Indonesian financial technology company JULO has successfully provided insurance coverage to over 200,000 customers in the form of existing gadget protection in just three months with its JULO Protect Plus, a first-in-market collaborative insurance cover embedded within the company’s core virtual credit card solution.

This benefit, the fintech notes, provides a unique gadget protection cover for customers’ smartphones to ensure that they never lose access to their JULO digital credit app.

The fintech created the benefit in collaboration with the Indonesian omnichannel insurtech company Qoala, which provides insurance solutions through an integrated digital platform, and Sompo Insurance, a global general insurer with a track record of more than 48 years in Indonesia.

JULO, the company notes, provides easy in-app policy activation and protects customers' existing smartphones against all forms of device damage, ranging from dropping their phone by accident to incidents of phone theft.

Manoj Awasthi, the fintech’s chief technology officer, adds: “Our engineering team worked with a fintech plus insurtech perspective to develop a smooth and hassle free in-app policy issuance and a convenient claim process.”