JULO, an Indonesian peer-to-peer financial technology company, has launched JULO Cares on Friday, an insurance cover embedded within the core JULO digital credit solution.

This benefit launched under the JULO Cares platform provides ongoing device protection to users when they avail of JULO’s digital credit, JULO said in a statement.

Cited Indonesia Financial Services Authority, JULO said the general insurance penetration rate in Indonesia is low at 2.75 percent and the Indonesian government aims to increase this to 3.2 percent by 2027.

It said lack of literacy and affordability of insurance premiums are the primary reasons for this low penetration.

“We aim to add a layer of insurance inclusion to financial inclusion,

“With JULO Cares, we provide a unique gadget protection cover to our valued users,” said Chief Business Officer of JULO Group Nimish Dwivedi.

According to him, this embedded insurance cover gets auto-activated as part of the transaction flow itself when customers are using JULO’s digital credit.

“Once activated, this cover protects their existing smartphone against all forms of device damage, ranging from dropping their phone by accident to incidents of phone theft,

“With this protection, we aim to ensure that our valued customers never lose access to their JULO app,” he added.

According to the statement, JULO Cares offers unique and helpful benefits to its customers which includes an
accident protection cover, in partnership with the Indonesia Social Security Agency for Employment.

“We are committed to continuously expanding our range of protection options under the JULO Cares platform,” said Chief Executive Officer and Co-founder of JULO, Adrianus Hitijahubessy.

According to the statement, this innovative product is backed by Sompo, a global general insurer with a track record of more than 48 years in Indonesia.

Throughout 2023, JULO said it has been committed to innovation by launching various products and features to empower underbanked and unbanked individuals in Indonesia.

These include JULO Turbo, a product that provides instant credit from download to disbursement in just 5 minutes,
and JULO Education, which provides education financing across any school, any college and any online course in Indonesia.

“Through JULO Cares, we want to give our valued customers not just financial benefits, but peace of mind,” Dwivedi concluded.

JULO is a fintech company that is revolutionizing access to financial products for millions of emerging consumers in Indonesia.

Facilitating improved and practical digital credit access, financial empowerment has been the focus of JULO to improve the life quality of every Indonesian.

The company is one of the first to develop a digital data-driven credit underwriting and risk assessment platform to process consumer credit applications and determine their creditworthiness using its mobile app.

Founded in 2016, JULO has expanded nationwide. The firm is based in Jakarta and is backed by leading investors including Credit Saison, Skystar Capital, Saratoga Investama, East Ventures, Quona Capital, Central Capital Ventura, MDI Ventures, Gobi Partners and others.

JULO has been supercharged with rounds of funding, including Series A funding of $10 million in 2018 and Series B funding of $80 million in 2022.

JULO has facilitated credit access to more than 2 million of customers. Its portfolio includes JULO Digital Credit and JULO Turbo.

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