Ovo said that the new service will be ready next year and that it will draw on ZA Tech’s proprietary technology and applications. Insurers can make their digitized products available on the Ovo app. The joint venture will certainly support the rise of insurance aggregators or marketplaces.
Insurance penetration is very low in Indonesia, it only reached 2.77% in 2018 according to the General Insurance Association of Indonesia (AAUI). However, the COVID-19 pandemic has led to a rapid rise in demand for protection, showing there is a vast potential growth in Southeast Asia’s largest economy.
The new alliance is in line with Ovo’s plan to further strengthen its proposition in digital insurance. This startup wants to provide the most comprehensive suite of financial services to all Indonesians through additional insurance and investment offerings. In May, Ovo launched online insurance products in collaboration with Prudential Indonesia.
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