PasarPolis Partnered with DANA to Expand Micro Insurance Bids
Financial technology companies or fintech payment DANA partnered with PasarPolis to provide life and health insurance services. These services are targeting lower-middle class society, so that everyone can get insurance products at their budgets.
DANA Co-founder & CEO Vincent Iswara said the Covid-19 pandemic had raised public awareness to invest in health insurance protection. However, low-income people have difficulty getting insurance products because of expensive premiums and limited access.
Starting Wednesday (06/17/2020), all prospective customers can buy micro life insurance and inpatient insurance through the DANA Siaga feature in the DANA application starting from the price range of IDR 8,000 per month. In a way, this is one of the most affordable life and health insurance protection in Indonesia.
“This strategic partnership with DANA further strengthens PasarPolis’s commitment to achieving easy insurance access through technology. Through a data analysis approach, we are able to dig deeper into the needs of consumers and provide innovative and affordable products that have a positive impact on people’s lives,” Nova Regina Taner, PasarPolis Partnership VP said in a written statement.
Through a partnership with DANA as one of the most popular digital wallets in Indonesia, said Nova, it believes it can “reach more potential customers and protect them from risks caused by health issues.”
PasarPolis’ Expansion to B2C
Founded in 2018, DANA has quickly developed into one of the most popular digital wallets in Indonesia with more than 40 million users.
“PasarPolis’s presence at DANA is a form of synergy that makes it easy for people to get micro insurance protection quickly, both in the middle of a pandemic and in the future,” said Vincent Iswara, CEO and Co-Founder of DANA.
The Financial Services Authority (FSA) noted, the number of participants of microinsurance until September 2019 reached 25.86 million people. Data from PasarPolis also shows that more than 70 percent of microinsurance buyers so far have come from millennials.
The launch of cooperation with DANA is in line with PasarPolis’s plan to expand into the B2C (Business-to-Consumer) business model. Previously, PasarPolis hooked a strategy that focused on B2B (Business-to-Business) business models, by collaborating with strategic business partners. This means that PasarPolis’s technology team must be able to create a system that can be adopted by its partner platforms, such as DANA.
Provide 2 Insurance Products through DANA
At present, there are only two microinsurance products that users can get through the DANA Siaga feature. First, Term-Life life insurance from Star Investama with premiums starting from IDR 8 thousand per month to IDR 40 thousand per 12 months.
The insurance coverage of this insurance product can reach IDR 10 million. Second, the Hospital Cash Plan health insurance from Lippo Insurance with premiums of IDR 9,900 per month to IDR 118 thousand per 12 months. The value of the benefits of inpatient insurance is IDR 50 thousand per day for non-surgical treatment and IDR 100,000 per day for treatment with surgery.
According to Vincent, through the application, insurance services can be obtained by contactless and cashless users to prevent transmission of the coronavirus. After entering the application, users can register for insurance both life insurance and hospitalization insurance in the DANA Siaga feature. The service is integrated with the PasarPolis platform.
Nishant Kumar, Chief Technology Officer of PasarPolis, revealed the importance of providing the right insurance protection products to the public. The speed of product development is no less important here.
“Our vision to provide insurance for everyone is very crucial, especially in the midst of the current crisis. That is why we are working so hard, that we successfully launched two new products in the DANA application in just a few weeks,” Nishant said.
Going forward, PasarPolis will also continue to innovate by using a dynamic pricing system, so that it can offer unique protection for the needs of each consumer.