Indonesia-based Futuready officially shuts down

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Indonesian insurtech firm Futuready has officially shut down, according to a memo on the landing page of its website. The company has not yet disclosed any reasons for ceasing its operations.

Founded by Sandy Filemon, Futuready launched in 2016 to help customers find insurance products through its platform. The startup also provided intermediary services to manage insurance accounts and handle claims for its customers.

Tech in Asia has reached out to Futuready for comments.

Futuready operated with the approval of the Indonesian Financial Services Authority (OJK) and claimed it is the first licensed online insurance broker in Indonesia.

The firm had strategic collaborations with several insurance providers, including Astra Life, Askrindo, Allianz, and BNI Life.

Futuready’s last funding round was in June 2016, in which the firm secured an undisclosed sum of series B money from Aegon Group, a financial services company based in the Netherlands. Aegon held at least 80% of Futuready’s shares, DailySocial reported.

Apart from Indonesia, Futuready also operated in Thailand after Aegon’s subsidiary, Aegon Insights Thailand, rebranded as Futuready Thailand.

However, in November 2022, Aegon sold the operations of Futuready Thailand to The Huntington Group, a private equity firm based in Singapore.

Futuready Indonesia was initially led by Filemon as CEO, but since August 2019, Keet Peng Onn had held the highest position – president director and country manager – at the company after previously serving the same role at Aegon Insights.

In January, Aigis, another player in the insurtech sector, pivoted to becoming a fintech service provider and changed its name to Finnix.

Overall, the insurtech industry in Southeast Asia saw increased investments in 2022, likely due to the rising insurance demand prompted the Covid-19 pandemic, as well as the growing maturity of startups in this sector.

See also: The rise of enigmatic insurtech unicorn Bolttech

A version of this article was originally published by Mujahid Fidinillah on Tech in Asia Indonesia.