Singapore-based insurtech firm Igloo has partnered with Indonesian e-commerce start-up Tokopedia to make insurance protection accessible to consumers and small businesses in the country.
The partnership aims to cover individuals in 99% of the country’s districts and more than 14 million micro, small and medium-sized enterprises (MSMEs).
Tokopedia will offer three Igloo-enabled insurance products, including gadget protection starting from 48,300 rupiahs (US$3.09), electronic product protection starting from 14,334 rupiahs for a 12-month period, and “total loss only” (TLO) coverage starting from 500 rupiahs for a span of three to 12 months.
The collaboration strengthens Igloo’s network of online shopping platforms as distribution partners across Southeast Asia, which includes major players such as Lazada, Shopee, and Loship in Vietnam.
Igloo says it will leverage its regional expertise in embedded insurance to ensure a seamless and efficient customer experience throughout the entire process on the Tokopedia platform, covering purchase, policy issuance, and claims settlement. Customers will also have access to a dedicated customer support hotline.
Last year Indonesians spent US$10.7 billion on electronics products, making them the top category among consumer e-commerce goods and highlighting the importance of protecting consumers when purchasing such devices online, Igloo says, citing data from DataReportal.
"Our industry experience demonstrates e-commerce as a potent insurance distribution channel, safeguarding consumers throughout Southeast Asia. Partnering with e-commerce giant Tokopedia bolsters Igloo's position as the preferred insurtech partner for digital platforms, making insurance accessible and affordable through embedded solutions,” says Raunak Mehta, Igloo’s co-founder and chief executive officer.
Igloo has a strong foothold in Indonesia through partnerships with some of the country’s leading players in e-commerce, fintech, and logistics, including DANA, Fabelio, Lalamove, and Ritase.
The partnership with Tokopedia is Igloo’s first collaboration in Indonesia after it closed a US$36 million pre-Series C funding round in December 2023.
