Indonesia-based insurance technology company Fuse has raised “a couple of million” US dollars in its Series A funding round.
The funding round was also joined by EV Growth.
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The company, which is licenced by the Financial Services Authority of Indonesia, plans to use the money to launch its services in multiple Indonesian cities, online tech publication Tech in Asia reported.
It aggregates over 200 insurance offerings in collaboration with 30 local and international insurance firms.
Through its app, the company offers insurance products for vehicle, property, travel, health, term life and critical illnesses.
It also offers digital insurance products that offer cover for gadgets, cargo liabilities, and credit default insurance, among others.
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By GlobalDataFuse chief operations officer and co-founder Ivan Sunandar told Tech in Asia that the company aims to increase its partner base to 100,000 from 15,000 next year.
“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,” Sunandar added.
Presently, Fuse operates three business models. Business-to-consumer insurance comparison site is one such model.
In collaboration with eCommerce platforms, the company also offers micro insurance plans for customers.
Fuse Pro, their latest app, allows insurance agents to offer multiple insurance products to clients, delivering real-time calculation and quick commissions payment.
