Insurtech company Igloo has partnered with Tokopedia, Indonesia’s online marketplace, to extend the availability of insurance products to a wide audience across the country, targeting both individual consumers and over 14 million micro, small, and medium-sized enterprises (MSMEs).

Igloo and Tokopedia are set to introduce three insurance products tailored to meet the needs of online shoppers.

This includes gadget protection starting from IDR 48,300 (US$ 3.09), electronic protection starting from IDR 14,334 (US$ 0.92) for 12-month period, and Total Loss Only (TLO) coverage starting from IDR 500 (US$ 0.032) for a span of three to 12 months. These offerings are designed to be accessible in nearly all districts throughout Indonesia.

Tokopedia users will benefit from Igloo’s expertise in providing seamless insurance coverage, from the point of purchase to claims settlement, complemented by dedicated customer support.

The collaboration is part of Igloo’s strategy to deepen its integration with online shopping platforms across the region, joining forces with other e-commerce giants such as Lazada and Shopee.

Following its US$36 million Pre-Series C funding round in December 2023, Igloo shared that it is focused on achieving profitability this year.

“Tokopedia will continue to ease access to digital insurance for its users through collaboration with strategic insurance partners, such as Igloo. The collaboration between Tokopedia and Igloo will provide accessible insurance for products, easily claimed, and continuous customer support.

We also hope that this collaboration can provide an opportunity to increase financial literacy among Indonesians and contribute to the national economy,”

said Ruth Afrita, Head of Insurance, Tokopedia.

Raunak Mehta

“Our industry experience demonstrates e-commerce as a potent insurance distribution channel, safeguarding consumers throughout Southeast Asia.

Partnering with e-commerce giant Tokopedia bolsters Igloo’s position as the preferred insurtech partner for digital platforms, making insurance accessible and affordable through embedded solutions,”

said said Raunak Mehta, Co-Founder and CEO at Igloo.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://fintechnews.sg/94202/indonesia/tokopedia-taps-igloo-to-offer-insurance-products-for-consumers-and-msmes/