EV growth participated in Fuse’s series A round, which will be used for its expansion in 8 major Indonesian cities including Jakarta and increase its customer base from 15,000 to 100,000 in 2020.
Fuse operates in Indonesia, partnering with 30 local and international insurance companies offering 200 insurance products including vehicles, property, travel, digital insurance products, and more.
Fuse operates with 3 business models:
- B2C insurance comparison site
- Offer micro-insurance for e-commerce platforms
- Enable agent partners to offer multiple insurance products to customers with its Fuse Pro app.
According to PricewaterhouseCoopers survey, Indonesia’s rising insurance market is driven by:
- economic growth
- rising household incomes
- increasing market penetration
Ivan Sunandar, Fuse’s chief operations officer and co-founder said:
“In the past two and a half years, we have already launched more than 80 app versions, 200 back-end versions in order to customize the need for our partners for different insurance products or companies.”