Before closing its archipelago business operation, Futuready has collaborated with MNC Insurance and DANA Indonesia in December 2022.
Heaptalk, Jakarta — Indonesia’s insurtech startup, PT Futuready Insurance Broker (FIB), is reportedly ceasing its operation in the archipelago. The startup’s management team announces this information through a memo on Futuready’s official website. However, the company does not explain the further reason for this decision.
“We are sorry to inform you that we, PT Futuready Insurance Broker (FIB), are no longer run our operational. From the overall FIB team, we thank you for trusting us all these years. Delivering your insurance online since 2016 has been a pleasure,” The management said in the memo.
In its journey, Futuready was included in the insurance brokerage company directory with a business license number KEP-518/NB.1/2015 in April 2020, cited in Indonesia’s Financial Service Authority (OJK).
According to an early CEO of Futuready Sendy brokers have a unique position because they can help customers with insurance. Sendy claimed brokers carry out their duties to help customers determine the best choice of insurance products objectively and transparently. However, the company was forced to close its operations in Indonesia for undisclosed reasons.
Before closing its business operation in Indonesia, this startup collaborated with MNC Insurance and digital wallet company DANA Indonesia in December 2022. In this partnership, Futuready, as an insurance broker, provides gadget insurance facilities.
Previously, Futuready’s parent company, Aegon Group, peddled its Thailand business to Singapore-based private equity firm The Huntington Group in November 2022. At that time, Chief Strategy and Business Development Officer of Aegon International, Curtis Chen, claimed that Huntington was the proper business partner to back the Futuready team’s performance in Thailand.
“Although we will miss them, we are delighted to notice a former colleague to join the Huntington family, who are poised to take the company to the upper level,” Chen said in a statement.
In addition, the company previously operated a telemarketing business in Thailand since 2007, which was later rebranded as Futuready Thailand, offering consumer-focused insurance solutions through affinity and partner channels in 2013. In Indonesia, Aegon holds an 80% stake in Futuready. Aegon is a life insurance and asset management company based in Den Haag, Netherlands.
Since its establishment, Futuready has provided online insurance product marketplace services and sends electronic policies without leaving the house. By implementing this method, the public can conduct the submission, management, and insurance products claim process more transparently.
