Singapore-based insurtech firm Axinan has partnered with Indonesian e-commerce firm Bukalapak to provide transit protection against theft and damages to goods purchased by merchants and customers.
The collaboration will enable consumers who buy gadgets and electronics and avail protection against accidental damages on Bukalapak’s platform.
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Additionally, merchants on Bukalapak’s ecommerce platform can opt to safeguard their goods from total loss or damage during transit through igloo, Axinan’s consumer brand, which was rolled out in February this year.
Sompo Insurance Indonesia (Sompo Indonesia) will act as the underwriter.
Axinan founder and CEO Wei Zhu said that the increasing demand of e-commerce in Indonesia has created an increased protection gap due to the risks associated with the e-commerce market.
“We are actively seeking to address these risks by providing products in collaboration with our insurance partners. The objective is to make these products easy, accessible and available to those who need it the most,” Zhu added.
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By GlobalDataAxinan has presence in Australia, Malaysia, Hong Kong, Indonesia, the Philippines, Singapore and Thailand. It also has development offices in China and Taiwan.
Last week, Axinan obtained a combined general and reinsurance license from Labuan Financial Services Authority (Labuan FSA) in Malaysia.
In February, Axinan teamed up with FWD Singapore to provide phone screen protection insurance.
