Southeast Asian (SEA) insurtech company PasarPolis continues solidifying its regional presence with significant achievements in Vietnam and Thailand.

The company’s operations in these markets have flourished, driven by strategic partnerships and a strong customer-centric approach. These accomplishments underscore PasarPolis’ effective collaboration strategy with ecosystem partners for impactful market entry and expansion.

Building on its success, PasarPolis is now gearing up for its next major move: expansion into Singapore, seeking to further its profitable growth trajectory.

Since expanding into Thailand and Vietnam in 2019, PasarPolis has sold millions of policies, demonstrating its commitment to democratising insurance and utilising technology to meet the unique needs of local markets. Earlier this year, PasarPolis reported remarkable financial performance, with a 2x revenue growth since its last funding round in 2023 and a 250 per cent surge in Gross Written Premium (GWP).

In an email interview with e27, Brendan Batanghari, VP of Corporate Finance & Regional Partnership at PasarPolis, explains the company’s plan to continue expanding and the lessons they learn.

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The following is an edited excerpt of the conversation.

The last time PasarPolis spoke to e27, we discussed selling insurance in a market like Indonesia, where buying insurance products is still considered a financial loss. Do you see any noticeable changes in user behaviour? If yes, how do you adjust your strategy to it?

Yes, we have observed a gradual shift in user behaviour in Indonesia. While insurance was traditionally viewed as a financial burden, we have seen an increasing awareness of its value, particularly in protecting against unexpected risks. This change has been driven by the rise of digital platforms, which make insurance more accessible and transparent, and by targeted education efforts that emphasise the importance of insurance as a financial safeguard.

One of the key factors in this shift is how easy it is to claim our insurance products. In some cases, claims are processed automatically and within minutes, which has transformed the experience of being insured.

Insurance is now viewed more positively, as customers enjoy the peace of mind that comes with daily protection, knowing that claims are easy and hassle-free.

At PasarPolis, we have focused on making the entire insurance purchasing and claiming process incredibly simple and user-friendly. Customers can now purchase and claim insurance with just a few taps, without filling out lengthy forms. We continue to prioritise making the insurance journey easier, simpler, and more affordable, ensuring our products are accessible and valuable to a broader audience.

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

Are there any insights that you can share about Indonesian and SEA customers in general?

Indonesian and SEA customers are becoming increasingly digitally savvy, significantly influencing their purchasing behaviours. They prefer convenience and seamless experiences, so we focus on integrating our services into platforms they already use, such as e-commerce and ride-hailing apps.

In Indonesia, while insurance penetration remains relatively low at 1.4 per cent compared to neighbouring countries such as Singapore at 12.5 per cent and Thailand at 4.6 per cent, there is immense growth potential.

The increased digital literacy and the push towards digital financial services contribute to a steady rise in insurance adoption. The inclusion rate for insurance in Indonesia has also grown from 13.15 per cent in 2019 to 16.63 per cent in 2022, signaling a growing acceptance of insurance products.

Thailand and Vietnam similarly present vast opportunities. Despite Thailand’s higher penetration rate, there is still significant room for expansion, especially as more consumers become aware of insurance’s benefits and digital platforms make it easier to access these products.

In Vietnam, where insurance penetration stands at 2.2 per cent, the demand for insurance solutions is growing rapidly. This growth is driven by the country’s fast-paced economic development, increasing consumer awareness, and the rising middle class. As Vietnam continues to develop, we anticipate that insurance penetration will increase significantly, presenting a lucrative opportunity for expansion.

Overall, these markets are on the brink of a significant insurance boom. As we continue to innovate and tailor our products to meet the specific needs of customers in these regions, we are confident that insurance penetration will grow substantially. By simplifying the insurance purchasing and claiming processes, we aim to contribute to this positive trend, ensuring more people benefit from accessible and reliable insurance coverage.

Also Read: AI-powered insurtech startup Sunday acquires KSK Insurance Indonesia

Can you tell us about the user acquisition strategy you have been using in Vietnam and Thailand? What lessons have you learned from these markets?

Our user acquisition strategy in Vietnam and Thailand mirrors the approach we have successfully implemented in Indonesia.

