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Digital ecosystems have an important role in promoting insurance industry

12:07:32 | 17 Nov 2021
Digital ecosystems have an important role in promoting insurance industry
JAKARTA (IndoTelko) - Digital ecosystems have an important role in promoting financial literacy and inclusion. In the insurance industry, this digital ecosystem is facilitated by insurtech companies, which have various distribution channels to market insurance products. Nowadays, many insurance companies choose to collaborate with insurtech companies to develop and sell insurance online.

Fuse Insurtech is one of the insurtech that has the most comprehensive business models to market insurance products, like Agent Partners model, Micro Insurance, Financial Institute and B2C comparison model, which work with different channel partners to distribute insurance products to the end-customers. Covid-19 pandemic catalyse the insurance growth and change in the way on how insurance being offered in Indonesia, and Fuse capture the opportunity such that its gross written premium (GWP) in 2021 Q3 already overshoot IDR 1 trillion. This achievement was made possible because of the trust of more than 40 insurance companies that chose to work with Fuse.

"FUSE has become a significant contributor for Simas Insurtech's GWP in partnership cooperation. Fuse is very innovative and very good in using technology in enabling different roles in the insurance ecosystem and very fast in execution. Also, their ecosystem play approach of tapping into multi-distribution channels, multiple insurance products lines, making them a very unique position in the insurtech space. That's why I am not surprised that they have become the leader in Indonesia insurtech," said CEO of Simas Insurtech, Teguh Aria Djana.

Asuransi Bina Dana Arta (ABDA) chose to work with Fuse as their Titanium partner since Q4 2020, which made Fuse the only insurtech player they work with nowadays. ABDA leverages Fuse's technology platform to market car insurance, property and health insurance.

"We believe that data optimization through optimal use of insurtech is increasingly relevant and needed by entrepreneurs/ insurance companies, so that it can increase insurance penetration in Indonesia. As a pioneer in insurtech in Indonesia, Fuse is expected to be able to help the insurance industry in Indonesia move forward together," said ABDA's Head of Brokerage Division, Nurmala Fitri Dewi.

Asuransi Multi Artha Guna (MAG) acknowledges that Fuse Pro, an application developed by Fuse since 2017, makes product purchases and insurance claims online, fast and easy. Fuse also helps increase sales in cities that MAG’s doesn’t have presence meanwhile.

"Aggressiveness in marketing, comprehensive insurance products, capable marketers/ partners, as well as technology development that adapts to market penetration, are the key success factors for Fuse," MAG's Vice President Director, Thomas Paitimusa said.

Responding to this, the Founder and Chief Executive Officer (CEO) of Fuse, Andy Yeung said, there is a lot of potential available for the insurtech, given certain fundamental changes in consumer behavior due to the Covid-19 pandemic. Insurtech became a catalyst to facilitate and expand access to insurance products.

"Insurance companies are our key partners which create and underwrite different kinds of insurance products and hence Fuse using technology to help distribute such insurance products effectively via our distribution channel partners. As an independent technology platform, we are very open and happy to partner with more insurance companies, not only because we bring them production numbers, but also support them to create the best experience for distribution channel partners as well as end-customers," Andy concluded.(es)

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