Investors that participated in the funding round for Fuse include East Ventures (Growth Fund), GGV Capital, eWTP, and Emtek. The insurtech startup has raised nearly $50 million in the last six months.

Established in 2017 by Andy Yeung and Ivan Sunandar, Fuse operates under various business models. One of the most notable business models adopted by Fuse include partnerships with agents or marketers, collaborations with other companies, and direct-to-consumer offerings.

So far, Fuse has entered into partnerships with over 30 insurance companies and offers more than 300 products. The insurtech startup offers its products and services both directly to end consumers and through the over 60,000 agents on its platform.

Earlier this year, Andy Yeung, founder and chief executive officer at Fuse told the media, “We have been very focused on product and platform innovation and will continue to invest into developing products and platforms that make insurance accessible and affordable for everyone in Southeast Asia.”

“We will expedite to replicate our successful experience on agent partner and micro-insurance model to other parts of Southeast Asia, on top of Indonesia and Vietnam,” he added.

In September, Indonesian insurtech Rey Assurance launched its services after raising $1 million in pre-seed funding from the Trans-Pacific Technology Fund (TPTF).

Founded by Evan Tanotogono, Rey addresses the low penetration of life and health insurance in Indonesia.

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Investors that participated in the funding round for PasarPolis include LeapFrog Investments, SBI Investment, AlphaJWC, Intudo Ventures and Xiaomi, in addition to its existing Series A investors.

Its list of existing investors include VC firm East Ventures and Indonesian unicorns Gojek, Tokopedia, and Traveloka.

According to PasarPolis, its latest funding round is the largest for an insurtech firm in the region.

PasarPolis founder and chief executive officer Cleosent Randing told the media, “PasarPolis has become the bridge for the uninsured toward insurance protection. We believe that by working with these globally renowned investors, we will be able to accelerate the penetration of insurance in the region by further expanding access to fast and inclusive affordable insurance plans.”

“Through this funding, we will continue this mission in Indonesia, Thailand, and Vietnam. As we move forward into a more digital world, the presence of insurtech has become an essential aspect of the industry. The Covid-19 pandemic has increased awareness and demand of insurance, but consumers’ online purchasing lifestyle has resulted in insurtech becoming indispensable.”

Earlier this year, the insurtech startup launched GoSure in partnership with Indonesian ride-hailing giant Gojek.

Last year, the startup claimed it issued 650 million policies to first-time insurance purchasing consumers, ride-hailing drivers, delivery couriers and online small and medium-sized enterprises (SMEs).

Established in 2015, PasarPolis started as an online insurance marketplace and raised its seed funding in 2017. Reportedly, it has partnered with over 30 insurance companies in Southeast Asia.

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The funding round for Qoala was led by Centauri Fund – a JV between South Korea’s Kookmin Bank and Telkom Indonesia. New investors in the round included Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment, and Mirae Asset Sekuritas.

Existing investors such as MassMutual Ventures Southeast Asia, MDI Ventures, Surge, SeedPlus, and Bank Central Asia’s Central Capital Ventura also participated in the funding round for Qoala.

Reportedly, the startup wants to double its workforce to 300 by next year. Tommy Martin, the co-founder of Qoala, revealed that the startup will use the new funds to invest further into technology.

Harshet Lunani, Founder and chief executive at Qoala told the media, “As a relatively new entrant in the space we are delighted to partner with leading global investors whose thought leadership as well as operational experience will allow us to maintain our innovative edge. This truly demonstrates the ecosystem’s belief in what Qoala is trying to achieve – humanising insurance and making it accessible and affordable to all.”

Qoala, which is headquartered in Jakarta, wants to leverage technology and make the process of insurance claim as smooth as ordering food online.

Qoala primarily works with platform partners to drive insurance awareness in Indonesia and digitalises traditional offline insurance channels. The startup claims, currently it processes over 2 million policies per month compared to 7,000 policies in March 2019.

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It is reported that the deal is subject to regulatory approval and Bangkok Bank’s acquisition of  Bank Permata in Indonesia. PT Astra Aviva Life was set up in 2014. In 2018, the company comprised more than 750 employees offering services to more than 1.4 million customers, according to the company website. 

The insurance company said in a statement, “The transaction is expected to be completed in quarter four of 2020 and is subject to certain closing conditions, including regulatory approval in Indonesia and the completion of Bangkok Bank Public Company Limited’s [Bangkok Bank] acquisition of PT Bank Permata Tbk [Permata Bank], Aviva Indonesia’s bancassurance partner.” 

In 2018, PT Astra Aviva Life had more than 750 employees offering services to over 1.4 million customers. The joint venture in the last quarter of 2019 total assets amounting to Rp 5.9 trillion, with a Rp 900 billion year-on-year growth. 

Last year, Aviva reassessed its Asian business under the leadership of new CEO Maurice Tulloch, media reports said. It has decided to retain its Singapore and China operations. However, the company is further exploring opportunities for operations in Indonesia, Vietnam and Hong Kong. 

Recently, Aviva renewed its partnership with multinational bank  Santander. The partnership will offer life insurance to UK customers until 2026, media reports said. 

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