- PasarPolis doubles revenue and sees 250% surge in gross written premium in 2023.
- The Indonesia-based insurtech firm has issued over 2 billion insurance products since its launch.
- PasarPolis aims for profitability in the near future.
Insurtech firm experiences significant growth
PasarPolis, an Indonesia-based insurtech firm, has announced a significant milestone in its journey toward profitability. The company has doubled its revenue in 2023 compared to 2021, the year it last raised funding.
This growth is attributed to PasarPolis’s strong focus on building sustainable business operations and expanding its market reach.
Impressive metrics and expansion plans
The firm has also seen a substantial increase in its gross written premium (GWP), which surged 250% during the 2023 fiscal year. Since its launch in 2015, PasarPolis has issued over 2 billion insurance products, offering policies for life, travel, home content, logistics, electronics, and vehicle insurance.
The company expects a 50% compound annual growth rate over the next four years and plans to fully underwrite all its products within this period to enhance its EBITDA margin significantly. PasarPolis operates in Indonesia, Vietnam, and Thailand, competing with other insurtechs such as Qoala and Fuse.
The insurtech industry in Indonesia is poised for significant growth, with consulting firm Redseer anticipating a 4x increase by 2026 and a multibillion-dollar total gross premium.
PasarPolis’s strong performance positions the company well to capitalize on this growing market and achieve profitability in the near future.
To read the original article: https://www.techinasia.com/pasarpolis-doubles-revenue-2-years-aims-profitability-future
