Singapore-based regional insurtech Igloo has partnered with Telkomsel, Indonesia’s biggest telecommunications service provider, to introduce a series of innovative insurance
services.
The duo said in a statement on Tuesday that this collaboration underscores the growing role of embedded insurance in Asia Pacific (APAC)’s mobile-first
markets.
Telkomsel becomes Igloo’s second major telecommunications partner, following its collaboration with a major telco provider in the Philippines last year.
The partnership brings innovative insurance products to more than 150 million Telkomsel customers in Indonesia, including cybersecurity, gadget, travel, and phone screen protection.
The launch of these products aligns with the changing lifestyles of Indonesians, characterized by increased digital adoption among a digitally-savvy middle class and a growing propensity towards online purchases.
Cited Kadence’s Indonesia Market Research, the statement highlighted that Indonesia boasts over 210 million internet users, and has a mobile penetration rate of 77 percent – driven by affordable smartphones and competitive data plans.
Meanwhile, 73 percent of e-commerce transactions are made via mobile devices.
A first phase of this collaboration sees the launch of the following products for Telkomsel prepaid subscribers, with more slated for subsequent rollouts.
These include cybersecurity insurance, gadget insurance, phone screen protection insurance and travel insurance.
Amongst the suite of products is cybersecurity insurance, which is timely and essential given the rise in cyber-related fraud and attacks.
Cited cybersecurity company Check Point, the statement noted Indonesia experienced an average of 3,300 cyberattacks per week in early 2023, the highest in Southeast Asia.
Another report from SOCRadar in 2024 also mentioned that Indonesian customers are experiencing over 4,406 distinct phishing attacks.
As cyber threats become more sophisticated, the two companies see digital protection is increasingly necessary.
“Embedding insurance protection on the MyTelkomsel App with Igloo reflects our commitment to enhancing the digital lifestyle of Indonesians by offering convenient, secure, and relevant protection that goes beyond connectivity，
“With more Indonesians spending time and money online, this strategic and innovative partnership reinforces our commitment to not just connect but also protect our users by
empowering them with simple, secure, and accessible digital insurance solutions,” said Alfian Manullang, Vice President of Data Solutions & Digital Financial Services at Telkomsel.
Meanwhile, Raunak Mehta, Chief Executive Officer and Co-founder, Igloo, said itt is great to count Telkomsel, Indonesia’s biggest telco, as one of Igloo’s partners.
“Over the years, we’ve made a name for being the insurtech that helps businesses embed consumer-centered insurance protection within seamless purchasing journeys,
“To be able to do this for Telkomsel’s over 150 million customers is further testament to our expertise and commitment in this area,” he added.
Igloo launches tech solutions to boost insurance operations in SEA