South Korean insurance titan Shinhan EZ General Insurance has announced its entry into the Indonesian market. The company, a subsidiary of Shinhan Financial Group Co. Ltd, is partnering with Tap Insure, a key player in the PasarPolis insurtech ecosystem.
This partnership is not just a foray into a new market but a potential game-changer in a country where insurance penetration remains under 4%. Shinhan EZ General Insurance brings its deep-rooted expertise in microinsurance from the fiercely competitive South Korean market, aiming to introduce groundbreaking auto insurance products in collaboration with Tap Insure.
ByoungKwan Kang, CEO of Shinhan EZ General Insurance, highlighted the partnership’s focus on leveraging digital innovation to deliver comprehensive insurance solutions in Indonesia.
“We are deeply committed to this venture, recognizing the enormous innovative potential in Indonesia’s insurance sector. This collaboration will enable us to contribute to market growth through our cutting-edge insurance solutions,” Kang stated.
The entry of Shinhan EZ General Insurance is timely as Southeast Asia’s insurance market is experiencing a rapid upswing, and Indonesia plays a critical role in this growth trajectory. The collaboration’s initial focus on auto insurance paves the way for a variety of transformative opportunities in the sector.
Cleosent Randing, Founder and Director of Tap Insure, underscored the collaboration’s significance.
“With Shinhan EZ General Insurance, we aim to make insurance accessible to everyone, merging innovation and expertise to reshape the future of insurance in Indonesia,” said Randing.
The collaboration is poised to benefit from PasarPolis’s full-stack insurance ecosystem and its impressive history of issuing over a billion policies, backed by major Indonesian tech giants and global investors.
The synergy between PasarPolis, Tap Insure, and Shinhan EZ General Insurance creates a formidable force that promises to enhance customer-centricity, accessibility, and innovative insurance services in Indonesia’s evolving market.