E-Wallet DANA partners with Igloo, Providing Electronic Gadget Insurance
- DANA adds mobile phone screen protection in DANA Siaga feature through its latest partnership with Igloo.
- Igloo's partnership with DANA comes on the heels of its recent partnership with Philippines' leading e-wallet provider, GCash
- New phone screen protection insurance aims to protect DANA's over 80 million mobile phone users from as low as Rp500 and covers up to a maximum of Rp200,000.
- Mobile phones have become more critical for business and lifestyles in Indonesia. High rate of smartphone ownership at 2% and welcomed 21 million new online shoppers since the start of the pandemic.
- DANA and Igloo's partnership aims to participate and support the National Strategy for Financial Inclusion (SNKI).
JAKARTA, Oct 07, 2021 - (ACN Newswire) - Indonesia's leading e-wallet DANA today expands a new added value for its users by providing phone screen protection insurance with Singapore-headquartered regional insurtech Igloo. Through this partnership, DANA aims to offer its over 80 million users an affordable microinsurance solution through a digital channel to purchase mobile phone screen protection and make a claim, all in one app.
Underwritten by PT Jasa Asuransi Indonesia-Jasindo and distributed by PT Insco Multi Pratama, plans start from as low as Rp500 and cover up to a maximum of Rp200,000 for cracked phone screens on both new and used mobile phones. To activate the protection, users can navigate to "DANA Siaga" in the DANA app to select a plan that suits their lifestyle or select the add-on when completing their purchase of mobile recharge.
Together with Igloo, DANA has introduced a digital solution for mobile phone screen protection for avid mobile users in Indonesia who want hassle-free and easy claims management for insurance solutions.
"As a lifestyle-based digital wallet application, DANA offers a one-stop solution to accommodate the various characteristics and needs of its users all across Indonesia. It includes expanding collaboration and partnerships with Igloo to protect users' phones, and their mobile-based activities are hassle-free. Moreover, the need for microinsurance is in high demand. Based on the Financial Services Authority (OJK) data alone, the development of microinsurance as of June 2019 already has 22.1 million policyholders or participants. Therefore, we warmly welcome this partnership to continue to encourage the advancement of insurance in Indonesia and increase financial inclusion," said Vince Iswara, CEO & Co-Founder of DANA.
The new protection aligns with DANA's commitment to continuously updating and improving the user experience in digital transactions through the DANA app to reach more users throughout the nation.
DANA has seen growth during the pandemic, with the number of transactions increased by 151% YOY. Referring to data from App Annie - a provider of application analytics and application market data - DANA was the only finance app amongst the Top 10 most downloaded apps in Indonesia across all categories in Q2 2021. It also ranks first in the financial apps category for most downloads (iOS and Android) in Indonesia in Q22021.
According to the 'Southeast Asia (SEA), the home for digital transformation' report, Indonesia has seen the strongest growth in the region (21 million, equivalent to a 15% growth) with high smartphone ownership (98.2% in Jan 2021). Mobile phones have been a critical tool for merchants and gig workers who run their businesses and become an integral part of consumer's social life.
"Dana has played a pivotal role in driving digital adoption of financial services amongst the Indonesian customers. This trend has been accelerated due to the pandemic with increasing reliance on cashless payments from utility payments to investments. Igloo is proud to collaborate with Dana to extend its digital solution of micro insurance portfolio to Dana consumers in an intuitive and affordable fashion." said Raunak Mehta, Igloo Chief Commercial Manager.
This initiative marks Igloo's second partnership with a mobile wallet brand after GCash, in the region, strengthening its presence to provide affordable and accessible insurance for the masses by working with partners from diverse verticals. Igloo had secured partnerships with industries that range across e-commerce, logistics, automobiles, transportation, telecommunication, banking, travel and hospitality and the gig economy. In Indonesia, aside from DANA, Igloo has partnered with the country's largest e-logistics platforms, Ritase, e-commerce company, Bukalapak, home and business appliances solution provider, Modena, and freight logistics marketplace, Kargo Technologies. Regionally, Igloo also works with food delivery company, foodpanda, SEA's leading e-commerce platform, Shopee, on-demand and SEA's fastest-growing hotel management platform RedDoorz.
DANA is a digital wallet service by PT Espay Debit Indonesia Koe, an Indonesian startup company in the financial technology sector paving the way towards an advanced infrastructure which makes it possible to complete payments and transactions without cash, without card. Born and raised in Indonesia, DANA takes pride in its local creative talents and programmers who have tirelessly worked to build and develop DANA from the ground up. In addition to its availability on iOS and Android, DANA is integrated with various merchants and renowned applications as payment solution, both online and offline. #DANASahabatUMKM reflects DANA's initiative to support the digitalization of Indonesian micro, small, and medium enterprises (MSMEs) through the platform DANA Bisnis.
Igloo, previously known as "Axinan", is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, the Philippines, and Vietnam, and tech centres are located in China. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Solutions for digital insurance developed by Igloo enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimize and enhance existing products and services. In April 2020, Igloo successfully closed its Series A+ funding round worth US$8.2 million, bringing its total funding to US$16 million from global investors.
Igloo is led by a core team that comprises top talent from the technology and insurance industries hailing from global corporations including Facebook, Grab, Flipkart, Garena, Manulife, Shopee, Yahoo! and Zalora. For more information, please visit https://www.iglooinsure.com/
PRecious Communications for Igloo
VP of Corporate Communications
Mobile: 0811 9949 387
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