Leading Indonesia Fintech JULO Adds Insurance Inclusion to Financial Inclusion with JULO Cares
JAKARTA, Indonesia, Dec. 20, 2023 /PRNewswire/ -- JULO, a leading Indonesian peer-to-peer financial technology company, launched JULO Cares on December 15th 2023, a first-in-market unique 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.
The general insurance penetration rate in Indonesia is low at 2.75 % and the Indonesian government aims to increase this to 3.2% by 2027, according to The Indonesia Financial Services Authority. Lack of literacy and affordability of insurance premiums are the primary reasons for this low penetration.
Chief Business Officer of JULO Group, Nimish Dwivedi, explained "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. 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."
One of JULO's users, Susanna, shared her experience: "This is quite new to me! Working as a tutor requires me to move a lot and I rely heavily on my smartphone gadget. Felt reassured that this gadget is now protected".
"JULO Cares offers unique and helpful benefits to our customers. This also 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 CEO & co-founder of JULO, Adrianus Hitijahubessy.
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 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", ended Nimish.
JULO is an Indonesian leading fintech company that is revolutionising 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. JULO 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 officially licensed as the provider under OJK circulation No KEP-16/D.05/2020 on 19 May 2020. Since then, JULO has been supercharged with rounds of funding - including Series A funding of US$10 million in 2018 and Series B funding of US$80 million in 2022 - and enables JULO to strive for continuous improvement in providing the convenient, yet accessible digital credit service across Indonesia.
JULO has been downloaded more than 10 million times and has facilitated credit access to more than 2 million customers. Our portfolio includes JULO Digital Credit and JULO Turbo. Our commitment and contribution to the society, business ecosystem and the business landscape have been recognized with numerous awards and recognitions. JULO has won several awards namely; Winner of Indonesia Fintech Festival (2016), Winner of UN Fintech Challenge (2018), Winner of Inclusive Fintech 50 (2019) and Gold Winner of Marketing Excellence Awards Indonesia 2023 - Excellence in Brand Awareness. For more information, visit https://www.julo.co.id
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