JULO, a prominent Indonesian peer-to-peer FinTech, has introduced a pioneering insurance cover, which aims to provide ongoing device protection to its users.
The offering, known as JULO Cares, operates within the firm’s core digital credit solution, and is set to offer the innovative Protect+ service. It is also backed by Sompo, a global insurer with a track record of almost 50 years in Indonesia.
The solution automatically activates gadget protection during transactions, safeguarding smartphones against damage or theft, ensuring uninterrupted access to the JULO app.
Notably, the offering extends beyond gadget protection, encompassing an Accident Protection Cover in partnership with the Indonesia Social Security Agency for Employment.
The development of JULO Cares stems from the low insurance penetration rate in Indonesia, currently at 2.75%. The Indonesian government targets an increase to 3.2% by 2027, citing lack of literacy and affordability as primary obstacles, according to The Indonesia Financial Services Authority.
The firm has been a trailblazer in Indonesia, revolutionising financial product access for millions of emerging consumers. Their focus lies in providing practical digital credit access, utilising a digital data-driven credit underwriting and risk assessment platform through their mobile app.
Chief Business Officer of JULO Group, Nimish Dwivedi, explained, “We aim to add a layer of insurance inclusion to financial inclusion. With JULO Cares, we provide a unique gadget protection cover to our valued users. This embedded insurance cover gets auto-activated as part of the transaction flow itself when customers are using JULO’s digital credit.
“Once activated, this cover protects their existing smartphone against all forms of device damage, ranging from dropping their phone by accident to incidents of phone theft. With this protection, we aim to ensure that our valued customers never lose access to their JULO app,” he continued.
CEO & co-founder of JULO, Adrianus Hitijahubessy, added, “JULO Cares offers unique and helpful benefits to our customers. This also includes an Accident Protection Cover, in partnership with the Indonesia Social Security Agency for Employment. We are committed to continuously expanding our range of protection options under the JULO Cares platform.”
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