The availability of this insurance will reduce the medical cost for Indonesians either at home or during travel
JAKARTA, INDONESIA, 22 June 2023 – Regional Insurtech Igloo and DANA, an Indonesian e-wallet company, announced the availability of a new personal insurance product that covers food poisoning. The microinsurance, which can be purchased for a nominal amount of IDR 300 through DANA QRIS, will provide up to IDR 500,000 in coverage, and can be easily claimed by providing an identity card and proof of medicine purchase.
The development of the product was driven by the fact that as many as 43 per cent of survey respondents in Indonesia decide to eat outside the home several times a week, according to a Rakuten Insight Center survey. Another report from Rakuten also noted that 79 per cent of Indonesians preferred eating street food rather than eating at home.
However, the increasing trend of consuming street food also poses a risk. The annual report from the Food and Drug Supervisory Agency (BPOM) shows that street vendors are always among the top three causes of food poisoning outbreaks in 2017-2021. Data shows that around 23.36 per cent of the total food poisoning outbreaks that occurred in 2019-2022 happened from street food cases.
Especially for food poisoning insurance, the availability of this microinsurance product will ensure not only the health of consumers who consumed the food at their homes but also travellers. This is important because travel frequency, whether for leisure, business, or homecoming during the Eid holiday, is increasing exponentially.
“We believe this microinsurance will provide additional protection to Indonesians during their daily activities or when travelling, especially because there is an increasing trend in culinary tourism. The plethora of choices means it is an opportunity to taste some unique delicacy but that also means there will be an increasing chance that the food wouldn’t be suitable with our physical condition,” said Henry Mixson, Country Manager Igloo Indonesia.
The product’s main insurer is PT Victoria Insurance Tbk. and is available through purchase from DANA. Customers can easily purchase insurance when they are using DANA QRIS during transactions. The protection period is up to three days after being purchased and stopped when the customer submits a claim of food poisoning. Apart from that, the product also has accidental death protection for customers.
“We are proud to partner with Igloo to provide innovative microinsurance products. With the increase of QRIS as a payment method across the country, we feel that it is necessary to provide an easily accessible solution to protect oneself from food poisoning. Hopefully, these products could ease the economic burden associated with the medical cost that may happen during food poisoning. Furthermore, we believe that these microinsurance products will educate our consumers and encourage them to use other financial services in order to achieve greater financial inclusion,” said Ivan Kusuma, Head of Investment and Insurance DANA Indonesia.
This will be the third collaboration between Igloo and DANA, after their previous collaboration received the “Product of The Year” Award at the Insurance Asia Awards 2022.
Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, the Philippines, Vietnam and Malaysia and tech centres located in India and China. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimise and enhance existing products and services. Igloo has partnered with over 50 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.
For more information, please visit https://iglooinsure.com/.
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