We focus on partnering with insurance providers and ecosystem partners, such as e-commerce platforms and fintech companies, to embed our insurance products within the services that users already engage with daily. This approach allows us to reach a wide audience and seamlessly integrate insurance into their everyday experiences.

Localisation is crucial in ensuring our products resonate with local consumers and address their specific needs. One example of this localised strategy is introducing the nation’s first microinsurance product for digital electronic protection in Thailand. This product provides 12 months of coverage for new electronic goods against accidental damage and loss from theft or burglary. It can be purchased in just a few taps and easily claimed online, making it highly convenient and user-friendly.

By adapting our products to fit local demands and preferences, we have built trust and drive adoption more effectively in these markets. This localisation, combined with our partnership-driven approach, has been key to our success in Vietnam and Thailand.

What other plans do you have for these markets?

Moving forward, we plan to deepen our presence in Vietnam and Thailand by expanding our product offerings and forging new partnerships.

We are particularly interested in enhancing our digital insurance solutions to cater to the growing demand for convenient and accessible insurance products. Additionally, we aim to leverage data analytics to better understand customer needs and provide more personalised offerings.

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We are also exploring opportunities to collaborate with local businesses to co-create insurance products that address specific market needs, further embedding ourselves in the local ecosystems.

Can you share more about your plan to expand to Singapore? What challenges or differences do you expect to encounter?

Our expansion to Singapore is a strategic move to solidify our presence in SEA’s insurtech landscape. Singapore, a highly developed and competitive market, presents opportunities and challenges. One of the main challenges we anticipate is the high level of customer expectations for seamless digital experiences and the need to differentiate ourselves in a market with established players.

We plan to leverage our experience from other markets to tackle these challenges, focusing on innovation and customer-centric solutions. A key aspect of our strategy will be emphasising the ease of purchasing and claiming insurance protection with just a few taps.

By offering a simple, fast, and convenient user experience, we aim to meet the high expectations of Singaporean consumers and stand out in a competitive landscape.

Additionally, we will consider forming strategic partnerships that can help us tap into existing networks and customer bases. We plan to emphasise compliance and adaptability to effectively navigate Singapore’s stringent regulatory environment.

By combining our strengths in digital innovation with a deep understanding of local market dynamics, we are confident in our ability to successfully expand into Singapore.

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Image Credit: PasarPolis

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Lamudi Indonesia, an online property marketplace owned and operated by Asutralia’s Digital Classifieds Group (DCG), has received an undisclosed amount in strategic financing from Living Lab Ventures (LLV), the corporate VC arm of Indonesia real estate development company Sinar Mas Land.

“This marks another milestone for LLV, as it reflects our strong belief in DCG and Lamudi’s capability to drive the largest tech-based ecosystem for the property technology industry in Indonesia, especially through strategic collaboration and integration within the Sinar Mas Land ecosystem,” said Bayu Seto, Partner of Living Lab Ventures.

Also Read: Aussie group DCG acquires Lamudi’s Indonesia, Philippine businesses

“This move will gain access to new avenues as we are expanding our reach into Australia and strengthening our muscles in the Asia-Pacific proptech industry,” he added.

Lamudi was founded in 2013, initially focusing on building dominant property classifieds in frontier markets. Over recent years, Lamudi has shifted from advertising to transaction-based business models to accelerate revenue and growth.

Currently, it provides services, such as omnichannel marketing solutions, for over 425 property projects. The firm works with over 30,000 real estate agents in the archipelago.

“With the backing of Living Lab Ventures, we are poised to expand our operations and solidify our position as the leading real estate marketplace in Indonesia. This investment will enable us to further develop our platform, improve user experience, and provide unparalleled value to our customers,” stated Mart Polman, CEO of Lamudi Indonesia.

DCG acquired Lamudi’s Indonesia and Philippine businesses from Dubizzle Group in October last year. The deal follows DCG’s acquisition of the leading Bangladeshi portal, Bproperty, in January 2023.

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Image Credit: Lamudi

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FinKnight, a Malaysian fintech startup providing accounting and professional services, has secured an undisclosed strategic investment from Gobi Partners Affiliate and First Move, an early-stage fund run by Fave founder Joel Neoh and its former executive Audra Pakalnyte.

