JAKARTA - International Finance Corporation (IFC), a financial institution under the auspices of the World Bank that focuses on accelerating financial inclusion and literacy in developing countries, has officially joined as a PasarPolis investor. Through this strategic partnership, PasarPolis and IFC will jointly continue and strengthen PasarPolis's mission to democratize insurance more broadly, one of which is through developing innovative micro insurance products that are affordable and in accordance with community needs.
PasarPolis Founder and CEO, Cleosent Randing said, “The insurance gap and unequal distribution of insurance is a big challenge in Indonesia. Through the adoption of technology in this industry, we are able to bridge the access gap for people who were previously difficult to access by insurance services. By welcoming IFC as an investor, we will further strengthen PasarPolis mission to develop our technological innovations, so that we can create more affordable micro insurance products that can be easily accessed by various groups of people, including underprivileged people and in remote areas. We also thank IFC for the trust in PasarPolis. This strategic collaboration is also an acknowledgment of the positive impact we have on society."
For information, 90% of PasarPolis consumers are first time buyers of insurance policy, and 40% of PasarPolis policy holders are informal sector workers, such as online motorcycle taxi drivers, couriers, and online MSME players. (LM)