Shinhan EZ General Insurance has entered a strategic partnership with Tap Insure, an Indonesia-based general insurance company that serves as partner to insurtech PasarPolis.
This partnership, formalised through a memorandum of understanding (MoU), will enable an exchange of industry knowledge, tapping into Shinhan EZ General Insurance's experience in the sector, and marks the company's entrance into the Indonesian market, with a focus on servicing Korean businesses operating locally.
Indonesia presents a landscape of opportunity with its insurance penetration rate below 4%, signifying vast room for development. The nation plays a significant role in the enlarging scope of the insurance industry across Southeast Asia, including prominent markets such as Thailand and Malaysia.
“As we enter the Indonesian market in collaboration with Tap Insure, we are not merely excited but deeply committed to a groundbreaking venture,” said ByoungKwan Kang, Shinhan EZ General Insurance CEO. “Our decision to partner stems from Tap Insure’s vision to transform the insurance landscape in Indonesia and Southeast Asia through the development of digitally native insurance products from start to finish, as well as the robust insurtech ecosystem provided by PasarPolis. The innovative potential 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, the Financial Services Authority in Indonesia is promoting the introduction of mandated insurance policies for the public.
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