Shinhan ventures into Indonesian market with PasarPolis partnership

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.