Indonesian insurtech startup Bang Jamin, formerly known as PT Arkana Advance Technology, is reportedly raising new funding to support its growth.

Founded in 2022 by Indra Baruna (CEO), Maruly Octavianus Sinaga (COO), and Morgan Andre Barry (CPO), who all previously worked at Tugu Insurance, the company has developed a range of insurance products.

Bang Jamin provides various insurance options, including coverage for cars, motorcycles, health, pets, and travel.

The company is known for offering transparent pricing and aims to issue policies and approve claims within 24 hours.

It has partnered with insurers such as Mega Insurance Syariah, Tugu Insurance, Aswata, Asuransi Simas Insurtech, Oona Insurance, and Malacca Trust Insurance, among others.

According to DealStreetAsia, in March 2023, Bang Jamin raised US$2 million in seed funding from investors including Northstar Group, Venturra Capital, and BRI Ventures.

Insurtech Positioned for Growth

The insurtech sector in Indonesia is seeing growth, driven by increasing financial literacy and a growing middle class, although the country still experiences low insurance penetration.

A recent survey by the Financial Services Authority (OJK) revealed that insurance literacy in Indonesia rose to 76.25% in 2024, up from 31.72% in 2022.

However, insurance inclusion decreased to 12.21% in 2024 from 16.63% in 2022, suggesting that while awareness is rising, actual uptake of insurance remains limited.

Bang Jamin competes with other insurtech companies in Southeast Asia, such as Pasarpolis, Qoala, Igloo, Fuse, and Lifepal.

These companies are working to address the challenges of insurance accessibility and affordability in the region.

Pasarpolis, for example, has integrated insurance products into digital platforms like ride-hailing, e-commerce, and logistics, aiming to make insurance more accessible.

Qoala, on the other hand, has adopted a multi-channel distribution strategy, combining online and offline methods to reach more customers while focusing on transparent and efficient claims processing.

Igloo has a direct-to-consumer model that allows users to manage a variety of insurance products through a digital platform.

Fuse connects multiple insurance products across different distribution channels, serving markets in Southeast Asia, including Indonesia, Vietnam, and China.

Lifepal operates as Indonesia’s largest digital direct-to-consumer insurance marketplace, offering over 300 policies in several categories.

Despite the market’s growth potential, many insurtech companies are shifting focus towards profitability.

For instance, in March, Qoala reduced its workforce by 10% to prioritise areas that would drive profitability and efficiency.

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