JULO, an Indonesian peer-to-peer FinTech platform, has launched a pioneering insurance cover called JULO Cares. The insurance cover, backed by global insurer Sompo, automatically activates gadget protection during transactions, providing ongoing device protection to JULO users. This includes safeguarding smartphones against damage or theft, ensuring uninterrupted access to the JULO app. The insurance cover also includes an Accident Protection Cover in partnership with the Indonesia Social Security Agency for Employment. JULO Cares aims to address the low insurance penetration rate in Indonesia, which currently stands at 2.75%. The Indonesian government has set a target of increasing insurance penetration to 3.2% by 2027.
JULO Cares is designed to provide insurance inclusion as part of financial inclusion, offering unique and helpful benefits to JULO’s customers. The launch of JULO Cares reflects JULO’s commitment to expanding its range of protection options under the JULO Cares platform.
