According to a memo on the landing page of its website, Indonesian insurtech company Futuready has formally closed. The business has not yet given any information about why it will stop operating.
Sandy Filemon established Futuready, which debuted in 2016 and uses its platform to assist customers in finding insurance products. The start-up also offered its clients intermediary services to handle insurance claims and account management.
Futuready claimed to be the country’s first authorized online insurance broker while operating with the support of the Indonesian Financial Services Authority (OJK).
The company worked strategically with a number of insurers, including Astra Life, Askrindo, Allianz, and BNI Life.
In its most recent funding round, which took place in June 2016, Futuready received an undisclosed amount of series B funding from the Dutch financial services firm Aegon Group. According to DailySocial, Aegon owned at least 80% of Futuready’s shares.
After changing its name from Aegon Insights Thailand to Futuready Thailand, Futuready also conducted business in Thailand in addition to Indonesia.
But in November 2022, Singapore-based private equity company The Huntington Group purchased the operations of Futuready Thailand from Aegon.
Filemon served as CEO of Futuready Indonesia at first, but as of August 2019, Keet Peng Onn, who previously held the same position at Aegon Insights, had assumed leadership of the company as president director, and country manager.
Aigis, a different participant in the insurtech market, switched its focus to providing fintech services in January and rebranded as Finnix.
Insurtech investments increased overall in Southeast Asia in 2022, probably as a result of both the maturing startup ecosystem and the increased insurance demand brought on by the Covid-19 pandemic.
