Igloo Partners with Telkomsel to Revolutionize Insurance Services in Indonesia
Introduction
Singapore-based insurtech company Igloo has announced a groundbreaking partnership with Telkomsel, Indonesia’s largest telecommunications provider. This collaboration aims to introduce a range of innovative insurance services tailored for the country’s rapidly evolving mobile-first market.
The Rise of Embedded Insurance in APAC
The joint venture between Igloo and Telkomsel highlights the increasing significance of embedded insurance across the Asia-Pacific (APAC) region. This growth is driven by the digital transformation journey of consumers in mobile-first nations like Indonesia.
Expanding Reach to 150 Million Customers
Through this partnership, Igloo will provide cutting-edge insurance products to over 150 million Telkomsel customers. This suite of offerings includes:
- Cybersecurity Insurance
- Gadget Insurance
- Phone Screen Protection Insurance
- Travel Insurance
These products reflect a clear shift in the lifestyles of Indonesians, especially among the increasingly digital-savvy middle class, who are more inclined to make online purchases.
Targeting Indonesia’s Digital Consumers
According to Kadence’s Indonesia Market Research, Indonesia has more than 210 million internet users and a mobile penetration rate of 77%. This surge is fueled by affordable smartphones and competitive data plans. Notably, 73% of e-commerce transactions are made through mobile devices, illustrating the importance of digital solutions in today’s commerce.
Addressing Cybersecurity Needs
A significant highlight in this collaboration is the introduction of cybersecurity insurance, which addresses the soaring risks associated with digital transactions. According to Check Point, Indonesia has experienced an alarming rate of approximately 3,300 cyberattacks per week in early 2023—the highest in Southeast Asia. Furthermore, a report by SOCRadar in 2024 indicated that Indonesian users faced over 4,406 unique phishing attacks.
As cyber threats evolve, both Igloo and Telkomsel recognize the urgent need for robust digital protection for consumers.
Solutions Tailored for Telkomsel Users
The first phase of this collaboration includes offering insurance products primarily to Telkomsel prepaid subscribers, with further enhancements and products planned for future releases.
Quotes from Key Executives
Alfian Manullang, Vice President of Data Solutions & Digital Financial Services at Telkomsel, emphasized the company’s commitment to enhancing the digital lifestyle of Indonesians:
“Embedding insurance protection on the MyTelkomsel App with Igloo reflects our dedication to providing convenient, secure, and relevant protections that extend beyond connectivity. With more Indonesians spending time and money online, this partnership reinforces our commitment to not just connect but also protect our users.”
Raunak Mehta, Chief Executive Officer and Co-founder of Igloo, echoed this sentiment, expressing pride in partnering with Telkomsel, stating:
“We’ve established ourselves as an insurtech dedicated to embedding consumer-centered insurance solutions seamlessly within purchasing journeys. Serving Telkomsel’s vast customer base showcases our expertise and commitment in this arena.”
Conclusion
The partnership between Igloo and Telkomsel is not merely a business collaboration; it represents a significant step toward providing accessible, innovative insurance solutions for Indonesia’s digital consumers. As the market continues to evolve, it will be fascinating to see how this strategic partnership reshapes the insurance landscape in Indonesia and beyond.
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- Telkomsel
- Insurance Services
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- Digital Consumers
- Cybersecurity Insurance
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