Bang Jamin, a digital insurance platform in Indonesia, has raised US$4 million in a pre-Series A funding round. The round was led by Braxton Capital and SBI Ven Capital, through its joint fund with Kyobo Securities (South Korea) and NTUitive (Singapore).
With the new funding, Bang Jamin plans to improve its technology, launch more insurance products, and reach more underserved areas by building strategic B2B partnerships.
The company aims to become a “trusted older brother” (Bang) that “protects” (Jamin) the financial well-being of Indonesians, delivering seamless end-to-end experiences from purchasing coverage to managing claims through a single integrated solution.
Started in 2023, Bang Jamin aims to solve major problems in Indonesia’s insurance market, such as slow and expensive integration with insurers, complicated claims processes and platforms that usually favor insurance companies over customers.
The platform’s goal is to modernize Indonesia’s insurance brokerage system by digitizing policy distribution and embedding Insurance into existing ecosystems. This allows partners, such as banks, dealerships, and digital platforms, to offer Insurance more easily, while also simplifying underwriting and claims processes.
Since launching, Bang Jamin says it has issued over 60 million policies and partnered with more than 30 insurers. The company is also quickly growing its B2B customer base across Indonesia.
Indonesia’s insurtech sector, valued at approximately US$36 billion, is experiencing rapid growth. This growth is fueled by more people using digital services, supportive regulations, and the need to make Insurance a smooth part of daily life — in areas like auto financing, e-commerce, and financial services.
The demand for Insurance is also rising due to low life expectancy, high road accident rates, frequent natural disasters, and numerous unpaid loans.
Importantly, more than half of all insurance premiums come from Jakarta, showing that Tier 2 and Tier 3 cities across Indonesia remain largely underserved.
Indra Baruna, founder and CEO of Bang Jamin, stated, “Insurance should be simple, fast, and built for the way people live today. This funding helps us expand our technology and reach making protection accessible to millions more Indonesians.”
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