Sompo Indonesia launches platform for on-demand insurance

Sompo Indonesia launches platform for on-demand insurance | Insurance Business

Sompo Indonesia launches platform for on-demand insurance

PT Sompo Insurance Indonesia (Sompo Indonesia) has partnered with Singapore insurtech firm Axinan to launch a mobile app platform aimed at providing on-demand insurance products to Indonesia’s millennial population.

With the Sompo mobile igloo app, customers can sign up for insurance products and manage claims through their smartphone device. And as a product targeted at millennials, one of the first insurance products offered on the igloo platform is protection coverage for smartphone screens.

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“igloo envisions insurance buying as an engaging, and entertaining experience for Sompo’s customers,” said Raunak Mehta, chief commercial officer of Axinan. “Axinan intends to overlay its machine learning and deep tech on to Sompo’s insurance infrastructure in Indonesia to give a cutting edge to its insurance products. The phone screen protection offering within igloo is the first step in how we’ve come together in identifying the everyday needs of the Indonesian millennial. We strive to work alongside Sompo Indonesia in uncovering more solutions in the coming months.”

“With a population of 264 million in Indonesia, the overall insurance penetration ranks among the lowest in the world at less than 2%.,” said Eric Nemitz, chief executive officer of Sompo Indonesia. “It is with the encouragement of the country’s regulators for insurers like Sompo Indonesia to arm ourselves with digital innovations to drive the adoption of insurance. As such, our partnership with digital transactions providers like Axinan is aligned with our mission to provide the best solutions and services and bring the most updated innovations for our customers. This, we believe, will enhance the lives of our customers.”