New Round of Gojek and Grab Competition in the Insurance Business

Gojek entered the insurance business line through GoSure. The product, which was launched in October 2019, is the result of cooperation with PasarPolis insurtech. Gojek also uses a database of 155 million users to offer various policies.

In addition to protection for the cell phone layer, GoSure also offers two other insurance products, namely for travel, motorized vehicles.

“With the data that Gojek has, we try to offer the right product. That’s our innovation,” Gojek’s Head of Third Party Platform, Sony Radhityo, in Jakarta, Wednesday (5/2).

For travel insurance, the benefits offered include personal accident, trip cancellation, flight delays, loss or damage to baggage, to piracy and terrorism. The number of insurance premiums and compensation will be adjusted to the distance and travel schedule.

Meanwhile, for motor vehicle protection, it can be purchased for IDR 50 thousand per year, with benefits of up to IDR 2.5 million.

Soon, GoSure will launch other products, such as disaster insurance. “We plan to make one new product per month, one of them is for disasters. People rarely know that,” Sony said.

The CEO of PasarPolis Cleosent Randing added, the insurance products provided focused on the most common problems encountered by users, such as cellphone screen damage. Users can access the service through GoSure in the Gojek application.

PasarPolis Has Been Working with Gojek since 2017

Established in 2015, PasarPolis is an aggregator platform for insurance products from several insurance companies. PasarPolis received series A funding from Gojek, Traveloka, and Tokopedia in 2018.

The company has also collaborated with Gojek to launch GoProteksi, an insurance product for driver-partners in 2017.

Currently, Gojek also provides accident insurance for GoRide drivers and passengers through collaboration with Allianz. Besides, Jasa Raharja was collaborated to provide accident insurance services for GoCar drivers and passengers.

For GoRide drivers and passengers, accident insurance is provided with maximum coverage of IDR 5 million for injured victims, and up to IDR 50 million for victims of permanent disability or death. The risk of loss of goods is also guaranteed with a maximum coverage value of IDR 1 million.

Whereas for GoCar drivers and passengers, accident insurance coverage is given a maximum of IDR 20 million for injured victims and IDR 50 million for victims of death or permanent disability. There are also additional claims for the cost of the ambulance, to the funeral. All claims can be made through the application by including the identity, police statement, and also a statement from the hospital.

Grab Also Penetrated the Insurance Market in 2020

Grab will overtake Gojek by entering the insurance market this year. President of Grab Indonesia Ridzki Kramadibrata said the move was part of Grab’s effort to become an everyday super-app.

Ridzki rate, insurance is one of the services needed. “We will immediately launch it for the people of Indonesia,” he said to Katadata.co.id in Jakarta, last Tuesday (12/10/2020).

Like Gojek, the insurance will later be related to various services in the Grab application, both GrabHealth, GrabBike, GrabCar, and others.

“That is also for users’ daily services because we want to bring innovations to them,” he said. Expansion to the insurance business is also part of the global strategy of Grab Financial Group.

Which, the company will focus on developing three services, including insurance. Also, there are payment services through GrabPay (OVO in Indonesia) and productive credit for partners.

In early 2019, Grab partnered with ZhongAn Technologies International Group Limited to form a joint venture in the digital insurance distribution in SEA.

That way, consumers will be able to buy insurance products from the Grab application. Meanwhile, accident insurance is now available for drivers and users of GrabRide and GrabCar.