Indonesian insurance firm Lifepal bags US$9m in funding, plans to improve product and CX

Digital direct-to-consumer insurance marketplace, Lifepal, has raised an oversubscribed US$9 million from its Series A funding round. According to the company, the funds will be used to improve its product and customer experience. Lifepal's spokesperson told MARKETING-INTERACTIVE that the amount will be used to develop more features and automation that provide a better experience for insurance owners. For example, the company is developing an "insurance wallet" which have insurance management tools such as renewal, claims and many more under one place for easy accessibility.

At the same time, the spokesperson said its model allows it to grow organically through content marketing; which is essentially capital efficient. "We will definitely continue to invest in human resources, process improvements, and growth experiments for our marketing initiatives," he added. The funding round is led by ProBatus Capita with participation from Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle Fund.

Founded in 2019 by former Lazada executives Giacomo Ficari and Nicolo Robba, and experienced tech professionals Benny Fajarai and Reza Muhammad, Lifepal had a vision of making financial protection accessible to everyone. Targeting the country's growing middle class, Lifepal aims to bring more innovative technologies more innovative technology and services to serve four million monthly visitors to our website.

Ficari added that the launch of a dedicated financial health checkup tool in 2020 has helped over 50,000 people understand financial situations and get tips for improvement. It also saw a "strong increase in demand" during the pandemic as a result of the heightened awareness of health risks combined with the availability of its online platform amidst social distancing restrictions. 

As consumer behaviours continue to shift online, Ficari said it was an exciting time to enter the market as it was a rare opportunity to scale the company's traffic and branding to become a dominant online destination for consumers for the years to come. He said: "We look forward to partnering with our new investors that share the same long-term vision and passion for insurance and best-in-class customer experience."

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