Indonesia’s direct-to-consumer (D2C) insurance marketplace Lifepal announced today that it has secured an oversubscribed US$9 million Series A funding round.

ProBatus Capital led the round, which also saw participation from Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle Fund.

This round takes Lifepal’s total fundraising since inception in 2019 to US$12 million.

Lifepal, which claims to have over four million visitors per month, said in a press note that it will use the fresh funding to improve its product and customer experience.

The company was started by former Lazada executives Giacomo Ficari, Nicolo Robba, and tech professionals Benny Fajarai and Reza Muhammad, with the vision of making financial protection accessible to everyone.

Serving the growing demands of Indonesia’s 270 million population in transparency, convenience, and access to a large selection of products, Lifepal acts as a one-stop platform offering over 300 policies across health, life, automotive, property, and travel.

The firm incorporates both educational content and an online marketplace that enables customers to select the right solutions from the comfort of their homes. Plus, its contact centre model provides live agents to address consumers’ potential questions and aid in payments and claims processing.

“We believe this three-pronged approach, tailored specifically to the needs of the Indonesian market, is driving the impressive growth that Lifepal has demonstrated since its launch last year,” said Ramneek Gupta, founder and managing partner of ProBatus Capital.

Also read: Insurance industry is poised for its “PayPal” in Asia

On top of these building blocks, Lifepal employs data from its financial content and community platform to offer accurate recommendations to consumers by matching them with the right product and customer support representative. This supports Lifepal’s relationship with its customers across the long customer-lifetime-value typical of the insurance industry with claim support, renewals, and cross-selling.

The insurtech firm has formed partnerships with more than 50 insurance agents which include some of the region’s largest players. It also claims to achieve 12x y-o-y expansion and growing 20 per cent m-o-m.

“During the pandemic, we experienced a strong increase in demand due to heightened awareness of health risks combined with the availability of our online platform during a time when in-person visits were avoided by most people,” said CEO Ficari. “We have entered the market at an exciting time: consumer behaviours are shifting online and we have the rare opportunity to continue to scale our traffic & branding to become the dominant online destination for consumers for the years to come.”

The growing middle-class and the rapid adoption of digital services has further Indonesia as one of the fastest-growing insurance markets globally. The market value is expected to reach US$58 billion by 2025, according to Munich Re Economic Research.

Image credit: Lifepal


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