Based in Jakarta, Lifepal is an insurance marketplace that helps people to simplify the procedure of choosing financial insurances with ease. The startup has secured a fundraise of US$ 9 million in Series A held today, on August 20, 2012. The financing bout was led by ProBatus Capital, a venture firm backed by Prudential Financial, with participation from Cathay Innovation and returning investors Insignia Venture Partners, ATM Capital and Hustle Fund.
Lifepal claims to be the country’s largest direct-to-consumer insurance marketplace with a total valuation of US$ 12 million with the latest venture funding and 4 million monthly visitors.
Irrespective of just a 3% insurance penetration rate in Indonesia, the market is witnessing a steep growth from near-past years along with the country’s gross domestic product crediting a large population of middle-class customer-based.
“We are really at a tipping point for GDP per capita, and a lot of insurance carriers are focusing more on Indonesia,” said Ficari.
When the traditional insurance agents have been slow to innovate to meet the needs of the new digital customer who demands transparency, convenience, and access to a large selection of products, Lifepal comes into play with their fresh online approach in the marketplace.
According to Munich Re Economic Research, Indonesia is one of the fastest-growing insurance markets globally, with property-casualty insurance and life insurance expected to grow 7.8% and 9.2% every year.
What the CEO has to say
Founder and CEO of Lifepal, Giacomo Ficari, commented about the recent investment, “We have entered the market at an exciting time: consumer behaviours are shifting online and we have the rare opportunity to continue to scale our traffic & branding to become the dominant online destination for consumers for the years to come.”
He added, “We look forward to partnering with our new investors that share the same long-term vision and passion for insurance and best-in-class customer experience.”
About Lifepal
The company was established in 2019 by Benny Fajarai, Giacomo Ficari, Nicolo Robba and Reza Muhamma with a vision of creating a platform for comparing, buying and claiming insurance as simple as shopping online. The marketplace’s partners currently offer about 300 life, health, automotive, property, and travel coverage policies. The company strives to capitalise on technology where customers can easily compare, save and claim insurance policies online. For more information, visit https://lifepal.co.id/.
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