Singapore Insurtech Inks Indonesia E-Commerce Deal

The firm hopes to capitalize on the booming e-commerce market in the country by offering protection against loss or damage during transit.

Singapore-based insurtech firm Axinan is partnering Indonesia e-commerce giant Bukalapak to offer merchants and consumers transit protection for goods purchased on its platform, the firm announced on Tuesday.

Founded in 2010, Bukalapak is one of the largest e-commerce companies based in Indonesia valued at over US$1 billion. Axinan is working with underwriter Sompo Insurance Indonesia and offering the product through its igloo platform. It will be fully digital and have dynamic pricing and digital claims management.

The firm, founded in mid-2016 by former Grab chief technology officer Wei Zhu, leverages big data, actuarial risk management and machine-learning processes to develop insurance products tailored for the online space.

Axinan graduated from PayPal Singapore’s startup incubator in 2017 and has signed partnerships with several e-commerce companies including Indonesian marketplace Tokopedia. In 2018, it announced the close of its series A fundraising round, led by NSI Ventures (now Openspace Ventures), the venture capital arm of private equity group Northstar.

In 2019, it launched igloo, an app that provides on-demand digital insurance solutions targeted at younger consumers. Its first direct-to-consumer offering was a phone screen protection plan, offered in conjunction with FWD Singapore.

Axinan has operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Thailand, with development offices in mainland China and Taiwan.