Indonesian fintech company JULO has announced that it has provided insurance coverage to over 200,000 customers in just three months with its JULO Protect Plus product. It is a new feature embedded in the company’s virtual credit card solution.

JULO collaborated with Qoala, an Indonesian insurtech company, and Sompo Insurance, a global general insurer with 48 years of experience in Indonesia, to develop this insurance cover.

Launched under the JULO Cares platform, JULO Protect Plus offers gadget protection for customers’ smartphones.

JULO Protect Plus offers easy policy activation and protects smartphones against various forms of damage, including accidental drops and theft. The entire process can be managed through the JULO app.

JULO, which has been in the fintech industry for seven years, aims to promote financial inclusion in Indonesia through its virtual credit card.

This product provides a credit limit for both cash and non-cash transactions, such as e-wallet top-ups, e-commerce payments, and utility bill payments.

In the past year, JULO also launched JULO Education, a financing service for educational institutions, and JULO Health, which offers healthcare financing.

Nimish Dwivedi, Chief Business Officer of JULO Group, said,

“Along with our strategic partners, we launched JULO Protect Plus to ensure that our valued customers never lose access to their JULO app.

 

It is gratifying to see so many customers already benefiting from this unique cover.”

Manoj Awasthi, Chief Technology Officer of JULO, added,

“For rolling out JULO Protect Plus, our engineering team worked with a fintech plus insurtech perspective along with Qoala and Sompo to develop a smooth and hassle free in-app policy issuance and a convenient claim process.”

The article first appeared on Fintech News Singapore