By Gabriel Budi Sutrisno | TechinAsia | November 3, 2023<\/p>\n
Shinhan EZ General Insurance, a subsidiary of South Korean conglomerate Shinhan Financial Group, has entered the Indonesian market through a tie-up with PasarPolis\u2018 insurance sales platform Tap Insure.<\/p>\n
Shinhan anticipates significant growth in Indonesia\u2019s insurance industry given the currently low market penetration. Along with Thailand and Malaysia, Indonesia is expected to play a crucial role in the overall premiums underwritten in Southeast Asia.<\/p>\n
Since its establishment in 2015, PasarPolis has recorded over one billion policies. Meanwhile, Tap Insure said its risk-based capital ratio \u2013 the level of risk associated with an insurance company\u2019s assets \u2013 stands at 7,000%, way above the required minimum of 120%.<\/p>\n
Shinhan will bring its expertise in microinsurance and non-life insurance product development to the partnership, which will initially focus on auto insurance.<\/p>\n
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\nThe Korean company will also be able to access PasarPolis\u2019 full-stack insurance ecosystem in Indonesia. The latter won a license from Indonesia\u2019s Financial Services Authority to offer insurance underwriting services \u2013 the first in the country to do so.<\/p>\n
\u201cOur decision to partner stems from Tap Insure\u2019s vision to transform the insurance landscape in Indonesia and Southeast Asia through the development of digitally native insurance products from start to finish,\u201d said Byoung-kwan Kang, CEO of Shinhan EZ General Insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Gabriel Budi Sutrisno | TechinAsia | November 3, 2023 Shinhan EZ General Insurance, a subsidiary of South Korean conglomerate Shinhan Financial Group, has entered the Indonesian market through a tie-up with PasarPolis\u2018 insurance sales platform Tap Insure.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,9,3],"tags":[],"class_list":["post-1399","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-korea","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=1399"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1399\/revisions"}],"predecessor-version":[{"id":1400,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1399\/revisions\/1400"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=1399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=1399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=1399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}