IFC and PasarPolis Partner Amid Pandemic to Boost Microinsurance Safety Nets for Indonesia’s Most Vulnerable

Indonesian workers and their families, including tens of millions that rely on the informal economy for their livelihoods, will soon have greater access to healthcare cover and other vital social safety nets, following an agreement that's set to boost the delivery of microinsurance at a time when the COVID-19 pandemic has underscored the challenges faced by the nation's most vulnerable.

Under an agreement announced today, IFC, a member of the World Bank Group, will provide PasarPolis, a pioneer in delivering innovative on-demand insurance products in Indonesia, with $5 million in equity finance to develop infrastructure to connect insurers, digital platforms and customers unserved by the traditional insurance sector. This important investment will help PasarPolis expand its international network, its range of products embedded in the digital economy, deliver technology-based and cost efficient microinsurance products and further develop its partnerships with over 25 of Indonesia's leading digital platforms, which among others includes GoJek, Tokopedia, Kredivo, Pegipegi and Bukalapak.