Indonesia is one of Asia’s foremost mobile-first nations with 70% of their internet traffic coming from mobile devices. Estimated at $40 billion in 2019, Indonesia’s Internet economy has more than quadrupled in size since 2015 at an average growth rate of 49% a year. As the largest and fastest growing Internet economy in the region, Indonesia is well on track to cross the $130 billion mark by 2025.
However, a roadblock that eCommerce in Indonesia faces is the security of online payments and eCommerce delivery reliability. A report by JP Morgan in 2019 found that Indonesia still has significant rates of online eCommerce fraud. With the booming eCommerce scene in Indonesia, there is an increasing gap due to the inherent risks associated with the eCommerce market – damage and loss during transit.
This provides merchants and consumers risk protection for common eCommerce pain points, while building trust in conducting business and purchasing on Bukalapak.
Igloo’s fully digitalized claims creates a seamless, secure and convenient shopping experience for Bukalapak’s customers. Introducing digital insurance products at checkout expands
Bukalapak’s ecosystem of services to their customers and diversifies their revenue streams as they get to provide complementary products on top of their current ones which helps with customer retention.
The successes of the partnership are reflected through the increase in sales volumes of insurance products on Bukalapak’s platform.
Since the inception of the partnership in 20XX, starting with xxx, the partnership has grown from strength to strength, with the addition of up to 7 insurance products provided on Bukalapa’s merchants and customers.
The number of customers who have purchased insurance on Bukalapak is xxxx. 50 million policies have been sold, with transit protection being a major contributor with more than 2 million policies sold per month.
“We are thrilled to partner with Igloo as their solutions provide customers a shopping experience with a peace of mind and creates a competitive advantage for us by catering to our customers’ needs.” - Victor Lesmana, Director of Payment, Fintech, and Virtual Products, Bukalapak.