FUSE Being The Only Insurtech From Indonesia Included In "The World's Top 100 Insurtech 2021"
By : Nata Kesuma | Friday, November 26 2021 - 16:11 IWST
Fuse, The insurtech companies
INDUSTRY.co.id - Jakarta - Sønr Global, the world's leading market intelligence platform designed specifically for the insurance industry, along with leading consultant Ernst & Young (EY), have just released the World's Top 100 Insurtechs list.
The list is borne out of months of work by Sønr team, researching and analysing tens of thousands of companies around the world and hence scored by a set of world-class industry experts.
The insurtech companies being included in the list are considered to be successful and pioneer in driving change across insurance. Fuse is the ONLY insurtech from Indonesia to be included in this list, ranking 65th.
In Sønr and EY's review, it is stated that Fuse connects insurance products from a variety of insurance companies with multiple distribution channels and partners. Leveraging technology to make insurance easy and affordable, its platform supports B2A, B2C and B2B2C models.
For B2A businesses, Fuse Pro app instantly curates insurance enabling agent/ broker partners to maximize choices to their customers. With its B2C model, Fuse uses its insurance comparison or aggregator portal, Cekpremi.com, to provide efficient insurance comparisons for end customers.
Lastly, its B2B2C model supports digital small-ticket size insurance products, making insurance affordable for everyone. It also develops partnerships with multi-financing companies and banks, enabling them to distribute micro insurance in an efficient way.
"We are bit surprised to be chosen by Sønr Global and EY and ranked us much higher than some other big names in the world. It is such an honor for Fuse to be the only insurtech from Indonesia, and one of the two insurtechs in Southeast Asia, which is recognized as the best 100 insurtechs in the world. With such encouragement, we will continue to try our very best to use technology to connect and enable our insurance partners, channel partners as well as agent/ broker partners and hopefully insurance penetration across Southeast Asia will be improved with the presence of Fuse," Andy said in his official statement, Friday (26/11/2021).
Andy added, there are a lot of potentials for insurance and insurtech business to grow further in Indonesia and Southeast Asia. Referring to Financial Services Authority (Otoritas Jasa Keuangan/ OJK) data, 97% of Indonesians are underinsured for a lack of trust in the current system.
There is also a gap in the application of technology in insurance companies in Indonesia, which includes the difficulty of accessing and developing insurance products. As a result, the digital ecosystem facilitated by insurtech companies could possibly be the answer to these challenges, by offering various distribution channels to market insurance products.
"Seeing the growth of our business over the last few years, the technology platform that Fuse built has proven to increase interest and sales of insurance products. We are among the largest in terms of Gross Written Premium (GWP) and even company valuation in Indonesia and Southeast Asia. In 2020, our GWP already exceeded IDR 720 billion, and our GWP in 2021 third quarter has already exceeded IDR 1 trillion hitherto," Andy concluded.