Warburg Pincus invests $350m to set up Insurtech Oona in Southeast Asia
Warburg Pincus, a New York-based private equity firm, is making its largest deal yet in Southeast Asia’s insurance sector by investing US$350 million in the establishment of digital Insurtech platform Oona Insurance. The investment is expected to help Oona expand its product offerings, which currently include motor, property, and group health insurance in Indonesia and the Philippines. Oona plans to rebrand Asuransi Bina Dana Arta and Mapfre Insular Insurance Corporation under its name and add other general insurance products such as travel and health insurance.
The establishment of Oona Insurance is a collaboration between Warburg Pincus and Abhishek Bhatia, former group CEO of insurance multinational firm FWD Group. Warburg Pincus has been one of the largest private equity firms in Southeast Asia, having invested in 17 companies with a total value of US$3.5 billion. The firm’s assets under management currently stand at over US$85 billion.
According to Saurabh Agarwal, Managing Director at Warburg Pincus, Oona is well-positioned to capture growth in the Southeast Asian market due to the region’s increasing digital adoption and consistently rising incomes. With the help of Warburg Pincus’ investment, Oona is expected to expand its market reach and better serve the insurance needs of individuals and businesses in the region.
The Southeast Asian insurance market has been experiencing steady growth, driven by increasing demand for insurance products and services, rising awareness of the importance of insurance, and the region’s overall economic growth. With the COVID-19 pandemic highlighting the need for comprehensive health and travel insurance, Oona’s planned expansion of its product offerings is expected to capitalize on this trend.
Oona Insurance aims to leverage technology to simplify the insurance process, improve customer experience, and enhance transparency. The platform will offer digital claims processing, policy management, and customer service, enabling customers to access insurance products and services anytime and anywhere. With the expected growth of the Southeast Asian insurance market, Oona is well-positioned to become a key player in the industry.