Future Growth Of Indonesia Loan and Insurance Industry: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Socio-Economic Outlook Of Indonesia Indonesia is the 4th most populous country (270.6 Mn) in the world holds high potential for economic growth with >60% of its population lying in the working-age group. Easy & affordable internet accessibility has been driving the country’s preference for online platforms for shopping, bill payments, banking services, etc. Owing to limited financial infrastructure & less financial awareness, ~60 of the population remains unbanked; therefore are often looking for alternative financial solutions. This has led to the growth of the fintech industry in the country with over 170 players operating as of 31st December 2019. In 2019, the country experienced its weakest economic growth since 2015 owing to a fall in its second-largest GDP contributor i.e. exports & international investments. The country’s economy is highly dependent on production from MSMEs (~60% contribution to GDP in 2018) therefore multiple government initiatives like “MSME Go Online” have been taken for their digital transformations & overall development. Key Indicators Household Consumption Expenditure grew at the rate of 8.4% in 2019, underpinned by increasing population & declining inflation rate Declining BI rate (Policy Rate) has helped in increasing the country’s lending further helping in economic development Overview Of Banking & Fintech Industry In Indonesia ~70% of the Indonesian population still suffers from credit inaccessibility due to limited banking reach & preference towards high creditworthy individuals. Solving this, we see many upcoming online lending platforms such as Crowdo, Modalku, Cashwagon, etc. Leveraging their technology & increasing popularity banks like BNI, Bank Mandiri, etc are partnering with fintech players to further increase their reach & services. Overview Of Insurance Sector In Indonesia GWP collected in Indonesia for the year 2019 stood at IDR 179 Tn driven by growth in Motor & Health Insurance. In comparison to other countries, Indonesia lags behind with a penetration rate of just 2.9%. Relying on traditional methods Bancassurance continues to be the preferred choice among customers. Microinsurance products have been gaining traction, provided with smaller premium packages (~IDR 10-50,000) & limited coverage. Household/Retail Lending Scenario In Indonesia Driven by demand for Mortgage loans, multipurpose loans & SME loans, Household Credit in Indonesia has been recording a Y-o-Y growth of more than 5%. With the majority of the population located in urban areas, demand for retail loans was seen to be concentrated in areas of Java, Sumatra & Sulawesi. Indonesia Online Loan & Insurance Aggregator Industry Customer Journey: 7 step process starting from a customer visiting the website & choosing the suitable option with help of multiple filtering & sorting options to the customer receiving loan amount/insurance policy. After-sales support is also provided in form of claim assistance, renewal notifications & suggestions for other suitable products. Revenue Model: Prevalence of three revenue models including Fixed Fee per product (mostly used for credit cards), Commission Earning (Insurance, Loan Products) & Guarantee based Reward. Guarantee based Reward is opted for by aggregators in certain cases only. Organizational Structure: With an average employee base of 200 employees, ~60% of people employed in the Telesales department to drive sales & provide assistance for loan & insurance products. Technology Stack: In-house developed website incorporating AI & ML models to segregate customers & suggesting suitable options depending on the customer’s needs & background. CRM software including calling software, automated email generators, Plugin/APIs acquired from third-party vendors to fetch customer background, ease online documentation process, etc. Marketing Strategies: Online Marketing campaign is observed to be the most preferred & effective marketing strategy producing up to 50% revenue growth & generating ~leads per product. Other preferred marketing sources include blogs, offline banners, agent-led distribution, discounts/offers, etc. Regulatory Landscape: Governed by OJK & Bank of Indonesia, registration process completed with 30 days of submitting the application with the required documents. Aggregators are required to also follow governance & reporting guidelines as prescribed by OJK Indonesia. For example, Providers are required to regularly submit their Performance reports, Self-Assessment Report& Consumer related information (like an investment, returns, portfolio details, etc) to the Financial Services Authority. Competitive Landscape Of Aggregators Growing at the rate of > 15%, the industry is concentrated among top players including Cermati, CekAja, Futuready, CekPremi, Aturduit competing on the basis of Traffic Generated, Exclusive Partnerships with Service Providers, After Sales Processes/Assistance, discounts & offers provided, etc. While some of the players have expanded to segments of Wealth Management and P2P lending to become a one-stop solution provider, others are considering taking up expansionary plans in coming years. Future Outlook