Becoming Indonesia’s leading insurance marketplace: On Call with Lifepal CEO and co-founder Giacomo Ficari

On Call with Insignia Ventures

2020 has been a year of greater awareness around health, and over the past year, we saw not only increased demand for online health services -- like mental health company Intellect, whose CEO we talked to the previous week -- but also insurance products as well. However, even with this interest in insurance products, buying insurance still remains a difficult and even painful experience in emerging markets like Indonesia, where only 2% of the population is covered.

So in this episode, we rang up Giacomo Ficari, CEO and co-founder of Lifepal, Indonesia's leading marketplace for insurance. They closed one of the biggest rounds for insurtech in Indonesia and since January last year have been growing 30-40% every month. Giacomo shares with us how they've been leveraging the online-to-offline, PolicyBazaar-type insurance distribution model for Indonesia to be a "reliable friend" for consumers looking for insurance.

Transcript

Timestamps (Responses)

00:44 Samir introduces Giacomo;

02:11 Traditional insurance journey for Indonesians;

05:17 Three models of disruption in insurance distribution;

09:07 Cracking the O2O, PolicyBazaar model in Indonesia;

11:31 Impact of COVID19 on insurance industry;

12:42 Relationship of Indonesians with universal public insurance;

13:36 Lifepal's 3 principles;

15:05 Applying Lifepal's 3 principles amidst fast growth;

16:11 Lifepal in 2025;

17:28 Rapid-fire Round: Takeaways from YC, Lazada, and leading Lifepal

About our guest

Giacomo Ficari is the CEO and co-founder of Lifepal. So Giacomo was previously co-founder of Aspire, which is a Southeast Asia SME challenger neobank, and also an Insignia portfolio company. Prior to venturing into FinTech he has built leadership experience in Asia's e-commerce space with companies like Lazada, leading up Lazada Malaysia, and Groupon, where he was the CEO of Japan and Malaysia. He's also a Y Combinator and Rocket Internet alumni.

Music

Business As Usual by Causmic

Broken Purpose by Jukedeck (2019)

The content of this podcast is for informational purposes only, should not be taken as legal, tax, or business advice or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any Insignia Ventures fund.

--- Send in a voice message: https://podcasters.spotify.com/pod/show/oncallinsignia/message