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Ovo partners with Prudential to launch digital insurance services

Since the online insurance was introduced in April 2020, around 222,000 users have signed up for the services.

Indonesian digital payment platform Ovo has launched new online insurance products in collaboration with Prudential Indonesia: Premium-free personal accident death and COVID-19 protection.

Ovo and Prudential started a strategic partnership in June 2019 to provide comprehensive digital propositions for customers including wellness, health, and wealth products, as well as services. In an interview with KrASIA last year, Ovo CEO Jason Thompson said that digital insurance is one of the company’s focuses in 2020.

In the face of the COVID-19 pandemic, Ovo believes that industry players and the public need to work together to support the government tackling the crisis. “Ovo continually strives to help all Indonesians in various fields, especially during the pandemic,” said the firm’s president director Karaniya Dharmasaputra in a statement. “We provide premium-free insurance to protect millions of Ovo users and families. The program has been running well since mid of April 2020 with high enthusiasm from the society.”

Around 222,000 users have registered so far, according to the company. Ovo believes that this collaboration can help accelerate insurance penetration and further promote financial inclusion in the country.

To access this service, users need to register on the Ovo app. If they are diagnosed with COVID-19 during the initiative period (January 28 to May 31) and need to be hospitalized, Prudential Indonesia will provide cash benefits of IDR 1 million (USD 67) per day for a maximum of 30 days. Meanwhile, the personal accident death service provides IDR 10 million (USD 671) for the family of insurance holders who die from accidents.