Indonesian eCommerce firm Bukalapak has partnered Singapore-based insurtech firm Axinan to offer electronics and transit protection to its merchants and customers.
Under the partnership, merchants on Bukalapakâ€™s platform can opt to protect their goods against the risk of total loss or damage during transit through igloo, Axinanâ€™s consumer brand. Bukalapakâ€™s customers, meanwhile, can also buy protection against accidental damages for purchases of gadgets and electronics.
Victor Lesmana, director of payment, fintech, and virtual products at Bukalapak said the partnership gives the company a competitive edge. â€śAxinanâ€™s fully digital claims will allow us to provide our customers with a seamless, secure, and convenient shopping experience, which is in line with our mission anchored on technological innovations created to improve the lives of users,â€ť he explained
According to Axinan in the press release, the risks associated with damage and loss during transit is often not accounted for by the e-tailers. Axinan founder and CEO Wei Zhu said: â€śWe 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.â€ť
Through the collaboration, Wei said that the firm is able to leverage Bukalapakâ€™s extensive local network of customers and thereby, provide its solutions to a wider audience. The protection offerings will ride on Axinanâ€™s proprietary tech capabilities and are underwritten by Sompo Indonesia.
Raunak Mehta, chief commercial officer at Axinan added: â€śWe believe the synergistic potential of this collaboration would deliver a great impact in terms of driving insurance penetration in Indonesia while providing peace of mind to Bukalapakâ€™s customers against any risks.
Headquartered in Singapore, Axinan currently has operations in Singapore, Malaysia, Indonesia, Thailand, Hong Kong, the Philippines, and Australia.
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