FinTech JULO launches JULO Cares to boost financial inclusion in Indonesia

By Gloria Mathias

JULO, an Indonesian peer-to-peer financial technology company, has launched JULO Cares, an insurance cover embedded within the core JULO digital credit solution.

This benefit launched under the JULO Cares platform provides ongoing device protection to users when they avail of JULO’s digital credit. Under JULO Cares, the JULO Protect+ service enables insurance access through the utilisation of digital credit.

The general insurance penetration rate in Indonesia is low at 2.75 % and the Indonesian government aims to increase this to 3.2% by 2027, according to the Indonesia Financial Services Authority. Lack of literacy and the affordability of insurance premiums are the primary reasons for this low penetration.

Chief Business Officer of JULO Group, Nimish Dwivedi stated, “We aim to add a layer of insurance inclusion to financial inclusion. With JULO Cares, we provide a unique gadget protection cover to our valued users. This embedded insurance cover gets auto-activated as part of the transaction flow itself when customers are using JULO’s digital credit. Once activated, this cover protects their existing smartphone against all forms of device damage, ranging from dropping their phone by accident to incidents of phone theft. With this protection, we aim to ensure that our valued customers never lose access to their JULO app.”

“JULO Cares offers unique and helpful benefits to our customers. This also includes an Accident Protection Cover, in partnership with the Indonesia Social Security Agency for Employment. We are committed to continuously expanding our range of protection options under the JULO Cares platform,” said CEO & co-founder of JULO, Adrianus Hitijahubessy.

Throughout 2023, JULO has been launching various products and features to empower underbanked and unbanked individuals in Indonesia. These include JULO Turbo, a product that provides instant credit from download to disbursement in just 5 minutes, and JULO Education, which provides education financing across any school, any college, and any online course in Indonesia.

“Through JULO Cares, we want to give our valued customers not just financial benefits but peace of mind,” added Nimish.