Cekpremi's Efforts to Remain Relevant as an Insurtech

Cekpremi can be said to be one of the pioneer insurtech in Indonesia. They started their business as an insurance product comparison portal online since 2014, and is now a part of Fuse, to implement a B2C strategy to complete a comprehensive business suite. This service is still the main solution at Cekpremi.

In a joint interview DailySocial.id, Director of Cekpremi Ziko Goi explained that in general there is still a lot of potential that can be developed by the company fintech in increasing the penetration of insurance products. Referring to OJK data, around 97% of Indonesians are not covered by insurance because they lack confidence in the existing system.

Moreover, a number of insurance companies have not yet applied technology, making it difficult to develop insurance products and provide easy access.

"The digital ecosystem built by insurance can be the answer to this challenge and offer a variety of distribution channels to market insurance products," he explained.

In response to this, check premium continue to improve itself to remain relevant to the needs of the community. Ziko said that at first, Cekpremi pioneered the sale of vehicle insurance in Indonesia. As digital development progresses, Cekpremi welcomes this opportunity by expanding into other insurance products, such as property, travel, health and life insurance, heavy equipment, movable goods, liabilities, shipping, and others.

This expansion has an impact on increasing the number of users. Although not detailed in more detail, it is stated that new Cekpremi users increase by more than tens of thousands of people every year. These customers come from individuals with the age range of the younger generation and generation X aged 30-45 years, as well as corporate customers. "At this time, many young people are starting to look for insurance because of the impact of Covid-19 which has made people more aware of the importance of insurance."

Partner with Fuse

For the record, in 2018 Fuse join with Cekpremi and Ivan Sunandar (Founder of Cekpremi) as Co-Founder & COO of Fuse. Since then, Cekpremi, which focuses on B2C comparison also complement and strengthen the business model at Fuse which also plays in the realm of B2A (business to agent/broker) and B2B2C (micro insurance and financial institutions). “Cekpremi partnered with Fuse, as insurtech the largest in Indonesia, Fuse has a number of business models and is insurtech with the most comprehensive service.”

Not only partnering with Fuse, Cekpremi itself has also taken other steps with a number of insurance companies to develop insurance products that suit the needs of the community. Starting from motor vehicle insurance, health insurance, life, property, travel insurance and others.

Insurance companies that cooperate with Cekpremi include Simas Insurtech, Etiqa, Artarindo, Staco Mandiri, Tokio Marine Insurance Group and Zurich Insurance.

"Cekpremi will continue to strive to provide easy access to insurance through technology, present insurance products that suit their needs and provide the best service for customers."

DailySocial.id also received information that Cekpremi is rumored to be doing rebrand to have a clear position compared to Fuse. But unfortunately, Ziko was reluctant to go into further details regarding these rumors.

Startup journey insurtech, generally starting from insurance product comparison portals, and even financial products in general such as those initiated by CekAja, before expanding to various other products. Along the way, Cekpremi, along with other players such as Lifepal, Asuransiku, Futuready, and Cermati, connected conventional insurance companies to digital platforms.

Then the experience of insurance is getting more and more comprehensive, not only at the time of purchase, but also during the claim process. Also, it is getting easier to find in various popular consumer applications so that its penetration can increase slowly.

As mentioned in the prepared report DSInnovate titled "Insurtech Ecosystem in Indonesia Report 2021”, conveyed that providing a simple digital customer experience is key in an era where customers are accustomed to digital channels.

“The most efficient approach is to provide a real user experience. Microinsurance products can be an option to introduce how insurance works and the benefits it provides,” the report said.

However, access is required in the life cycle of insurance products. This includes product information and comparisons, purchase and claim processes, payment and disbursement processes. “The challenge is to make these aspects achievable instantly and real-time. "