Indonesia’s OTA unicorn Traveloka has launched insurance products under Traveloka Protect, which is aimed at capturing Indonesia’s largely untapped insurance market.
Traveloka Protect offers two types of insurance products: Travel Insurance, which includes comprehensive insurance and Schengen visa insurance; and Life Insurance.
Traveloka Protect offers users “an easy purchasing process” sans health checks and complicated administrative processes, said the company, adding that it “guarantees acceptance for all users aged 18 to 69”.
The level of market penetration for insurance in Indonesia ranges from two to three per cent, making Indonesia the second-lowest in insurance penetration among South-east Asian countries, according to the Indonesian General Insurance Association (AAUI).
This low penetration rate is due to lack of insurance literacy, said AAUI. Hoping to tap this market, Traveloka Protect presents a variety of insurance products for Indonesians. Besides offering protection, Traveloka wants to educate the Indonesian people on the importance of insurance.