This investment supports FinKnight’s mission to provide “comprehensive accounting and professional services”, including growth strategies, fundraising, bookkeeping, and data analytics.

In today’s fast-paced startup environment, traditional financial practices often fall short of meeting the unique needs of high-growth ventures. Moreover, startups and scaleups face increasing pressure to optimise costs while scaling operations, prompting many to relocate finance and back-office functions to more cost-effective locations.

Also Read: How Fave founder’s new VC firm helps Malaysian entrepreneurs make their First Move

FinKnight (formerly Beetle Knight Advisory) addresses these challenges by offering a new approach to startup finance.

The startup, The startup, founded by Chang Lih Yen and Chan Qi Yang (former CFOs of EasyParcel and Signature Market), claims to have impacted over 15 startups and scaleups in just one year, helping them navigate complex financial landscapes, optimise their operations, and achieve sustainable growth.

Its clientele ranges from pre-seed to growth-stage companies.

Also Read: Dream big, start small: Joel Neoh shares lessons from his years with Fave

Joel Neoh, Partner at First Move, said, “When I first met the FinKnight team, I was immediately struck by their deep understanding of the unique challenges startups face. It’s not just about providing financial services—it’s about being a partner in their growth journey. We’re thrilled to join FinKnight in their mission to empower startups and scaleups across Southeast Asia with the tools they need to succeed.”

Founded in 2023, First Move has backed ten Southeast Asian startups in first year. With an average investment size of US$100,000 per startup, the VC firm has invested in companies, including The Giggly Company, Evo Commerce, DeCube, Save Day, Koppiku, 3Cat, PayGap, and Collektr.

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Image Credit: FinKnight.

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Singapore-based startup FingerDance is on the way to revolutionise accessibility for the deaf and hard-of-hearing communities with their FingerDance AI Sign Language large models, offering 24/7 sign language translation services.

This innovation aims to enhance information and service accessibility, providing seamless communication support for those who rely on sign language.

“We are working with the Singapore Association for the Deaf (SADeaf) and the deaf communities during our product development,” FingerDance Co-Founder Gong He shares in an email to e27.

“For example, we invite deaf participants to attend our Singapore Sign Language data collection workshops.”

Operating on a B2B model, FingerDance aims to extend its reach by partnering with more organisations in the future. Their strategy focuses on expanding the deployment of their sign language translation technology across various service points, ensuring that deaf and hard-of-hearing individuals can navigate public spaces and access essential services effortlessly.

Currently, FingerDance is collaborating with partners such as SBS Transit and SADeaf to deploy their solution at the Chinatown MRT station, enabling the deaf community to easily access passenger services.

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Innovating for a difference

FingerDance is one of the seven innovative startups that have emerged from the inaugural cohort of the Technology for Sustainable Social Impact (TS2) accelerator programme, a collaborative initiative launched by NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), and the Singapore Centre for Social Enterprise, raiSE.

Announced on January 29, TS2 is a 10-week accelerator programme designed to empower tech startups that focus on creating human-centred social impact within Singapore. The programme is geared towards nurturing enterprises that are not only technologically innovative but also deeply committed to addressing pressing social challenges in the community.

How does participating in this programme help FingerDance’s business? Through TS2, FingerDance has received the guidance, resources, and network support necessary to refine and scale its solution, ensuring it can reach a broader audience and have a greater impact.

“TS2 programme provides various support, such as mentor services and weekly lessons. In addition, TS2 is a great platform to connect with like-minded entrepreneurs. We learned a lot during this journey,” Gong He says.

The FingerDance team consists of 10 members, including five co-founders. The company was part of Run 8 of the NUS Graduate Research Innovation Programme (GRIP).

Also Read: Inclusion matters: How GitHub enhances accessibility for individuals with disabilities

Launched in 2018, GRIP is a year-long venture creation initiative by NUS that supports post-graduate students, researchers, and alumni in transforming their research into successful deep tech startups. Through GRIP, FingerDance received crucial funding and guidance that have been instrumental in nurturing its early-stage venture from research commercialisation to market readiness.

