Get to know 3 types of Insurtech in Indonesia ~ Insurance Academy

Insurtech is a new approach for the insurance industry in creating insurance products and in marketing insurance products to the public. In terms of marketing, Insurtech introduces a new user journal to its users. Technically, InsurTech expands from insurance management to processing, sales, data management and more.

Currently, there are three types of insurtech in Indonesia. I will describe one by one in a simple way.

Aggregator/Marketplace

This type of aggregator Insurtech provides a new experience in obtaining insurance products by comparing insurance products with one another. The public can compare prices, the extent of insurance coverage, to the terms of claims from various insurances. The aggregator in this case plays a passive role in providing comparisons of various insurance products and services and providing a platform to facilitate transactions. Aggregators get commissions or returns from insurance if they succeed in selling a certain number of products. Some examples of aggregators that we can mention include Cekpremi.com, lifepal.com, Kontaki.com, Cekaja.com

Broker/Agent

An aggregator that already has an insurance broker/agency license. Rights and obligations are clearly regulated between the broker/agent and the insurance company. They are licensed to run an active intermediary business, both as risk management consultants and in selecting insurance companies according to the Insured’s needs and arranging insurance transactions. Over time, this type of Insurtech also provides a platform for insurance agents/marketers to conduct insurance transactions. Some examples include Fuse, Qoala, and Mitra Polis Market.

The Full Stack Insurtech

This is a transformation of an insurance company that has an insurance operating license to build its own digital platform to provide unique services and experiences to its customers, starting from product promotion, sales, risk analysis, direct payment transaction services for premiums and claims. An example of this Insurtech is Simas Insurtech which specifically provides digital/API-based insurance products for various platforms and end customers.

Afrianto Budi, CIIB, ANZIIF (Sr Assoc) CIP

Bogor, 12 Aug 2021