Insurtech company Fuse announced an impressive 2021 performance with Gross Written Premium (GWP) of policies utilizing the Fuse platform exceeding US$ 105 million (IDR 1,5 trillion). This represents more than 2% of the market share in terms of the general insurance market. Despite the challenging situation due to the Covid-19 pandemic, Fuse still managed to double its market share and improving the quality of its platform and services.
“In 2021, we doubled down on the agent-focused partner model (B2A/ Business to Agent or Broker) and channel model (B2B2C) as our growth engines to double our market share. With more benefits of instant insurance application as well as instant commission disbursement, more and more agent/ broker partners joined the Fuse ecosystem and utilized our technology platform on a national scale, supported by more than 27 Fuse branch offices across Indonesia,” said Fuse’s Founder and Chief Executive Officer (CEO) Andy Yeung in the official statement.
Since Q3 of 2021, Fuse was appointed by Tokopedia as the only insurtech to support all kinds of general insurance offering on the Tokopedia platform, further affirming Fuse’s technology and products capability in supporting digital channel partners on offering insurance to their end customers. This was part of Fuse’s focus on strategic partnerships to deliver high growth and expand the ubiquity of its platforms. Underpinning its strategic partnerships strategy was also collaborations with traditional financial institutes including Maybank Finance, Wuling Finance, Simas Hana Finance and Clipan Finance, among many others to offer traditional insurance products.
“The combination of digital and traditional channel partnership helped to grow our channel business by several multiples within a single year. We are optimistic to continue this strong momentum in 2022 in Indonesia, given our market leadership position, partnership strategy and the sophistication of our platform,” Andy said.
This confidence is reflected by the deep investor interest in the H2 2021, where Fuse closed three Series B funding rounds, led and followed by global reputable investors like GGV Capital, eWTP together with local investors like East Ventures (Growth Fund), Emtek and Saratoga Investama. The fresh capital of more than US$ 50 million (IDR 715 billion) provides Fuse extra resources to bring more partners into Fuse’s ecosystem, further strengthen its technology platform capabilities, and accelerate its growth across Southeast Asia.
In November 2021, Fuse became the only Indonesian insurtech to be included in the list of the World’s 100 Top Insurtechs, published by Sønr Global, the world’s leading market intelligence platform designed specifically for the insurance industry, along with leading consultant Ernst & Young (EY).
“Our experience in Indonesia has given us tremendous insights into the insurtech market in this region and forms the foundation for helping us scale the Fuse model across the under-penetrated Southeast Asia insurtech market at a much faster, more efficient pace,” Andy said.