Becoming Indonesia’s leading insurance marketplace: On Call with Lifepal CEO and co-founder Giacomo Ficari
Manage episode 282265515 series 2804936
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.
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.
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Broken Purpose by Jukedeck (2019)
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