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Jakarta Post

Sun Life Financial Indonesia teams up with TCASH to market micro insurance

- (The Jakarta Post)
Jakarta, Indonesia
Fri, April 27, 2018

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Sun Life Financial Indonesia teams up with TCASH to market micro insurance

T

elco Insurance's strategic cooperation aims to reach a wider community through the financial technology services of electronic money.

PT Sun Life Financial Indonesia ("Sun Life"), an international financial services company from Canada, has launched its telco insurance service by collaborating with TCASH, Telkomsel's electronic money system, to fulfill the needs of customers.

Through this strategic partnership, Sun Life and TCASH offer insurance protection, namely Active Micro Protection, Siaga Micro Protection and DBD Micro Protection.

According to Sun Life president director Elin Waty, "Sun Life's partnership with TCASH of Telkomsel offers a way to reach a wider segment of society, in a faster, cheaper and easier way just as a sharp increase has occurred in digital-based financial transactions.”

“Sun Life realizes that transaction behavior is shifting rapidly toward digital modes; therefore we have sought the best way to achieve penetration to all Indonesian people,” she said.

She added that this step was part of Sun Life Financial Indonesia's commitment to developing new partnership distribution channels as well as its digitalization effort to provide protection access to all levels of society.

With active mobile numbers in Indonesia reaching 371.4 million, exceeding the total population of 262 million people, the move to launch telco insurance is expected to increase people’s abilities to conduct insurance transactions.

Therefore, through this service, Sun Life and TCASH are helping Indonesian people achieve financial security while increasing financial penetration and inclusion across Indonesia.

TCASH is an electronic money service offered by Telkomsel, the largest mobile operator in Indonesia with more than 196 million customers. With wide network support TCASH now has more than 20 million customers in 34 provinces, making it the leading electronic money service, reaching people in urban areas as well as rural areas that are underserviced by banking services.

TCASH CEO Danu Wicaksana said that "TCASH welcomes strategic cooperation with Sun Life to deliver insurance through mobile phones and to extend the comprehensive services TCASH provides for our customers.”

“With the support of our extensive network combination and Sun Life's long experience as a financial services provider, we believe this telco insurance service will be well-received and become a preferred product of community protection in Indonesia."

Danu added that Sun Life's insurance services could be obtained by TCASH customers with the User Menu Browser (UMB) access code, which was very easy to use and could be accessed from any type of mobile phone. "In that way, the service also opens access for customers in the unbanked segment to get quality insurance coverage safely, "said Danu.

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This cooperation will utilize analysis and data processing (data analytics) methods to determine the protection that best suits the profile and needs of a customer. This insurance service can be obtained by all TCASH customers who are users of Telkomsel and are aged between 18 and 60 years, through fairly easy steps.

Customers can simply access the User Menu Browser (UMB) code by dialing * 800 * 7534 * 1 # for Micro Active Protection products; * 800 * 7534 * 2 # for Siaga Micro Protection products and * 800 * 7534 * 3 # for DBD Micro Protection products.

To ensure the security of customer data, customers only need to pay a one-time premium using a TCASH PIN as a confirmation of purchase. Furthermore, the insurance policy will be sent digitally.

Micro Active Protection insurance solutions are aimed at protecting customers who experience accidents and are hospitalized within at least 24 hours. This protection allows the customer to receive compensation of between Rp 1.500.000 to Rp 2.500.000. Siaga Micro Protection provides 100 percent coverage if a customer dies because of an accident. The amount received by customers ranges from Rp 30.000.000 up to Rp 50,000.000.

DBD Micro Protection provides cash benefits for customers who are hospitalized for at least 24 hours because of dengue hemorrhagic fever, ranging from Rp 2,000,000 up to Rp. 4.000.000. All three products protect customers for between 30 to 90 days after the registration date.

Easily accessible insurance services, provided through telco insurance cooperation, have been offered by Sun Life Financial in several markets previously. In Malaysia and the Philippines, Sun Life Financial Co. has developed several distribution lines, while in Indonesia operations only began in March, 2018. This undertaking offers support for OJK and encourages stakeholders to continue working together to increase financial penetration and inclusion in Indonesia.

The telco insurance strategic partnership also provides the comprehensive services and usability offered to TCASH customers, in line with the company's commitment to achieving the government’s financial inclusion target of 75 percent of the population by 2019.

The presence of telco insurance services provides easy access for TCASH customers in remote areas of Indonesia to get Sun Life’s quality protection anytime, anywhere and via any mobile phone.

"Solutions presented by Sun Life in collaboration with TCASH are expected to provide education for people to understand the importance of insurance. The easy, fast and cheap access can hopefully encourage people to consider insurance as a self-protection solution that is within arm’s reach,” Elin said.

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