Indonesia-based travel tech unicorn Traveloka is tapping deeper into digital insurance segment through its latest feature, Traveloka Protect.
Traveloka also unveiled a new life insurance product under the Traveloka Protect portfolio. In an official statement, the company said that it will offer convenient insurance products at affordable prices. The company also alleged that its users will only need a few minutes to register for the new services.
For its life insurance products, Traveloka has partnered with insurance company Astra Life. Users will be able to choose between six months or one year coverage period. The insurance offers various range of premium and sum insured. Its lowest premium is IDR 70.000 (USD 5) for six-month coverage with the sum insured of IDR 25 million.
Insurtech is becoming the next big thing in the Indonesian digital industry, as more startups and conventional insurers are experimenting with insurtech products.
Earlier this year, Traveloka introduced a home protection insurance to give protection for users away for holidays. It also launched a Schengen visa insurance aimed at Indonesian pilgrims planning to visit Europe.
Along with the other two unicorns, Gojek and Tokopedia, Traveloka has also invested in insurtech startup PasarPolis.
It is currently not clear how Traveloka will collaborate with PasarPolis, but it is possible that the unicorn will add lifestyle micro-insurance products to its portfolio soon, considering that during this year it has been focusing on developing its lifestyle sub-brand Traveloka XPerience.