For 2024 and beyond, FingerDance aims to keep on expanding its reach in Singapore.

“We aim to integrate sign language everywhere to benefit the deaf and hard-of-hearing communities. We look forward to working with more partners on this smart and inclusive journey,” Gong He closes.

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Image Credit: NUS Enterprise

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The cryptocurrency landscape is dynamic and ever-changing, requiring a keen understanding of many factors that influence the fair value of digital assets. As we delve into this world, it is crucial to separate the signal from the noise, focusing on long-term value rather than short-term hype.

By understanding price fluctuations and market patterns, individuals can make informed choices about buying, selling, or holding their crypto assets, just like any other asset class.

Factors influencing the fair value of digital assets

Supply and Demand: Similar to traditional currencies, goods, and services within an economy, the value of crypto assets like Bitcoin (BTC), Ethereum (ETH), etc., are shaped by perceived worth, as well as by the forces of supply and demand. When people believe that Bitcoin has significant value, they are more inclined to purchase it, particularly if they expect its value to rise. Bitcoin’s fixed supply of 21 million coins makes it inherently scarce.

This scarcity, combined with increasing demand, especially during periods of economic uncertainty or as a hedge against inflation, tends to drive up its price. Conversely, a decline in demand, possibly due to market corrections or the appeal of alternative investments, can cause Bitcoin’s price to fall.

Also Read: The rise of Web3 and crypto startups: Pioneering the decentralised future

For instance, in 2021, Bitcoin’s price surged by 10 per cent overnight after Amazon posted a job listing for a “Digital Currency and Blockchain Product Lead,”underscoring the impact of market demand on its value.

Investor sentiments

In the fast-paced world of digital assets, investor sentiment acts like a powerful headwind or tailwind in the market for crypto assets, causing significant price swings based on their mood and expectations. When positive news, such as institutional adoption or favorable regulatory announcement occurs, investors fear missing potential gains and jump in, further inflating Bitcoin’s price. Investors tend to seek information that confirms their existing beliefs.

If investors are bullish, their focus will be more inclined towards positive news, resulting in a buying spree of the underlying asset. Conversely, negative news, such as security breaches or regulatory crackdowns can trigger sharp declines. Even seasoned investors can find themselves swept up in waves of excitement or fear, leading to market frenzies or panics.

Understanding and managing these emotional dynamics is essential for investors aiming to thrive in this rapidly evolving landscape. By maintaining a disciplined, forward-thinking approach, investors can harness the power of sentiment while mitigating its potential pitfalls.

Regulations

Regulations significantly impact crypto assets’ market value. Favourable regulatory policies enhance market confidence and attract investors, while restrictive regulations can lead to market contractions. For example, in January 2024, after years of denials, the approval of Bitcoin Spot ETFs by regulators caused Bitcoin’s price to climb over the following months to exceed US$73,000.

Also Read: A fundraising guide for your crypto project

Regulatory news often has a direct and immediate effect on investor sentiment, influencing both short-term price movements and long-term market trends. However, since crypto asset regulations differ significantly around the world, investors must stay informed about the laws in their authority and comply to make sound investment decisions.

Overblown publicity and attention from the media

Media plays a crucial role in shaping public perception of cryptocurrency, moulding its narrative through news coverage. Positive media stories, such as endorsements by influential figures or announcements of major companies adopting Bitcoin, can spark excitement and draw new investors, thereby driving up prices.

For instance, in March 2021, when Elon Musk revealed Tesla’s investment in Bitcoin, prices surged due to heightened optimism about institutional adoption. However, when Musk later expressed concerns about Bitcoin’s environmental impact, prices plummeted amid negative sentiment and concerns over regulatory scrutiny.

As we explore the potential of cryptocurrencies, it is vital to approach investment in this exciting but volatile asset class with a clear, value-based strategy and not focus on short-term returns. For new investors, understanding these factors can help them navigate the complexities of the crypto market.

The cryptocurrency world is evolving, offering undeniable potential for investors and the months ahead will be critical in shaping the future of this innovative asset class. Understanding the macro picture is essential for navigating this new frontier.

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