The global insurtech market is rapidly changing as startups and new technologies revolutionise the traditional insurance industry. The ASEAN region is a fertile ground for insurtech companies, driving advancements and reshaping insurance delivery.
Projections suggest the global insurtech market will reach US$114 billion by 2030, with a CAGR of 46.10 percent. ASEAN is crucial in this growth, with many startups leveraging the region’s market potential and technology.
However, insurtech funding in 2023 has declined compared to the previous year. From January to May 2023, insurtech companies raised US$1.05 billion in equity funding across 67 rounds, a 76.29 percent drop from the same period in 2022.
Nevertheless, the insurtech landscape in ASEAN remains vibrant. With the Asia Pacific region’s insurance market projected to triple by 2029, ASEAN insurtech companies have immense potential to capture market share.
Consumer behaviour in ASEAN countries supports insurtech disruption. A recent survey showed interest in bank-embedded insurance, and e-commerce and travel platforms are popular for purchasing insurance.
This article highlights the top-funded ASEAN insurtech companies based on their funding and growth. Despite temporary funding fluctuations, these companies are making a significant impact and shaping the future of insurance in ASEAN and beyond.
bolttech (Singapore) – Funding: US$443.2 million
bolttech is a Singapore-based platform that connects insurers, distributors, retailers, and customers, streamlining the process of buying and selling protection and insurance products. In its recent Series B funding round, bolttech raised US$196 million, bringing its total valuation to US$1.6 billion. This achievement marks the most significant straight equity Series B funding for an insurtech company in the past year, highlighting bolttech’s potential and growth prospects.
Tokio Marine, a renowned insurance company, led the funding round, demonstrating the industry’s recognition of bolttech’s disruptive capabilities. Key investors such as MetLife through its subsidiary MetLife Next Gen Ventures and Malaysian sovereign wealth fund Khazanah Nasional also participated in the funding round, along with new and existing shareholders.
Oona Insurance (Singapore) – Funding: US$350 million
Oona Insurance has successfully raised US$350 million in funding, with their most recent funding round being a Series A round held on October 2022. This significant round was led by Warburg Pincus.
The company is headquartered in Singapore and operates in Indonesia and the Philippines, where it has acquired and rebranded two local insurance companies: Asuransi Bina Dana Arta and Mapfre Insular Insurance Corporation.
Oona Insurance aims to leverage technology to simplify the insurance process, improve customer experience, and enhance transparency. The platform will offer digital claims processing, policy management, and customer service, enabling customers to access insurance products and services anytime and anywhere.
Singlife (Singapore): Funding US$153 million
Singlife shared that it has accumulated significant funding through six successful funding rounds, totalling US$153 million. However, it is important to note that this reported figure does not align with information available on public sources such as CrunchBase.
This figure excludes the groundbreaking US$3.2 billion merger with Aviva Singapore, culminating in the formation of a new entity known as Aviva Singlife.
This merger, finalised in November 2020, not only marked the largest insurance deal in Singapore but also ranked among the most substantial transactions in Southeast Asia.
Qoala (Indonesia) – Funding: US$89 million
Qoala, an Indonesian digital insurance platform, focuses on offering microinsurance products for travel, vehicles, education, and e-commerce. Leveraging data and machine learning, Qoala automates claims processing and detects fraudulent activities.
In its Series B+ funding round, Qoala raised US$7.5 million, led by responsAbility Investments AG, with participation from Appworks and existing investors. The funding will enable Qoala to expand its product offerings and geographic reach, addressing the challenges of insurance accessibility and affordability in emerging Southeast Asian markets. Qoala had previously raised US$ 65 million in a Series B round in May 2022.
Sunday has successfully raised a total of US$75 million in funding across four rounds. The latest funding will drive accelerated growth, facilitating expansion into new markets and the development of innovative products and services.
Notable investors include Quona Capital, SCB 10X, Vertex Ventures Southeast Asia & India, Granite Oak Capital, Vertex Growth, and Tencent.
Founded in 2017 and headquartered in Bangkok, Thailand, Sunday operates in Thailand and Indonesia. With a mission to enhance insurance accessibility and affordability, Sunday offers a range of insurance solutions, including auto, travel, and health insurance.
PasarPolis (Indonesia) – Funding: US$71 million
Indonesian Insurtech PasarPolis specialises in providing insurance solutions to underserved populations. The company secured US$12 million in bridge funding in December 2022, with participation from existing investors, including Leapfrog Investment, Intudo Ventures, and Go-Ventures.
In a previous Series B round, PasarPolis raised $54 million, with support from investors like LeapFrog Investments, Go-Ventures, and Intudo Ventures. The company aims to leverage technology to make insurance more accessible and affordable to millions across Indonesia.
Roojai (Thailand) – Funding: US$69 million
Roojai is an online insurance platform in Thailand that provides car and motorcycle insurance policies from leading insurers. Using data and technology, Roojai offers personalised quotes, claims assistance, and roadside support.
Recently, the company secured a US$42 million Series B funding round led by HDI International, the International Retail Insurance division of the Talanx Group. Roojai plans to utilise the funding to enhance its services and expand its customer base after experiencing significant growth in premium income and customer acquisition.
Roojai, which made its debut in 2016, experienced growth in 2022. The company’s premium income surged by 25 percent, reaching US$38 million. Additionally, Roojai expanded its customer base by 40 percent, now serving 150,000 individuals. Roojai also expanded its product offerings and successfully entered the Indonesian market in 2022.
Igloo (Singapore) – Funding: US$62 million
Igloo, a Singapore-based Insurtech, focuses on serving underserved communities in Southeast Asia. In November 2022, the company successfully secured an additional US$27 million in a Series B extension. Igloo had previously raised US$19 million in a Series B round in March and US$16 million in a Series A+ round in April 2020.
Impact investors BlueOrchard, Women’s World Banking Asset Management, FinnFund, La Maison, and Cathay Innovation led the investment. Igloo aims to bridge the insurance gap in the region, catering to the unique needs of marginalised populations.
Igloo plans to use the fund to attract engineering, product, design and data talent and identify various regional mergers and acquisitions opportunities.
CXA Group (Singapore): Funding $58 million
CXA Group has raised a total of US$58 million in funding over three rounds. The insurtech startup raised US$25 million in a Series A round in 2015, US$25 million in a Series B round in 2017, and US$8 million in a convertible note round in 2019.
However, this does not include the additional funding from key strategic investors, HSBC and Humanica, that was announced in May 2020. The amount of the additional funding was not disclosed. CXA Group is an employee health ecosystem platform that offers personalised health, wealth and wellness solutions to employers and employees in Asia.
PolicyStreet (Malaysia): Funding $24.8 million
PolicyStreet has raised a total of US$24.8 million across four funding rounds. In a recent Series B fundraising round led by Khazanah Nasional Berhad, PolicyStreet secured US$15.3 million under the Dana Impak mandate.
Founded in 2017 by Yen Ming Lee, Wilson Beh, and Winnie Chua, PolicyStreet operates as a comprehensive insurance technology platform in Malaysia, Singapore and Australia. The company has established partnerships with over 40 insurance providers, offering a diverse range of insurance products, including motor, health, travel, and life insurance. With a customer base exceeding five million customers, PolicyStreet has successfully processed over US$6 billion in insurance premiums.