According to the official press release, with the launch of JULO Cares, the fintech has extended an insurance cover embedded within the core JULO digital credit solution. As a result, users accessing JULO's digital credit will also receive ongoing device protection.
The insurance solution addresses a pain point in Indonesia – as the country’s insurance penetration rate currently sits at 2.75%. However, the government is taking steps in a bid to increase the rate to 3.2% by 2027. Among the causes cited as responsible for the current rate are illiteracy and the lack of affordable insurance premiums.
More details about the new solution
The gadget protection cover extended via JULO Cares will reportedly be auto-activated as part of the transaction flow when customers use JULO's digital credit. Once the cover is activated, it protects the user’s smartphone against various forms of damage, including theft. Officials from JULO emphasised that this level of coverage is extended in an attempt to ensure customers don’t lose access to the JULO app. The service is offered in partnership with Sompo, a global general insurer.
Apart from this type of coverage, JULO Cares similarly features an Accident Protection Cover, offered in partnership with the Indonesia Social Security Agency for Employment.
As underlined in the official press release, this is not the first time the company has launched products aimed at the underbanked and unbanked population in Indonesia. In 2023, the fintech similarly launched JULO Turbo, an instant-credit solution, and JULO Education, a product offering education financing.
According to experts, Indonesia’s economy is larger than ever before, despite the fact that it has yet to reach its pre-pandemic trajectory.
The country has been experiencing economic growth in 2023, even though the rate of growth itself was slower than anticipated. According to the World Bank, the country’s inflation has been on a decline and its currency is stable.
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