Shinhan EZ General Insurance, a subsidiary of South Korean financial giant Shinhan Financial Group, has set its sights on the Indonesian insurance market.
This strategic move comes as Shinhan anticipates substantial growth opportunities in Indonesia’s insurance sector, which currently has relatively low market penetration.
The partnership with PasarPolis, a prominent insurance sales platform, is set to make a significant impact.
Shinhan’s Indonesian Foray
Shinhan EZ General Insurance has chosen to venture into the Indonesian market by collaborating with PasarPolis’ insurance sales platform known as Tap Insure.
This move is driven by the firm belief in Indonesia’s potential to become a key player in the Southeast Asian insurance landscape alongside Thailand and Malaysia.
PasarPolis: A Force to Be Reckoned With
PasarPolis, founded in 2015, has already made substantial strides in the insurance industry by issuing over one billion policies. What sets them apart is their robust risk management practices.
Tap Insure, a part of PasarPolis boasts a remarkable risk-based capital ratio of 7,000%, which significantly exceeds the required minimum of 120%. This places them in a position of strength.
The Synergy Between Shinhan and PasarPolis
Shinhan EZ General Insurance is well-regarded for its expertise in microinsurance and the development of non-life insurance products. The partnership with PasarPolis will initially focus on auto insurance, aiming to address the needs of the Indonesian market effectively.
Moreover, Shinhan will gain access to PasarPolis’ comprehensive insurance ecosystem in Indonesia. It’s noteworthy that PasarPolis holds a unique distinction – being the first company in Indonesia to receive a license from the Financial Services Authority to provide insurance underwriting services.
A Vision for Transformative Change
The decision to collaborate with PasarPolis reflects the vision of Tap Insure to revolutionize the insurance landscape in Indonesia and Southeast Asia. They aim to achieve this by developing digitally native insurance products from inception to completion.
Byoung-kwan Kang, the CEO of Shinhan EZ General Insurance, underlines the importance of this partnership in driving transformative change in the insurance sector.
Shinhan Financial Group’s entry into the Indonesian market through its partnership with PasarPolis is poised to reshape the insurance landscape in the region, offering innovative insurance solutions tailored to the evolving needs of the market.
A New Era of Digital Insurance
Indonesia’s insurance market is on the cusp of transformation, and this partnership is perfectly positioned to lead the way. The insurance landscape is evolving rapidly, and with the advent of digital technology and data-driven insights, the potential for innovative, customer-centric insurance products has never been greater.
The combined strengths of Shinhan’s expertise in microinsurance and PasarPolis’ digital prowess create a powerful synergy. As they initially focus on auto insurance, the collaboration is set to bring innovative solutions that cater to the unique needs and preferences of Indonesian consumers.
It’s not just about offering insurance; it’s about delivering insurance experiences that are seamless, efficient, and user-friendly.
Southeast Asia is a region brimming with opportunities, and Indonesia, as one of its economic powerhouses, plays a central role in shaping the insurance landscape.
