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Jakarta Post

Broker startup launches insurance for visa rejection

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Wed, July 3, 2019   /  03:54 pm
The Jakarta Post Image
Applicants can visit the Japan Visa Application Cener to process their visas or make online reservations. Jakarta-based Futuready, an insurance technology (insurtech) company offers a visa rejection insurance scheme to Indonesian visa applicants.(Shutterstock/File)

Jakarta-based Futuready, an insurance technology (insurtech) company, aims to provide coverage to up to 30 percent of all Indonesian visa applicants through an experimental policy against rejection. Futuready segment head Gretel Griselda told reporters in Jakarta that based on internal company estimates between 210,000 and 240,000 visa applicants were rejected each year. “Many of our buyers are relatively young. First jobbers. Young families. They are digitally literate. Maybe that’s why they use online platforms,” she said, “Our customers are mostly 20 to 35,  or maybe up to 40." For a one-time Rp 70,000 (US$4.95) premium, the company would reimburse rejected applicants 90 percent, up to Rp 8 million, of the visa application fee charged by any embassy. In comparison, a single-entry tourist visa to Japan costs Rp 380,000 and a similar visa to Au...