Of Indonesia Loan & Insurance Industry Owing to the economic shock brought in by COVID 19, the demand for loan & insurance products are expected to witness tepid growth during 2019-2020. With the given rise in unemployment & salary cuts, demand for short term loans & credit cards increases as people’s reliance on them increases for paying their utility bills. COVID has also made Indonesian people realize the importance of health insurance as many struggle to pay their hospital bills. Insurance providers have been investing in the development of other niche insurance segments like pet insurance, electronic device insurance, etc. Upcoming product innovations aimed at becoming microinsurance depict high potential for the insurance industry in Indonesia. Outlook Of Online Loan & Insurance Aggregators In Indonesia COVID 19 outbreak expected to bring in major lifestyle changes making consumers prefer contactless services thereby creating a high potential for online loan& insurance aggregation services. Analysts at Ken Research estimate that as a part of expansionary plans, major players are expected to diversify more in providing customized solutions, increasing the role of AI & ML in customer segregations & advisory services & the development of new products. Companies Covered: – Cermati CekAja CekPremi Futuready Aturduit KreditGogo GoBear Finder Time Period Captured in the Report: – Historical Period: 2015–2019 Forecast Period: 2020-2024 Key Topics Covered in the Report: – Socio-Demographic, Economic, Banking & Fintech Scenario in Indonesia Insurance Scenario in Indonesia with segmentation by Insurance type including Motor Insurance, Health Insurance & Life Insurance The lending scenario in Indonesia with segmentation by Loan to Government, private (Individuals, NBFIs, NFIs) and Others Household/Retail Lending Scenario with Segmentation by Multipurpose Loans, Mortgage Loans, Credit Cards, Auto Loans, Loans to MSMEs, Home Appliance Loans & Others Gaps in Traditional Loan Industry fulfilled by Online Loan Aggregators Online Loan Aggregator Industry in Indonesia with Revenue Models followed End-to-End Customer Journey followed Technological & Organizational Structure followed Regulatory Landscape Competitive Landscape including Overview, Ecosystem & Cross Comparison among major players on basis of Operational, Loan/Insurance Providers, Product Portfolio and Website Features Company Profiles- Cermati, CekAja, CekPremi, Aturduit, Futuready & KreditGogo International Case Studies-PaisaBazaar& PolicyBazaar (India) Future Outlook of Loans and Insurance & Online Aggregators Impact of COVID 19 For More Information on the Research Report, refer to the below links: – Indonesia Online Loan Aggregator Industry Related Reports by Ken Research India Online Loans Market Outlook to 2019 – Industry Transformation by the Advent of Web Aggregators UAE Online Loan Aggregator Industry Outlook to 2024 – Driven by Shifting to Contactless Services & Easy Online Loan Facilitation Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications support@kenresearch.com +91-9015378249 Tags: Aturduit Insurance Market Growth Rate, Auto Loans Market in Indonesia, Business Model of Aggregators in Indonesia, CekPremi Motor Insurance Market Share Indonesai, Cermati Insurance Market Share Indonesia, Commission Rate Online Loan Aggregators Indonesia, COVID 19 Impact on Indonesia Loan Industry, Fee rate Loan disbursement Indonesia, Future of Indonesia Online Loan Aggregators Industry, Future of Online Insurance Aggregator in Indonesia, Futuready Indonesia Health Insurance Market, Impact of COVID 19 on Indonesia Loan Industry, Indonesia CekAja Insurance Market Revenue, Indonesia Finder Insurance Market Share, Indonesia Fintech Market, Indonesia GoBear Market Size, Indonesia KreditGogo Market Revenue, Indonesia Online Car Loan Market Analysis, Indonesia Online Insurance Aggregators Industry, Indonesia Online Insurance Aggregators Market, Indonesia Online Loan Aggregators Industry, Indonesia Online Loan Aggregators Industry Research Report, Indonesia Online Loan Aggregators Market, Indonesia Online Loan Aggregators Market Analysis, Indonesia Online Loan Aggregators Market Forecast, Indonesia Online Loan Aggregators Market Growth Rate, Indonesia Online Loan Aggregators Market Major Players, Indonesia Online Loan Aggregators Market Outlook, Indonesia Online Loan Aggregators Market Research Report, Indonesia Online Loan Aggregators Market Revenue, Indonesia Online Loan Aggregators Market Share, Indonesia Online Loan Aggregators Market Size, Indonesia Online Mortgage Loan Market, Indonesia Online Personal Loans Market, Indonesia Online SME Loan Market Growth, Indonesia Retail Loan Industry, Online Brokers in Indonesia, Online Credit Card Market in Indonesia, Online Distribution Loan Indonesia, Online Insurance Aggregators Market Indonesia, Online Insurance Providers in Indonesia, Online Loan Aggregators in Indonesia, Online Loan Aggregators Industry Indonesia, Online Loan Aggregators Market Indonesia, Online Loan Providers in Indonesia, Online Loans Indonesia, P2P lending Market Size Indonesia, PaisaBazaar India Revenue Model in Indonesia, Revenue Model of Loan Aggregator Industry in Indonesia, Revenue Streams Aggregators in Indonesia