Asia InsurTech Podcast spoke with Nicolo Robba, the Co-founder and COO of Indonesian InsurTech Lifepal. Nicolo first came to Southeast Asia with Lifepal co-founder Giacomo Ficari when both of them were working for startup studio and venture builder Rocket Internet and helped build e-commerce giant Lazada. Seeing the massive opportunities for insurance in Indonesia with low insurance penetration rates and an ever-increasing adoption of mobile and internet, Nicolo and Giacomo founded Lifepal together with their two Indonesian co-founders Benny Fajarai and Reza Muhammad.
Indonesia presents huge potential but comes with its own challenges. Financial literacy is low and large parts of the population is unbanked. Many people purchase financial products for the first time and trust is slowly built. Often digital business models are the first access point such as Gojek’s mobile wallet GoPay. The challenge is customer stickiness, as we are seeing very little brand loyalty and customers with highly opportunistic behavior. Lifepal aims to build a strong brand and retain customers over a long period.
The InsurTech is helping customers in choosing and using the right insurance, offering the largest selection of policies in the market. Lifepal has 3 million monthly visitors to its website. Most websales are, however, not completed on the website but at some point transferred to the telesales team. A business model similar to Indian PolicyBazaar (listen to our episode with Yashish Dahiya, CEO of PolicyBazaar here). And similar to PolicyBazaar, Lifepal creates its own content to educate its users in financial products with the help of blog posts, YouTube videos, and social media posts.