four million visitors per month
Jakarta, Indonesia, 23 Aug 2021 / PRNewswire / – Lifepal, the largest direct-to-consumer (D2C) digital insurance marketplace in Indonesia, announced to have raised an oversubscription $ 9 million in a Series A financing led by ProBatus Capital with the participation of Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle Fund, bringing the total capital raised to $ 12 million. The company will use the new funding to improve its product and customer experience.
Lifepal was founded in 2019 by the former leaders of Lazada Giacomo Ficari, Nicolo robba, and experienced tech professionals Benny Fajarai and Reza Mohammed with the vision of making financial protection accessible to all. In a country where 270 million people still rely on outdated traditional agents for their insurance needs, the business is quickly becoming indonesia Number one online insurance destination where customers can easily compare, register and claim insurance policies online. As a single platform offering more than 300 health, life, auto, property and travel insurance policies, Lifepal has more than 50 insurance partners, including some of the largest players in the region.
“During the pandemic, we experienced a surge in demand due to increased awareness of health risks combined with the availability of our online platform at a time when in-person visits were avoided by most. people, ”said the founder and CEO Giacomo Ficari. “Lifepal responds to the evolving needs of the modern consumer by reducing the problems associated with traditional agents through a complete digitization of the value chain for a superior customer experience. “
With a growing middle class and rapid adoption of digital services, Indonesia is one of the fastest growing insurance markets in the world and is expected to reach $ 58 billion by 2025 according to Munich Re Economic Research. Yet traditional insurance agents have been slow to innovate to meet the needs of the new digital customer who demand transparency, convenience and access to a wide selection of products.
Ficari continued, “We have entered the market at an exciting time: consumer behaviors are evolving online and we have the rare opportunity to continue increasing our traffic and branding to become the dominant online destination for consumers. for the coming years. We’re waiting impatiently. partnering with our new investors who share the same long-term vision and the same passion for insurance and the best customer experience. “
“We have invested in Lifepal because of their potential to change the way the Indonesian consumer buys insurance,” said Ramneek gupta, founder and managing partner of ProBatus Capital. “They’ve built a platform that uniquely serves their consumers by incorporating educational content that helps customers understand their needs and an online marketplace that allows them to choose the right solutions from the comfort of their own homes. Finally, their model Contact Center allows consumers to engage with live agents to answer potential questions and assist with payment and claims processing. We believe this three-pronged approach, tailored specifically to the needs of the Indonesian market, is appropriate. behind the impressive growth Lifepal has demonstrated since its launch last year.
By leveraging data from its financial content and community platform, the largest Indonesia With four million monthly visitors, Lifepal is able to provide accurate recommendations to consumers by matching them with the right product and the right customer service representative. Additionally, being a direct-to-consumer distributor allows Lifepal to master the long-life customer relationship of the typical insurance industry customer with claims support, renewals and cross-selling. This led to 12x year-over-year expansion, increasing 20% month-over-month, with an incredibly capital efficient unit economy.
“The insurance market in Indonesia is incredibly untapped and underserved with less than two percent of Indonesians having insurance, making it ripe for a digital disruption, ”said Rajive Keshup, director of Cathay Innovation. “The Lifepal team has already built one of the largest markets in South East Asia and now replicates their success in the insurance industry to solve an important problem. At Cathay Innovation, we support bold founders who dare to disrupt and lead massive change in global markets and are grateful to partner with the team as they execute their mission of making financial protection accessible to all. “
Lifepal is the largest insurance market in Indonesia by traffic with 4 million monthly visitors and 1 million social media followers combined.
We help customers by providing the country’s widest choice of policies, pricing benefits, the convenience of purchasing and using the policy, and transparency of information. For more information, please visit lifepal.co.id/
About ProBatus Capital
ProBatus Capital is a global, multi-stage venture capital firm backed by Prudential Financial, Inc. (NYSE: PRU) and founded by Ramneek gupta, an industry leader who founded and led the venture capital investment efforts at Citi for a decade. ProBatus Premier Fund is a $ 300 million multi-stage investment vehicle focused on partnering with founders who build sustainable businesses in the largest verticals of the global economy including insurance, services financial, healthcare IT, real estate and asset management as well as horizontal enterprise technology enablers such as data / ML, cloud, DevOps, security, automation and digital CX. For more information, please visit www.probatuscap.com.
Prudential Financial, Inc. is not affiliated with Prudential plc, headquartered in the UK or with Prudential Assurance Company, a subsidiary of M&G plc, headquartered in UK.
Team photo, logo and more: https://drive.google.com/drive/folders/1oy2UyqG9xnYwSbTSKjCxhM3bkebIZIYu?usp=sharing