People's Capital Enters Insurtech and e-Procurement Business

After being officially present in 2018, the platform peer to peer lending in digital People's Capital has added several new services, namely insurance and procurement for the purchase of a truck.

To DailySocial Modal Rakyat Co-Founder & CEO Hendoko Kwik revealed, departing from the product down payment financing In procuring truck units, the company also helps transporters who are borrowers on the Modal Rakyat platform to provide insurance protection for trucks that are purchased.provides.

"People's Capital sees the approach offline have 3 bases touchpoints namely the submission process, the process underwriting, and the process of sending a physical policy; so the idea arose that the approach online have a better SLA in the process of protecting units such as motorcycles, cars and commercial trucks," said Hendoko.

Cooperating with Adira Insurance, Modal Rakyat tries to make it easier to market motor vehicle protection products. Now in just one hand, users can protect their vehicles. Through Adira Insurance's car insurance product, Autocillin, there are two main types of guarantees, namely Comprehensive and Total Loss Only (total loss or damage).

This insurance product was just launched by Modal Rakyat some time ago. Still in the stage of socialization of captive market users. The company targets to contribute a minimum of 50 policies per month to Adira Insurance. The collaboration with Adira is a new breakthrough for Modal Rakyat to be able to provide more benefits for users, especially vehicle insurance.

"We try to express the development of risk closure through schemes online to Adira, and it turns out that Adira has a good interest in digital processes and already has supporting infrastructure, so that digital vehicle insurance products and the Modal Rakyat platform are formed as one of their resellers," said Hendoko.

Product procurement legerdemain

In addition to insurance products, Modal Rakyat also has other new products, namely Truck Procurement Products. Truck Procurement Products are products that were born from joint development with a digital truck platform Ritase.

In this case the function each performs stakeholder is, People's Capital in the form of fulfillment down payment 30% of the truck unit value. The rest will be transferred to financial institutions such as banks. As for Ritase, parties who have the ability to verify from revenue which will get the truck unit and sustainability of the project to be worked on transporters/borrowers.

"This is possible because Ritase helps digitize the business transporters/borrowers so that operational costs, issuance invoice and travel documents, to payments from shipper/Employers can be registered digitally. While for transporter/borrower, they have the flexibility to work on good projects with working capital minimum," said Hendoko.

Registered with the Financial Services Authority (OJK) since June 2018, to date the total financiers in People's Capital have reached more than 55 thousand people with a total distribution of around IDR 370 billion spread across 34 provinces in Indonesia.