9Lives Insurtech Startup Targeting Microinsurance by Launching "Asuransi Selfie"

Established in Indonesia since 2018 in mutual with PT Asuransi Wahana Tata (Aswata), the insurance technology (insurtech) company 9Lives strive to be relevant with microinsurance innovation. The latest one is when they launched Asuransi Selfie particularly to cover face injury. The product is expected to meet the target market, millennials especially women.

9Lives' CEO, Keywon Kim told DailySocial that the additional product is expected to raise new users. Previously, the company has been providing Personal Accident and Travel Lite products.

"The selfie insurance is a unique product we developed for Indonesians. Particularly for face injury, there is currently no insurance cover for that. Therefore, we focus on face insurance, especially women."

In addition to bank transfer and credit card, 9Lives also provides payment through GoPay digital wallet.

"For countries like Japan and Korea, products like this are widely used by celebrities, specifically for Indonesia we present selfie insurance products for people from various class," Keywon said.

Not only the B2C segment, but B2B also includes in 9Lives' target market by supporting a number of corporate clients in Greater Jakarta, Semarang, and Surabaya.

Facilitate marketing activities

In terms of marketing activities, 9Lives uses women influencer to try and help to promote their insurance product in public. The company claims the strategy is best to introduce its product to the expanding market. Although, market education is still rolling.

"Frequently asked question is whether this selfie insurance is only for beauty. For this reason, we emphasize that selfie insurance is the face protection when accidents are experienced by users," Keywon said.

Regarding 9Lives' plan to collaborate with beauty clinic or related parties, he kind of confirmed in the future. However, they are now focused on product knowledge and selfie insurance marketing.

The company is said to have completed the Pre Series A fundraising activity last year and this year if according to plan, will continue to raise the Series A phase.

Although starting a business in the B2B segment, 9Lives hopes that selfie insurance products can support the company's efforts to penetrate the broader retail segment. The number of 9Lives' registered users has now reached 50 thousand people.

"This year, our target is to increase user acquisition and to launch more massive marketing activities to the wider community related to all 9Lives insurance products," Keywon concluded.