Insurtech startup Axinan bags partnership with Indonesia e-commerce player Bukalapak

SINGAPORE-BASED insurtech startup Axinan has partnered Indonesian e-commerce unicorn Bukalapak to offer merchants and customers electronics and transit protection on Bukalapak's platform.

Merchants can protect their goods against the risk of total loss or damage during transit through igloo, Axinan's consumer brand. For purchases of gadgets and electronics from Bukalapak, customers can buy protection against accidental damages.

The offerings will be fully digital and have dynamic pricing and digital claims management. Sompo Insurance Indonesia (Sompo Indonesia) is the underwriter.

Wei Zhu, founder and CEO of Axinan, said that with the booming e-commerce scene in Indonesia, there is an increasing gap due to the inherent risks associated with the e-commerce market - damage and loss during transit.

"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," he said.

Axinan has operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Thailand, and development offices in China and Taiwan.

The Openspace Ventures-backed firm has also worked with Lazada, Shopee and Alibaba's T-mall.