Chubb Life Indonesia Collaborates With Amartha To Offer Insurance Protection For MSMEs

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PT Chubb Life Indonesia (Chubb Life) is collaborating with fintech peer to peer (P2P) lending of PT Amartha Micro Fintek (Amartha) to provide insurance protection solutions specifically designed for the Micro, Small and Medium Enterprises (MSMEs) sector in Indonesia.

President Director of Chubb Life Indonesia, Kumaran Chinan said that this collaboration will make more than 2.7 million Amartha customers throughout Indonesia get access to various Chubb Life insurance products. Starting with a comprehensive life insurance product that is insured by Chubb Life Indonesia.

"We are very pleased to partner with Amartha and can provide protection for business owners against unexpected risks that can affect families, employees, and the wider community," he said in an official statement, quoted on Sunday, February 2.

Kumaran conveyed that the partnership marked the start of a new journey for Chubb Life Indonesia and Amartha to provide wider access to MSMEs for risk management solutions.

According to Kumaran, the initiative between Chubb Life Indonesia and Amartha is in line with the commitment of the two companies to increase financial inclusion in Indonesia, and answer the needs of the developing MSME sector, which is very important for the country's economy.

Kumaran conveyed that this collaboration also follows the Roadmap for the Development and Strengthening of the Indonesian Insurance Industry 2023-2027 of the Financial Services Authority (OJK), which aims to increase overall insurance penetration in Indonesia to 3.2 percent by 2027.

Amartha Chief Funding Officer Julie Fauzie explained that her party has a strong track record in serving the grassroot class community segment in Indonesia, with more than 10,000 trained staff supporting our ultra micro MSME customers in 19 provinces.

"The life insurance products of Chubb Life Indonesia will allow Amartha customers to protect themselves from risk, as part of our long-term goal of helping millions of MSMEs build their personal assets safely," he said.

To note, OJK is designing a special insurance product for fintech P2P lending, Chief Executive of Financing Institutions, Ventura Capital Companies, Micro Financial Institutions and Other Financial Services Institutions OJK Agusman said special insurance products are still being designed for fintech lending.

As for now, insurance products that can be used for risk mitigation in the fintech industry P2P lending is credit insurance.