PasarPolis, one of Indonesia’s first full-stack insurtechs, has brought on Peter Van Zyl as its president. Van Zyl is former director and CEO of Allianz Indonesia, one of the country’s biggest insurers.
Through a strategic partnership with Tap Insure, PasarPolis is able to underwrite and distribute its own insurance products to clients like Tokopedia, Gojek and Traveloka. Van Zyl will oversee PasarPolis’ strategy as a full-stack insurer.
In addition to seven years as director and CEO of Allianz Indonesia, Van Zyl spent 15 years in senior roles at AIG. He told TechCrunch that he decided to make the move from a well-established player like Allianz Indonesia to startup life because of the potential he sees in digital insurance solutions reaching a broader population in Indonesia.
Van Zyl first began working with the PasarPolis team more than eight years ago when Allianz became the insurer for PasarPolis’ business partners. His responsibilities at his new rule include guiding the company toward its goal of becoming the leading digital insurer in Indonesia. Van Zyl said PasarPolis’ differenatiors from other Indonesian insurtechs like Cermati, Lifepal and Cekaja is its ability to address the insurance gap and unequal insurance distribution in Southeast Asia, particularly Indonesia, thanks to its ability to underwrite and distribute its own insurance products. PasarPolis does this through a strategic partnership with Tap Insure, which is registered and supervised by Indonesia’s Financial Authority (OJK).
Van Zyl added that PasarPolis also has a strong track record in claims experience and customer service. It successfully resolved 98% of total B2B2C (non-credit insurance) claim settlements in less than 24 hours, and 95% of total device insurance claims were settled in less than two hours.
In addition to Indonesia, PasarPolis also has a presence in other Southeast Asian markets like Vietnam and Thailand. Launched in 2015, PasarPolis has issued over one billion policies and raised over $59 million, including from three Indonesian unicorns: Gojek, Tokopedia and Traveloka. One of its specialities is selling insurance policies to people who have never purchased one before, and its embedded insurance products include travel, home content, logistics, electronics, device health, life and automotive.