Leading Indonesian Fintech JULO Accelerates Insurance Inclusion with Financial Inclusion through JULO Protect Plus

PRNewswire May 28, 2024

JAKARTA, Indonesia, May 28, 2024 /PRNewswire/ —  JULO, a leading Indonesian financial technology company, has successfully provided insurance coverage to over 200,000 customers in the form of existing gadget protection in just three months. JULO Protect Plus is a first-in-market collaborative insurance cover embedded within the core JULO virtual credit card solution. This benefit, launched under the JULO Cares platform, provides a unique gadget protection cover for customers’ smartphones to ensure that they never lose access to their JULO digital credit app.

Collaborating with Qoala as the Indonesian omnichannel insurtech company that provides insurance solutions through an integrated digital platform and Sompo Insurance – a global general insurer with a track record of more than 48 years in Indonesia, JULO Protect Plus has been conceived to empower Indonesians. It provides easy policy activation and protects customers’ existing smartphones against all forms of device damage, ranging from dropping their phone by accident to incidents of phone theft. Easy in-app activation in the JULO app makes the entire process convenient and hassle free for customers.

Chief Business Officer of JULO Group, Nimish Dwivedi, stated, “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.

The success of JULO Cares is further validated by testimonials from some of JULO’s over two million valued users. Reza, a JULO user and a driver in Jakarta, commented – “Frankly, I didn’t have any high expectations from this insurance service. However, the claim submission has been surprisingly hassle-free one and the related team was responsive in answering all of my queries. I’m happy with the overall process!” Another user from Tangerang, Mochamad, also shared his experience, “With an end-to-end online claim process, JULO Cares was such a lifesaver when my phone was damaged. It really helped me financially as it significantly reduced the repair cost. I’ve been using JULO for 2 years and this feature surely enhances the experience of using the app.”

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.” said Manoj Awasthi, Chief Technology Officer of JULO.

Being in the fintech industry for the last 7 years, JULO has consistently launched a range of product innovations to promote financial inclusion among Indonesians, through the JULO virtual credit card. This product bridges the low penetration of conventional credit card in the country by offering a credit limit that can be used for cash and non-cash transactions, including e-wallet top-up, e-commerce payment, and utilities bill payment.  In the last one year, JULO also launched JULO Education, a financing service dedicated to supporting the advancement of education in Indonesia, covering more than 250,000 formal and non-formal educational institutions nationwide. Also, JULO Health, which offers a distinctive health care financing feature – covering all hospitals, clinics, dental care, pharmacies, to laboratories and diagnostic centers. 

About JULO

JULO is an Indonesian leading fintech company that is revolutionising access to financial products for millions of emerging consumers in Indonesia. Facilitating improved and practical digital credit access, financial empowerment has been the focus of JULO to improve the life quality of every Indonesian. The company is one of the first to develop a digital data-driven credit underwriting and risk assessment platform to process consumer credit applications and determine their creditworthiness using its mobile app.

Founded in 2016, JULO has expanded nationwide. JULO is based in Jakarta and is backed by leading investors including Credit Saison, Skystar Capital, Saratoga Investama, East Ventures, Quona Capital, Central Capital Ventura, MDI Ventures, Gobi Partners and others. JULO has been officially licensed as the provider under OJK circulation No KEP-16/D.05/2020 on 19 May 2020. Since then, JULO has been supercharged with rounds of funding to expand its services in providing accessible digital credit service across Indonesia.

JULO has been downloaded more than 10 million times and has facilitated credit access to more than 2 million customers. Our commitment and contribution to the society, business ecosystem and the business landscape have been recognized with numerous awards and recognitions. JULO has won several awards namely; Winner of Indonesia Fintech Festival (2016), Winner of UN Fintech Challenge (2018), Winner of Inclusive Fintech 50 (2019) and Gold Winner of Marketing Excellence Awards Indonesia 2023 – Excellence in Brand Awareness. For more information, visit https://www.julo.co.id

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