Insurance for the New Possible was joined by Nigel Fellowes-Freeman, CEO of Kanopi, and Richard Bracken, Head of Consumer Partnerships for APAC at Chubb.
Some of the insights they shared included:
- Indonesians are used to buying in small units. For financial services, bite-sized insurance and investments reduce friction and perceived risk.
- Indonesia’s financial inclusion outpaces its financial literacy, but not by much. The existing gap mandates experience-led education.
- DANA created trust by solving basic, money-related issues like digital top-ups, easy money transfers particularly in places that traditional banks do not reach.
- While headline insurance growth looks modest at a macro level measured by premium value, but policy sales are seeing explosive growth.
- The future of insurance sales in Indonesia is inside digital ecosystems. Acquisition costs are near-zero incrementally and targeting is can be very precise.
- Embedded insurance is a response to a surging protection gap. Bringing cover to people where they already are (their everyday apps) is one of the fastest ways to shrink that gap.
- APAC’s large gaps are partly a legacy of face-to-face distribution that focuses on larger tickets and affluent segments.
- Early embedded insurance was making it situational and relevant. Now it is granular, data-driven and personalized.
- Consumer expectations have been reset by digital commerce and invisible payments. They want low-touch, simplified experiences, particularly when the offer is relevant to the task they are already doing.
- Consumers will share data when the value exchange is clear and fair. Be explicit about use; trust will follow.
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