Grab Financial Group (GFG), Southeast Asia's fintech platform, has announced the launch of Hospital Cash Cover (inpatient protection), the first inpatient protection product for users, in collaboration with PT Asuransi Simas Jiwa in Indonesia.
Hospital Cash Cover Insurance is now available and can be accessed through the Grab application as an easy and affordable solution for users to complete their health insurance by paying using their OVO balance.
This launch further builds on GFG's growing consumer insurance business and has shown strong growth in several regions, with more than 13 million insurance policies issued since launching in April 2019.
GFG's microinsurance business demonstrates an unmet need across the region for access. financial services. In Indonesia, insurance ownership is generally low, with insurance penetration (total premium/ GDP) of 3%. More than 80% of Indonesians live on less than USD4.50 per day, with regular insurance products that are not affordable for many.
Neneng Goenadi, Country Managing Director of Grab Indonesia said, "We care about our users and want to create innovative digital financial service solutions to help every Indonesian to adapt and develop in this new normal state. We believe that Indonesians can be better protected during these difficult times, where healthcare continues to be a top priority.
“Microinsurance solutions such as Hospital Cash Cover will help users and their families to be more at peace because they are better protected. Therefore, we will continue to advance Indonesia's digital economy and ensure that all Indonesians can benefit from it. "
This inpatient insurance product aims to give individuals the opportunity to protect their loved ones. In partnership with PT Asuransi Simas Jiwa, this insurance product will be available in the Grab application. Users can apply for 3 choices of insurance plans for either themselves or their families. Depending on the plan chosen, Hospital Cash Cover offers a lump sum payment per day of hospitalization ranging from IDR 150,000 to IDR 250,000.
With affordable premiums starting from IDR 9,900 per month according to the age and package selected, users will get a total coverage benefit of up to IDR 29 million, which includes daily inpatient benefits, including inpatient care at ICU / ICCU, Surgery Cash Benefits, and outpatient care continued for the same disease.
As the largest digital ecosystem in Indonesia, the payment system continues to be easily supported by OVO. Premium payment methods can be done automatically using OVO balances, bank transfers, credit and debit cards. Apart from that, customers can also have the flexibility to pay on a monthly or annual basis.
The end-to-end customer digital experience is also proven by the ease of purchase, centered on the claims process.
IJ Soegeng Wibowo, President Director of PT Asuransi Simas Jiwa, explained, “In collaboration with Grab, we have created a digital insurance process. Our main goal is to provide ease of use to ensure that more Indonesians have access to financial services, including insurance, with a safe, easy and fast online purchasing process. Hospital Cash Cover insurance products from Grab have provided maximum protection benefits at very affordable prices. "
Collaborating with Grab to market inpatient products is a form of PT Asuransi Simas Jiwa's commitment to serve the wider community, which is starting to show a greater awareness of the importance of protecting against risks in life, especially in terms of health.
The availability of inpatient products in the Grab application is one of the goals of PT Asuransi Simas Jiwa to realize Indonesian financial inclusion in accordance with the Presidential Regulation of the Republic of Indonesia (Perpres) Number 82 of 2016.
Tom Duncan, Head of Insurance, Grab Financial Group, said, “Hospital Cash Cover is an important part of our financial services strategy focused on consumers. The 'Thrive with Grab' campaign launched in August was created to protect loved ones. Hospital Cash Cover is part of a product suite that will help us build potential growth in protecting families across Southeast Asia from the uncertainties of life.
“In doing so, we unlock tremendous potential for the insurance and financial services industry in all markets," he concluded.
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