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Indonesia Online Loan & Insurance Aggregator market has been growing at a Y-o-Y growth rate of >15%. Will Indonesia Online Loan & Insurance Aggregator market continue this growth trajectory? : Ken Research

06-14-2023 08:28 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Ken Research Pvt .Ltd

Indonesia Online Loan & Insurance Aggregator market has been

1. Internet Availability and Financial Services in Indonesia

Internet user penetration of ~40%, highlighting small internet user base, however, connected ones are highly tech savvy.

With mobile data being extremely cheap (~50% of other ASEAN countries), ~70% of internet users access it via mobile.

Occupying one of world's largest digital audience of ~150 Mn, spending ~ 3-4 hours on social media every day.

On basis of usage top Social Media Platforms include YouTube (88%), WhatsApp (83%), Facebook (81%), Instagram (80%) & Line (59%).

Majority of population being unbanked, as of 2019 ~40% of population had access to banking services.

Opportunity for e-money brands with major spending on online shopping (84%), buying data vouchers for smart phones (47%), and paying regular bills (28%).

6x growth in number of digital finance apps since 2010, reaching total of 140 apps as of 2019.

Click to Read Full Article: Indonesia Online Loan and Insurance
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/indonesia-online-loan-aggregator-industry-outlook/347119-93.html

2. Growing with 106 Fintech Lending Platforms registered under OJK Indonesia as of April 2019.

MSMEs have been main pillar behind country's growth contributing ~60% to GDP (2019), however their development is often hampered with lack of credit opportunities provided by conventional sources

~70% of Indonesian population suffer from Credit Inaccessibility (2018) owing to limited physical outreach (outside Java region). Benefitting from high internet accessibility, fintech lending can be a perfect solution

Leading Banks like Mandiri, BRI, BNI are engaging in partnerships with fintech companies to acquire technological solutions (digital banking, AI & data analytics), e-payment services & reach larger audience.

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3. Indonesia Insurance Industry attractive opportunity for investors with low penetration rate & high profitability.

Insurance Penetration Rate: Indonesia's insurance market consists of comparatively higher number of policy buyers given its high population.

Bancassurance Leading: According to Indonesia Life Insurance Association (AAJI) Bancassurance continues to be one of the most preferred choices growing at a rate of ~20% (January 2019) owing to the demand from financially literate banked population taking insurance for investment purposes.

Unicorn Partnerships: Leveraging on huge user bases of e commerce platforms & their established payment systems, banks collaborate with them to provide digital pathways to buying traditional solutions. In 2019, Allianz partnered with Bukalapak to provide "touch of a finger" insurance product.

Micro Insurance Products gaining Traction: Providing creative lifestyle focused microinsurance products with smaller premiums & limited coverage scope, these are sold at affordable prices of as low as IDR 10,000. According to OJK, ~22 Mn Micro Insurance policies were sold as of June 2019.

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India.

Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

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