Shinhan EZ General Insurance Forays into Indonesian Market with Tap Insure Alliance

The Indonesian insurance sector is set for a shake-up as Shinhan EZ General Insurance, a subsidiary of the South Korean financial behemoth Shinhan Financial Group Co. Ltd, announces its foray into the local market.

In a strategic partnership with Tap Insure, part of the insurtech ecosystem PasarPolis, Shinhan is set to introduce innovative microinsurance products, initially focusing on the auto insurance segment.

This alliance heralds a significant leap for the Indonesian insurance landscape, promising to bring a blend of expertise and digital innovation to a market poised for substantial growth. With an insurance penetration rate just under 4%, Indonesia represents a fertile ground for such transformative ventures.

ByoungKwan Kang, CEO of Shinhan EZ General Insurance, conveyed his commitment to the partnership, emphasizing the opportunity to leverage digital advancements and contribute to market growth through innovative solutions.

This entry is especially significant given the vast potential in Southeast Asia’s insurance market, where Indonesia, alongside Thailand and Malaysia, is a major contributor to the insurance premiums pool.

The collaboration is grounded in a knowledge exchange, utilizing Shinhan’s prowess in digital non-life insurance product development. PasarPolis, with its technology platform capabilities, will enhance the distribution and claims processes, fortifying the insurtech dimension of the partnership.

Cleosent Randing, Founder and Director at Tap Insure, highlighted the synergy created by the strategic partnership, aiming to make insurance more accessible across Indonesia.

With the digital-first approach of PasarPolis and the high Risk-Based Capital ratio of Tap Insure, the collaboration is set to inject financial stability and inclusivity into the sector. Peter Van Zyl, President of PasarPolis, underscored the vision of creating positive change beyond just profit, focusing on bridging the insurance gap in the country.

The companies anticipate this partnership will lead the way in meeting the evolving needs of Indonesian consumers, setting a benchmark for innovation and inclusivity in the insurance industry. As the market evolves, Tap Insure and Shinhan EZ General Insurance are poised to be key players in this transformative journey.

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