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Tag: Insurtech

  • ZA Tech Partners to Launch Insurtech in Indonesia

    ZA Tech Partners to Launch Insurtech in Indonesia

    Chinese firm ZA Tech Global is partnering Indonesian payments giant Ovo to offer Indonesian insurance companies access to its proprietary insurtech capabilities and applications.

    BCP, the holding company of Indonesia’s leading e-wallet Ovo, and ZA Tech Global, a technology venture for overseas markets of ZhongAn Online P&C Insurance, have announced a strategic joint venture to create an insurtech platform in Indonesia, towards fast-tracking digitalization of Indonesia’s insurance industry and improving financial inclusion.

    The joint venture will help Indonesian insurance companies rapidly digitize their products and offer fractionalized digital insurance products to the masses, in turn driving and improving financial inclusion in Indonesia’s vastly underserved market, the announcement said.

    The announcment noted that only 1.7 percent of Indonesia’s population of 265 million are currently covered by private insurance. It is also the fastest-growing market in Southeast Asia, with economic growth averaging over 5 percent in the past three years.

    The low awareness of the benefits and role of insurance as a tool for protection, savings and wealth creation in Indonesia is something we seek to address. The current pandemic has further highlighted the need for insurance to safeguard people’s health and welfare,» Bill Song, CEO of ZA Tech, said.

    ZA Tech Global previously inked micro-insurance partnerships with Grab and NTUC Income in Singapore, and regionally with AIA.

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  • Insurtech Startup to Grow Platform in Indonesia

    Insurtech Startup to Grow Platform in Indonesia

    It will use the funding raised on technology upgrades, growing its team, and branding to fuel its multi-channel strategy.

    Indonesia insurtech Qoala has successfully closed a $13.5 million Series A funding round, the largest raised by an Insurtech from Indonesia, the startup announced on Tuesday in a statement.

    The round was led by Centauri Fund, a $150 million growth-stage joint-venture between South Korea’s KB Financial Group and Telkom Indonesia. It also saw participation from new investors Sequoia India, Flourish Ventures, and Mirae Asset Management, which join existing investors Surge, MassMutual Ventures, Seedplus, Central Capital Ventura (Bank BCA fund), MDI Ventures.

    During the present crisis we are seeing an increased demand for innovative and scalable services to support the industry as physical contact restrictions are impacting traditional offline sales of insurance, said Qoala co-founder Tommy Martin.

    Qoala works with large-scale platform partners to drive awareness about insurance in Indonesia, where it has a low penetration rate among consumers. It also supports traditional offline insurance channels, which currently contribute to 99 percent of insurance premiums, to become digitally enabled through its app.

    Launched in 2019, Qoala processes more than 2 million policies per month as of April 2020. Its key partners include Tokopedia, Shopee, JD, Grab for merchants/Grabkios, MAP Group, PegiPegi (Traveloka), and Investree. Its portfolio serves five core industries: travel, fintech, consumables, logistics, and employee benefits.

    To build on its growth, Qoala said it would be hiring across teams, and plans to double its headcount to 300 over the next year.

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  • Singapore Insurtech Inks Indonesia E-Commerce Deal

    Singapore Insurtech Inks Indonesia E-Commerce Deal

    The firm hopes to capitalize on the booming e-commerce market in the country by offering protection against loss or damage during transit.

    Singapore-based insurtech firm Axinan is partnering Indonesia e-commerce giant Bukalapak to offer merchants and consumers transit protection for goods purchased on its platform, the firm announced on Tuesday.

    Founded in 2010, Bukalapak is one of the largest e-commerce companies based in Indonesia valued at over US$1 billion. Axinan is working with underwriter Sompo Insurance Indonesia and offering the product through its igloo platform. It will be fully digital and have dynamic pricing and digital claims management.

    The firm, founded in mid-2016 by former Grab chief technology officer Wei Zhu, leverages big data, actuarial risk management and machine-learning processes to develop insurance products tailored for the online space.

    Axinan graduated from PayPal Singapore’s startup incubator in 2017 and has signed partnerships with several e-commerce companies including Indonesian marketplace Tokopedia. In 2018, it announced the close of its series A fundraising round, led by NSI Ventures (now Openspace Ventures), the venture capital arm of private equity group Northstar.

    In 2019, it launched igloo, an app that provides on-demand digital insurance solutions targeted at younger consumers. Its first direct-to-consumer offering was a phone screen protection plan, offered in conjunction with FWD Singapore.

    Axinan has operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Thailand, with development offices in mainland China and Taiwan.

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