Gojek rolls out insurance service GoSure with PasarPolis

Indonesian ride-hailing giant Gojek today announced the official launch of its online insurance offering, GoSure, developed in partnership with local insurtech company PasarPolis.

GoSure offers insurance products related to travel, motor vehicles, and mobile device protection, according to a statement.

Photo credit: Gojek

GoSure’s beta version was introduced in October last year, providing travel insurance only for a select group of users. Gojek said that thousands of policies have been sold through the service, demonstrating significant consumer demand in the space.

“One of Gojek’s long-term growth strategies from the beginning has been to build partnerships and services that will deliver greater value to consumers,” said Sony Radhityo, head of third-party platform at Gojek. “The positive response and exponential transaction growth during GoSure’s beta phase affirm our belief that easy access to a variety of insurance products is what consumers want.”

According to CB Insights, the overall insurance penetration for the 264 million people in Indonesia ranks among the lowest in the world at less than 2%. Life insurance hit US$12.6 billion in premiums in 2016. On the other hand, non-life insurance, driven by property insurance and motor insurance, altogether accounted for 54% of the general insurance market.

GoSure is the latest product to launch on Gojek’s Third-Party Platform (3PP). 3PP offers services including digital donations, ecommerce, news, health, and gaming.

The Indonesian super app’s archrival Grab, meanwhile, announced just recently that it has acquired Bento, a Singapore-based robo-advisory firm. With the deal, Grab seeks to expand its financial services by offering retail wealth management and investment solutions to its users, driver-partners, and merchant-partners across the region.

The new service, called GrabInvest, is set to launch products on the Grab app in the first half of the year, with Singapore as its first market.