Oona Indonesia Launches Affordable Critical Illness Insurance

Oona Insurance Enters Retail Health Insurance Sector in Indonesia, With Launch of Simplified Critical Illness Products  

• Oona’s Critical Illness Insurance1 products offer 100% payout2 for heart attack, stroke, and all stages of cancer. 
   

• Premium starts at IDR 5,500 monthly and can be purchased online or through an agent
   

• Oona Indonesia aims to increase insurance penetration in Indonesia with affordable, flexible and easily accessible products that better protect customers. 
   

Jakarta, 10 July 2024 – Oona Indonesia, a leading digital general insurer in Indonesia, today announces its entry into the retail health insurance market with the launch of its first-ever Critical Illness Insurance. Designed to eliminate the complexities typically associated with health insurance, Oona’s Critical Illness insurance products can be easily purchased online or through an agent. The plans cover stroke, heart attack and all stages of cancer, which are the leading causes of death in Indonesia. 

According to Indonesia the Health Ministry, non-communicable diseases (NCDs) are the cause of 70% of deaths and are the largest source of health financing burden in Indonesia. Cases of heart attack, stroke and cancer have also been rising in the past 10 years, even among youths.

“Health insurance is traditionally complex and costly, but at Oona, we’re changing that. Through digital innovation, we are making insurance more accessible and efficient. By focusing on the top three leading causes of death in Indonesia and allowing customers to purchase the products online or through an agent, we provide essential protection that meets our customers’ needs without unnecessary complications. Simplifying insurance processes not only reduces costs but also enhances customer satisfaction and trust.”, said Abhishek Bhatia, Founder and Group Chief Executive Officer, Oona Insurance.  

The Critical Illness Insurance offers bundling coverage for all three critical illnesses, as well as a stand-alone package for each illness starting from IDR 5,500 monthly. Customers as young as 17 years until the maximum of 65 years old can apply for the insurance, with an extension until they reach 70 years old. With a digital-first approach, customers can easily access MyOONA.id website to purchase the insurance. They only need to select the critical illness protection they want and answer 4 simple questions about themselves–no medical checkup or record needed at time of purchase, adjust the preferred coverage amount ranging from IDR 100 million to IDR 500 million, and check their premium price. Lastly, customers can also choose their preferred payment option including 0% credit card instalment from many different banks. 

Data from the national health insurance agency (BPJS Kesehatan) stated that the financial burden of catastrophic illness was IDR 34.769 trillion (US$2.110 billion) last year, an increase from IDR 24.05 trillion ($1.5 billion) in 2022. Additionally, the cost of healthcare in Indonesia is predicted to increase by 13.6%, exponentially exceeding Indonesia's inflation in 2022 of 5.5%.

"At Oona, we believe quality insurance should be a right for all. We are thrilled to introduce Oona Critical Illness Insurance to Indonesians. With real-time policy issuance and 100% of the coverage amount paid in cash, customers have the flexibility to use the funds for hospital bills, daily expenses or any other needs. This financial support allows them to concentrate on what truly matters: their treatment and recovery.", said Vincent C. Soegianto, President Director & Chief Executive Officer, Oona Indonesia.

The ASEAN Insurance Surveillance Report 2023 showed that insurance penetration in Indonesia was only at 1.4%, lower than its neighbouring countries such as Singapore at 12.5%, Thailand at 4.6% and Malaysia at 3.8%.6 One of the pain points associated with obtaining health insurance is the complex purchase and claim procedures, including medical check-ups and long approval time, but Oona's fully online process aims to simplify everything from purchase and payment to claims. 

“With the launch of Critical Illness Insurance, we are one step closer to our mission, to provide seamless, affordable and effective insurance products that can be accessed digitally by millions of Indonesians,” added Soegianto.

About Oona Insurance 

Headquartered in Singapore, Oona Insurance is a leading digital general insurer in Southeast Asia, backed by global private equity firm Warburg Pincus. Established in 2022, Oona Insurance aims to become the general insurer of choice for both partners and customers through a buy-and-build strategy, leveraging the pillars of superior customer service, advanced technology and a well-established brand across Southeast Asia. The firm currently operates in two markets in the region: Indonesia and the Philippines. 

In Indonesia, Oona operates through its licensed insurance entity, PT Asuransi Bina Dana Arta, Tbk. Oona Indonesia, the new unified brand of this entity, offers quality products and services since early 2023, serving as a solid foundation for Oona Insurance's expansion across Southeast Asia's fast-growing insurance market.

Oona Indonesia is licensed and supervised by Indonesia Financial Services Authority (Otoritas Jasa Keuangan). 

For more information on Oona Insurance, please visit: www.oona-insurance.com