Insurtech Startups Revolutionize the Insurance Industry in Indonesia
Nowadays, people have a lot of qualms before deciding to purchase an insurance product. Many find it hard to trust an insurance company. Even when you have made your decision to purchase, the process is just painful. An insurance contract is a nightmare to many.
Choosing an insurance policy is a difficult financial decision. Most people are not even aware of the importance of insurance. However, the awareness of insurance is improving amidst the Covid-19 pandemic. According to the survey from MarkPlus Pre-Roundtable-Insurance Industry 2020, 88.6% of respondents stated they are starting to research insurance during the pandemic.
In recent years, traditional insurance companies have become less attractive. The slow processes of insurance companies have left many customers feeling dissatisfied. This is where insurtech comes in. Insurtech or insurance technology is the use of technology to boost efficiency in the insurance industry.
The Rise Insurtech Startups in Indonesia
The penetration rate of insurance in Indonesia is still relatively low. According to Statista, in 2020 insurance penetration rate in Indonesia is 3.23%. This problem has invited various insurtech startups to be established. Insurtech startups provide easier access for people to buy insurance by providing an online platform. According to Tech in Asia, Insurtech startups can be classified into several categories such as marketplace, personal assistance, B2B insurance, fintech aggregator, tech enablers, and value-adding intermediary.
In the past decade, we can see the rise of insurtech startups in Indonesia. Some of them even have series A and series B funding stages. Beyond that, some insurtech startups in Indonesia have Southeast Asian-wide operations such as in Thailand, Vietnam, and Malaysia.
Insurtech startups are even stronger during the pandemic. The pandemic has accelerated the performance of insurtech startups in the market. We can see the rise in demand for some insurance products during the pandemic such as life insurance. This is also because insurtech startups are fluent in technology and have sophisticated digital infrastructure.
Igloo: Simple, Painless, Honest Insurance of All
If you happen to be one of the people who struggle to find easy and accessible insurance, worry no more. Igloo is an insurtech startup that makes insurance accessible, desirable, and most importantly, simple. Igloo offers a variety of insurance policies that you need, ever. Igloo offers automotive, cyber security, electronic, e-wallet, personal accident, health, transit, travel, pet, and even gaming.
If you find it difficult to trust an insurance company, Igloo is a great solution for you. By now, Igloo has partnered with reputable insurance partners such as Allianz and Baoviet Insurance. Beyond that, Igloo has been trusted by various famous companies such as shopee, JD.ID, Telkomsel and many more.
Are You Interested in Building an Insurtech Startup?
Gear up is one of our partners that will help you navigate the never-ending challenges of building a startup. Gear Up is a startup brainstorming partner in Indonesia that provides one-on-one and catered support for the chosen startups. Gear Up can help you find the correct business model, gain funding for your startup from venture capital, and scale up your startup. Join Gear Up to begin your startup journey.