Shinhan EZ General Insurance, part of the South Korean Shinhan Financial Group, has made its debut in the Indonesian market. Their entrance is marked by a partnership with the insurance sales platform Tap Insure, a component of PasarPolis.
Here are the key highlights of this development:
- Market Potential: Shinhan recognizes untapped potential in Indonesia’s insurance industry, considering its current low penetration. In the Southeast Asian spectrum, it’s expected that Indonesia, along with Thailand and Malaysia, will hold a significant role in the total premiums underwritten.
- Record-Breaking Partners: Established in 2015, PasarPolis has issued over a billion policies. Tap Insure boasts a risk-based capital ratio of 7000%, surpassing the minimum requirement of 120%.
- Focused Approach: Shinhan will leverage its proficiency in microinsurance and non-life insurance product development in this partnership. The initial spotlight is on auto insurance.
- Beneficial Access: The partnership grants Shinhan access to PasarPolis’ comprehensive insurance ecosystem in Indonesia.
- Industry Firsts: PasarPolis holds the distinction of being the first company in the country licensed by Indonesia’s Financial Services Authority to offer insurance underwriting services.
Byoung-kwan Kang, CEO of Shinhan EZ General Insurance, expressed that the partnership aligns with Tap Insure’s vision of revolutionizing the insurance landscape in Southeast Asia through the creation of digital-first insurance products.
