Insurance technology company PasarPolis on Wednesday said it has raised USD 54 million in Series B funding round.

Leapfrog Investments, a VC firm focused on high-growth financial and healthcare companies in Asia and Africa, Japan’s SBI Investments, Xiaomi and Indonesian VC firms AlphaJWC and Intudo Ventures led the round along with participation from existing investor Go-Ventures, investment arm of Gojek.

The Series B funding round is the largest for an insurtech startup in the region, PasarPolis claimed.

Founded in 2015 by Cleosent Randing, PasarPolis offers travel insurance in partnership with insurers that covers missed, cancelled or rescheduled flights along with baggage loss. With the use of technology, the company provides a seamless end-to-end experience—right from product selection to processing claims instantly—to its customers.

The Jakarta-headquartered startup is currently operational in Indonesia, Thailand and Vietnam.

The company said it will deploy the fresh capital to advance its AI technology, expand market penetration in operating countries by broadening its fast-growing agency business, which currently consists of 10,000 agent partners.

“PasarPolis has become the bridge for the uninsured towards insurance protection. Through this funding, we will continue this mission in Indonesia, Thailand, and Vietnam,” said founder and CEO Randing.

“We believe that by working together with these globally-renowned investors, we will be able to accelerate the penetration of insurance in the region by further expanding access to fast and inclusive affordable -insurance plans.”

Cleosent Randing, Founder and CEO, PasarPolis

PasarPolis last raised undisclosed amount in Series A round from Gojek, Tokopedia and Traveloka in August 2018.

Since then, the company claims to have clocked over 80x growth in monthly policies issued and 4x increase in the number of partners it works with. In 2019, PasarPolis claims to have issued over 650 million policies to first-time insurance purchasing consumers, ride-hailing drivers, delivery couriers and online SME merchants.

“With 30 insurance companies and 25 digital partners, together serving over 4,000,000 new customers in June 2020 alone, the opportunity for PasarPolis to expand its offering and geographic reach is extraordinary,” said Fernanda Lima, Partner, LeapFrog Investments, known for impact investing.

“As part of our investment, LeapFrog Investments will focus on helping PasarPolis improve its consumer insights and product innovation capabilities, and expansion in other markets,” Lima added.