PasarPolis
Indonesian embedded-insurance platform selling policies through GoTo, Shopee, and Traveloka.
On the record
Checkpoint: Terms of the Tokio Marine-led Series B extension and whether it converts into PasarPolis holding its own OJK underwriting license
The call
PasarPolis has real scale and partners, but it sells through platforms that own the customer, leaving its future tied to contracts it does not control.
PasarPolis sells insurance through popular shopping and travel apps in Indonesia, using a network of 60,000 agents to reach customers. The main risk is that its three biggest partners, GoTo, Shopee, and Traveloka, own the customers and could switch to cheaper competitors or build their own insurance teams when contracts come up for renewal. Another threat comes from better-funded rivals like bolttech, which raised far more money and already has repair shops. The one thing that could stabilize the company is if it gets its own insurance license rather than just reselling other companies' policies, giving it more control over its own fate.
Why
01
AI pressure: None apparent. AI mostly shows up inside PasarPolis's own claims and underwriting tools, not yet as an outside threat taking its business. Could AI do the core job? Only partly.
02
Bigger players: GoTo, Shopee, Traveloka, and bolttech. The platforms it sells through own the customer and can renegotiate or swap insurers, while bolttech, better funded, chases the same deals. Could a giant copy it? Probably.
03
What protects it. 60,000-agent network, OJK-linked underwriting ties, and years of integration work partners would need to rebuild.
What would change this call
GoTo, Shopee, or Traveloka renegotiates or ends its embedded-insurance deal with PasarPolis. Would show distribution partners can disintermediate PasarPolis at will.
bolttech or Qoala announces an exclusive platform partnership in Indonesia or SEA. Would show rivals locking up the same distribution channels PasarPolis depends on.
PasarPolis discloses terms of the Tokio Marine Series B extension or obtains its own standalone OJK underwriting license. Would show whether PasarPolis is gaining underwriting independence or staying a brokered distributor.
bolttech or Qoala announces an exclusive platform partnership in Indonesia or SEA. Would show rivals locking up the same distribution channels PasarPolis depends on.
PasarPolis discloses terms of the Tokio Marine Series B extension or obtains its own standalone OJK underwriting license. Would show whether PasarPolis is gaining underwriting independence or staying a brokered distributor.
Key numbers
- $12M bridge round in Sept 2023 after funding gap
- ~$10.1M estimated annual revenue, 241 staff
- ~$79M total raised since 2015 founding
Named risks
- Distribution partners (GoTo, Shopee, Traveloka) own the customer relationship and can renegotiate or swap providers at renewal.
- PasarPolis lacks its own standalone OJK underwriting license, relying on partner Tap Insurance.
- APAC insurtech funding has roughly halved since 2021, pressuring future capital raises.
- Better-capitalized rivals bolttech and Qoala are out-raising PasarPolis for the same regional deals.
- Core AI-driven workflows (chatbot, claims imaging) run on off-the-shelf tools that competitors and platforms can replicate.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| bolttech | gaining on | Closed $147M Series C in 2025, dwarfing PasarPolis's disclosed rounds, plus owned repair networks via Erajaya deal |
| Qoala | contesting | Raised $47M Series C in 2025, competing for the same SEA embedded-insurance distribution deals |
| GoTo, Shopee, Traveloka | contesting | Own the end-customer relationship and can renegotiate commissions or swap PasarPolis at contract renewal |
| Grab | gaining on | Runs GrabInsure in-house across parts of the region as of 2025-06-03, bypassing third-party distributors like PasarPolis |
Questions people ask
- Is PasarPolis profitable in 2025?
- Not yet. In a January 2025 report, PasarPolis said it targets a 50% CAGR over the next four years and is 'aiming for profitability,' implying it was not profitable as of that statement (2025-01-25).
- Could AI replace PasarPolis?
- Partially. Its chatbot and image-based claims assessment run on Google's Dialogflow and Vision AI, both commoditizable. But its OJK-linked underwriting ties and roughly 60,000-agent network (per 2023-01-11 TechCrunch) are harder for AI alone to replicate.
- Who owns PasarPolis?
- As of a September 2023 bridge-round filing, CEO Cleosent Randing held the largest stake at 21.2% Class B shares, GoTo's Go-Ventures held roughly 16%, and SBI Investment and IFC each held 7.34% Class C shares.
- Who is PasarPolis's biggest competitor?
- bolttech, a Singapore-based insurtech that closed a $147M Series C in 2025, giving it a large capital and physical-repair-network advantage (e.g., its Erajaya partnership) over PasarPolis's smaller raises.
- Did PasarPolis raise money recently?
- Yes. Around September 15-16, 2025, PasarPolis closed a Series B extension led by Japanese insurer Tokio Marine Holdings, with Chocolate Ventures and undisclosed investors also participating; exact terms were not disclosed.
- Does PasarPolis own its own insurance license?
- No, historically PasarPolis has operated as a broker/agency platform, with underwriting carried out through partner Tap Insurance, which holds the OJK license, according to a January 2023 TechCrunch interview with the CEO.
Timeline
- 2025-09-15Series B extension led by Tokio Marine Holdings closes, terms undisclosed
- 2025-01-25Company states 50% CAGR target over four years, aims for profitability
- 2024-08-27Company reports doubled revenue growth and 250% GWP growth (vendor-claimed)
- 2023-09-24$12M bridge round from LeapFrog, Intudo Ventures, Go-Ventures
- 2023-01-11TechCrunch profiles PasarPolis as full-stack insurtech, cites 60,000 agents
- 2021IFC makes $5M equity investment in PasarPolis
- 2020-09-03PasarPolis closes $54M Series B, reported largest SEA insurtech Series B at the time
- 2018-06-29PasarPolis closes Series A round
- 2017-04PasarPolis closes seed round
- 2015PasarPolis founded by Cleosent Randing as insurance comparison site
Head to head
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- PasarPolis CEO, Founder, Key Executive Team, Board of Directors & Employees
- LeapFrog backs $54 million round for affordable insurer PasarPolis (2020-09-03)
- LeapFrog Investments (2025-01-29)
- Insurtech PasarPolis raises $12 mn funding (2023-09-24)
- PasarPolis Stock Price, Funding, Valuation, Revenue & Financial Statements (2025-09-15)
- PasarPolis doubles revenue growth (2024-08-27)
- PasarPolis sees double growth, 250% GWP increase (2025-01-25)
- Management and Employees List
- PasarPolis is now one of Indonesia's first full-stack insurtechs (2023-01-11)
- PasarPolis Case Study
- Working at Pasarpolis (2023-06-09)
- APAC insurtech funding halved to $4.1b (2026-07-15)