Sompo Indonesia’s Movable All Risk Insurance Program
Igloo and PT Sompo Insurance Indonesia (Sompo Indonesia) have announced their strategic partnership to provide on-demand digital insurance solutions catered to Indonesia’s millennial population. Initially, the two introduced phone protection coverage catered to Indonesia’s millennials using Axinan’s digital platform, igloo.
“With a population of 264 million in Indonesia, the overall insurance penetration ranks among the lowest in the world at less than 2 percent. 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. Half of Indonesia’s population is under the age of 30, with a millennial population of 79.5 million – we are looking at a projected third largest middle class among the emerging markets by 2050. This indicates the need for insurers such as ourselves to make a concerted effort in better understanding of our future generation’s everyday needs – where we hope that the introduction of igloo will be able to roll out new and exciting innovations.” – Eric Nemitz, CEO, Sompo Indonesia.