Shinhan EZ General Insurance has entered into a strategic partnership with Tap Insure, an Indonesian general insurance company that is a partner of insurtech company PasarPolis.
The partnership, formalised by a Memorandum of Understanding (MoU), will enable the exchange of industry knowledge by leveraging Shinhan EZ General Insurance’s experience in the sector, and marks the company’s entry into the Indonesian market with a focus on serving Korean companies operating there.
Indonesia represents a landscape of opportunity, with an insurance penetration rate of less than 4%, meaning there is huge room for development. The country plays a significant role in the growing insurance industry in Southeast Asia, including prominent markets such as Thailand and Malaysia.
“As we enter the Indonesian market in partnership with Tap Insure, we are not only excited but deeply committed to a groundbreaking venture,” said ByoungKwan Kang, CEO of Shinhan EZ General Insurance. “Our decision to partner stems from Tap Insure’s vision to transform the insurance landscape in Indonesia and Southeast Asia by developing digitally native insurance products from start to finish, as well as the robust insurtech ecosystem provided by PasarPolis. The potential for innovation in Indonesia’s insurance sector is immense, and this partnership will allow us to introduce innovative insurance solutions while contributing to the growth of the market. We look forward to a future of transformative insurance offerings.
Elsewhere in the country, Indonesia’s Financial Services Authority is promoting the introduction of compulsory insurance for the public.
