BCA Life Marketing Partnership with Qoala Targets Millennials to Start Insurance
PT Asuransi Jiwa BCA (BCA Life) & PT Archor Technology Digital (Qoala) today collaborated in marketing BCA Life digital products through the Qoala platform which can be accessed through the Qoala application or website at qoala.app/id .
According to research data conducted by the HootSuite We Are Social website entitled “Digital 2021: Global Overview Reports”, the number of internet users in Indonesia reaches 202.6 million with the percentage of users compared to the total population reaching 73.7%.
This percentage amount is an opportunity for digital channels. Because the data from the Financial Services Authority (OJK) released in July 2021 shows that insurance penetration is still very low at around 3.11%. But interestingly, in the same report, it was recorded that 48.9% of the total population of Indonesia already had an account with a financial institution. This is an opportunity to increase the financial inclusion of the Indonesian people, especially through digital channels.
Seeing the opportunities that are still wide open, BCA Life has developed a marketing partnership with Qoala, especially products marketed through digital marketing channels. In this collaboration, the product introduced is a term life insurance product, BCA Life Life Protection, which targets young people in Indonesia.
“Through collaboration with Qoala, we hope that BCA Life can be the right choice for millennials to get life protection for their future financial planning. The products we offer can be a solution for millennial financial convenience.” said Rio Winardi, President Director & CEO of BCA Life.
The BCA Life Life Protection product, which will be marketed in Qoala, provides benefits of up to Rp. 500 million, with very affordable premiums, starting from Rp. 40,000 per month. Plus the benefit of a pay period of 8 years to get 12 years of life protection, and a 50% premium return benefit at the end of the 12 policy year. This product is expected to be an option for the younger generation to start digitally insurance and understand the importance of life and financial protection for families.
As a digital financial platform, this collaboration between BCA Life and Qoala complements various financial planning and insurance options that are currently offered. Qoala as an insurtech company, in collaboration with insurance broker PT Mitra Jasa Pratama and more than 30 leading insurance companies has a goal to develop the best insurance products. Qoala has also issued millions of insurance policies every month. This collaboration between BCA Life and Qoala adds to the list of collaborations carried out by Qoala, in this case, providing life insurance and accident insurance.
Co-founder and Chief Operating Officer (COO) of Qoala, Tommy Martin explained that the Qoala application is very easy to use and can be accessed quickly via smartphones. Users also don’t need to doubt about data security, because Qoala is currently listed in the Financial Services Authority (OJK) Sandbox in the Insurtech cluster.
“We are fully committed to providing convenience for all Qoala users, in this digital era, the ease and convenience of buying insurance is an important thing for the millennial market share. Qoala addresses this challenge with an easily accessible app and a fast purchase and claim process. BCA Life products that are present in the Qoala application will also be the right protection solution.” said Tommy.
Awareness of the importance of insurance is increasing in the millennial generation, especially during this pandemic. But on the other hand, the distribution of insurance, which is usually done offline, is constrained by the appeal of social distancing. In this case, Qoala plays a role in building technology so that access to insurance products can be done online.
Therefore, BCA Life believes that this partnership will provide good results for the development of the life insurance market in Indonesia, especially for the millennial generation.
Premium Discount Promotion
Coinciding with the inauguration of this collaboration, for the purchase of BCA Life products in the Qoala application, there will be a Cashback promo from Insurance Premiums which will take place on 18 November – 18 December 2021 with the following conditions:
– 50% cashback from the first premium, valid for the first 100 buyers .
– Cashback is only valid for purchases of BCA Life Life Protection products at Qoala.app.
– Use the promo code QOALABCAL100 when making a payment.
– Cashback will be sent the following month to the e-wallet according to the customer’s phone number registered when purchasing the policy on Qoala.app.
– The maximum cashback you can get is IDR 300,000 for the first premium transaction.
Product marketing collaboration, particularly through digital marketing channels, is one way for BCA Life to increase financial inclusion and literacy in Indonesia. By providing digital marketing channels and affordable products that suit your needs.
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As is known, Qoala is an insurtech company with a mission to introduce insurance through the development of new products that are supported by technology and claim processes based on digital and machine learning. BCA Life believes that through this collaboration the Indonesian people will be more aware of the importance of life insurance.