Heaptalk, Jakarta—Singapore-headquartered insurance technology firm Igloo established cooperation with Tokopedia to provide more accessible, convenient protection products for consumers.
The partnership between Igloo and Tokopedia is set to revolutionize insurance accessibility in Indonesia. This collaboration will extend insurance protection to individuals in most regencies across the country and to over 14 million micro, small, and medium enterprises (MSMEs), the backbone of the Indonesian economy. By reinforcing Igloo’s network of online shopping platforms as distribution partners across Southeast Asia, including Lazada, Shopee, and Loship in Vietnam, this partnership is poised to empower consumers with more accessible and convenient insurance options.
With this partnership, Igloo brings its unparalleled expertise in embedded insurance to the Tokopedia platform, ensuring a seamless and efficient customer experience. From purchase to policy issuance and claims settlement, Igloo’s technology will be at the forefront, providing a reliable and hassle-free insurance process.
Tokopedia will offer three Igloo-powered insurance products: gadget protection starting from Rp48,300 (US$3.09), electronic protection starting from Rp14,334 (US$0.92) for a 12-month period, and total loss only (TLO) coverage starting from Rp500 (US$0.032) for a span of three to 12 months.
Facilitating users’ access to digital insurance
Digital Indonesia 2024 revealed Indonesians spent an average of $10.7 billion on electronics in 2023, making it the highest among consumer e-commerce goods categories. This figure highlights the importance of protecting consumers when purchasing gadgets and electronics online. Ruth Africa, Head of Insurance at Tokopedia, delivered that the company would continue to ease its users’ access to digital insurance 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,” Ruth said.
Meanwhile, Raunak Mehta, co-founder and CEO at Igloo, said that their industry experience demonstrates e-commerce as a potent insurance distribution channel that safeguards Southeast Asian consumers. He uttered, “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.”
Previously, Igloo has partnered with Indonesia’s leading players in e-commerce, fintech, and logistics, including Dana, Fabelio, Lalamove, and Ritase. Currently, the firm has established offices aside from Singapore, namely Indonesia, Thailand, the Philippines, Vietnam, and Malaysia, as well as tech centers in China and India.
