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Jan 2023

Indonesia: Digital platform launched to untangle kinks in claims process

Source: Asia Insurance Review | May 2019

InsurTech start-up, Bindcover, has been launched to make it easier for people to manage complicated insurance claims. Bindcover also aims to provide an understanding of insurance claims for the public.
The average Indonesian person who has bought an insurance policy also does not really understand the process of insurance claims. Documents that should be prepared in lodging a claim are often incomplete. As a result, many claim disputes in Indonesia are won by insurance companies, reported Bisnis.
“Customers feel the claim process is complicated,” Bindcover founder Victor Roy said.
Indonesians’ understanding of insurance is still low. Of the 265m Indonesians, only 1.7% have insurance. The insurance penetration rate in the country is reportedly less than 3%.
The Bindcover platform, launched in late March, can be used by customers, brokers, insurance companies and loss adjusters, Mr Victor added. In particular, Bindcover targets small and medium sized enterprises that have a general insurance policy.
The presence of Bindcover is supported Indonesian Insurance Mediation and Arbitration Agency (BMAI) chairman Frans Lamury. He said that innovation in insurance claims services could help BMAI reduce the number of disputes over insurance claims in Indonesia.
Mr Victor said that InsurTech is considered to have great potential in Indonesia. EY’s data show that the growth of online business in general in the country surged as shopping and making payments online have become a lifestyle. A 
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