Lifepal Strategy Focused on Meeting Consumer Needs

The Covid-19 pandemic has changed the lifestyle of many people who have started to switch to digital. This opportunity is used by several insurance companies to more aggressively enter the digital ecosystem.

Although Indonesia's digital economy is still dominated by the transportation, travel, E-commerce, and financial technology (fintech), insurance technology (insurtech) aka the insurance industry business radically and positively through digital technology innovation has begun to have many users.

Based on the results of the National Financial Literacy and Inclusion Survey of the Financial Services Authority (OJK) in 2019 of 1.418 respondents who have used fintech services, insurtech users were 9,9% or ranked third after payment fintech (66,6%) and P2P lending (27,4%).

Marketplace insurance lifepal.co.id present as insurtech which provides services to help compare, purchase, and use insurance products according to the needs and budget of each prospective customer. The products offered range from health insurance, life insurance, vehicle insurance, travel insurance, and so on.

"We are marketplace insurance that distributes insurance products to reconnect between insurance to consumers. We partner with 40 brand insurance. We offer many insurance products transparently so that customers can compare buying health insurance, life insurance, car insurance and so on. Everything is presented transparently, people just have to compare themselves. It's like when people search for tickets or hotels from Traveloka, it's similar," said Lifepal Co-founder and CMO Benny Fajarai in a joint interview. DailySocial.id.

As part of the insurtech, Lifepal digitizes insurance product management in information channels and product comparisons, service orders, and insurance claims.

"We're like marketplace others who use technology. With this technology, we can compare products, prices, orientations, and all experiences to help consumers," said Benny.

Focus on consumers

Sebagai marketplace insurance, Lifepal provide transparency of choice to customers or the public who want to buy insurance. This is done so that customers can provide an objective perspective.

"Position marketplace it's a distributor partner, so we challengesits always how to deal with customers, and improve between customers and insurance. So we need to play our role objectively, transparently and effectively,” explained Benny.

With tagline 'Your mainstay friend', Lifepal has an objective way of working so that consumers can provide personal perspective the best.

“From an insurance perspective to transfer products to the right people, guiding audience to get it. From the customer's perspective we want to help them and love the best product, very personalized. personal perspective from consumers that is important," he continued.

Impact of Covid-19

According to Benny, the insurance industry in Indonesia has actually benefited from the Covid-19 pandemic situation thanks to increased consumer awareness about the risks to life and health.

“The insurance industry is one industry that is currently developing as a result of the pandemic. In Q2, Q3, insurance sales were clearly stronger. As a result of the pandemic, insurance products are selling really fast. At this point, there are still 3% of the population in Indonesia who have insurance. so worth it to increase insurance sales in Indonesia," he said.

With the help of technological developments in the current digital era, people also have more convenience in having insurance products.

“Just like in the beginning when we wanted to buy tickets at the travel agency online, many of us are confused by transparency, customer behavior changed from there. More and more people transact online online during a pandemic like now.

Furthermore, Benny also explained, the distribution of insurance product transactions offline ke online this time is expected to relate to 3 parts. That is:

1. Insurers must change their product model. Distributed by offline ke online.
2. Transparency.
3. Regulators, from the government, must ratify financial products.

Micro Insurance

Currently, sales of insurance products have begun to target the middle and lower economic community through micro insurance outside of protection BPJS Health.

Namely, insurance products that are intended for people who have low incomes, aka people whose income is not more than Rp. 2,5 million per month.

This micro-insurance is packaged in simple features and administrative processes, is easy to obtain, at an economical price and is able to provide settlement of compensation as quickly as possible.

So, is Lifepal also targeting middle and lower economic consumers through microinsurance?

“Microinsurance penetration is currently popular, they market insurance products. If you look at the total volume of the insurance industry, microinsurance is very small. Lifepal itself is not targeting micro insurance, we are targeting the middle audience for complete products," added the alumni of Bina Nusantara University.

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This article was written by Lifepal Co-Founder and CMO Benny Fajarai, as part of the collaboration between DailySocial.id and Lifepal