Indonesian insurtech Fuse closes GGV-led Series B funding

Fuse, Indonesia’s largest insurance technology (insurtech) company, has announced the completion of its Series B funding round that raised an undisclosed amount.

In a statement, Fuse, which is the first insurtech in Indonesia to pioneer the agent-focused model to solve the country’s last-mile trust gap, said the round was led by GGV Capital.

Existing investors including East Ventures Growth, SMDV, Golden Gate Ventures, Heyokha Brothers, and Emtek also participated in the funding round that would be used to innovate products and platforms and expand into other markets in Southeast Asia.

Fuse was founded in 2017 by two industry veterans – Andy Yeung and Ivan Sunandar – supported by a diverse team from both technology and insurance backgrounds.

The insurtech company seeks to address the trust concerns of 97% of Indonesians who are still uninsured.

Offering entire digital experiences with instant closing and rapid claims processing, the company currently has more than 50,000agent partners on its platform.

Its total Gross Written Premium (GWP) exceeded $50 million (IDR 720 billion) in 2020, making it the largest Insurtech company in Indonesia.

It partners with more than 30 insurance companies on the grounds, with more than 300 insurance products on the platform, covering everything from  employee benefits to digital insurance embedded in eCommerce sites.

“We have always been very focused on product and platform innovation and will continue to invest into developing products and platforms that make insurance accessible and affordable for everyone in Southeast Asia,” said Yeung, the company’s co-founder and CEO.

Yeung added that seven insurance companies have already chosen Fuse to be their strategic Insurtech partner in Indonesia.

Fuse is GGV Capital’s first insurtech investment in Southeast Asia, according to GGV Capital managing partner Jenny Lee.

“We believe it has the most thoughtful and strategically-sound approach to insurance distribution in the region. Our experience in other emerging markets suggests that there is a “trust deficit” in local communities that can be bridged by local leaders,” Lee added.