Indonesia e-commerce giant Bukalapak has entered into a partnership with Singapore-based insurtech startup Axinan to offer digital insurance solutions to its customers.

Merchants on Bukalapak can opt to insure against the risk of total loss or damage during transit through igloo – Axinan’s consumer brand. Bukalapak’s customers who purchase gadgets and electronics can buy protection against
accidental damages.

Sompo Insurance Indonesia (Sompo Indonesia) is Axinan’s underwriter for Indonesia.

What makes Axinan well-positioned for Bukalapak’s platform is that its enterprise solutions are specifically designed for e-commerce companies, which typically move high volumes of goods over multiple regions or countries daily.

Axinan’s risk assessment engine is powered by big data, real-time risk management and digitised claims management – issuing pricing in line with the calculated risks of each transaction.

“With the booming e-commerce scene in Indonesia, there is an increasing gap we see arising due to the inherent risks associated with the eCommerce market – damage and loss during transit,” said Wei Zhu, Founder and CEO, Axinan, in an official press statement.

“We are actively seeking to address these risks by providing products in collaboration with our insurance partners. The objective is to make these products easy, accessible and available to those who need it the most. With this collaboration with Bukalapak, we are able to leverage their extensive local network of customers and thereby provide our solutions to a wider audience,” he added.

In February this year, Axinan partnered with FWD Singapore to offer Phone Screen Protection (PSP) plans, which insure customers against broken mobile phone screens.

Axinan is backed by Linear Ventures and Opensace Ventures, and is headquartered in Singapore, with operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and development offices in China and Taiwan.

The company also has partnerships with other e-commerce platforms including Bhinneka, Lazada, Shopee, and T-mall.