Warburg Pincus-backed insurer sees more M&A in SE Asia

Bhatia, who was formerly CEO of FWD Singapore, cited examples of both Indonesia and the Philippines — markets in which Oona has licenses to operate — where regulatory measures are nudging towards consolidation.

In Indonesia, the Financial Services Authority, or Otoritas Jasa Keuangan – OJK, recently implemented a regulation requiring insurers to have a minimum equity of 250 billion Indonesia rupiahs (about $15 million) by the end of 2026 and 1 trillion Indonesian rupiahs (about $62 million) by the end of 2028.

In the Philippines, insurance companies must maintain a minimum net worth of 1.3 billion Philippine pesos ($23 million).

Oona, launched in late 2022 and headquartered in Singapore, focuses on digital general insurance in Southeast Asia.

It is fully owned by Oona Holdings and 100% backed by private equity entity Warburg Pincus. It was seeded with two acquisitions — PT Asuransi Bina Dana Arta in Indonesia and Mapfre Insular Insurance Corp in the Philippines.

Oona Insurance plans to grow via a buy-and-build strategy.


Other experts agreed that Indonesia’s insurance sector is poised for more M&As.

“In addition to pent up demand and supply from the slow M&A market of the past couple of years, and increasing compliance costs, the primary factor for consolidation will likely be regulatory-driven,” said Allison Lee, partner, corporate and securities, mergers and acquisitions, insurance, at legal firm Mayer Brown.

“The OJK has recently proposed significant increases to the minimum capital requirements, which if implemented, will affect insurance and reinsurance companies, particularly those smaller players with lower revenue streams and inadequate capital reserves,” she told AsianInvestor.

The likeliest targets will be smaller, more local insurers or reinsurers who are lacking robust compliance programs, who may have less profitable revenue streams, and/or inadequate capital reserves, said Lee.

“Another potential target will be the local branch or segment of an international insurer or reinsurer, for whom the geography or business lines no longer align with the group’s overall business objectives, who may be looking to sell.”

These will be interesting to insurers who are looking for opportunistic deals that align with their commercial strategies in a country or the Asia Pacific region.

Oona Insurance’s Bhatia believes that insurers will need to embrace collaboration in markets like Indonesia and the Philippines, two of Southeast Asia’s fastest-growing economies, as they undergo rapid digital transformation.

“The future of insurance hinges on healthy partnerships between tech and traditional players, as well as between the public and private sectors,” he said.

“Technology acts as a great equaliser, playing a vital role in expanding financial inclusion by overcoming once-insurmountable barriers like information gaps, geographical constraints, and high costs,” he added.


There are other regulations that Oona Insurance is keeping an eye on as well.

“In the Philippines, there are discussions about potential revisions to Anti-Money Laundering Council (AMLC) guidelines, which could impact current KYC processes,” said Bhatia, adding that in Indonesia, the OJK plans to also introduce new regulations for insurance products.

“The upcoming regulations are expected to adopt a ‘sandbox approach,’ eliminating the need for pre-approval for certain ‘simple and straightforward’ products. We are eagerly anticipating the detailed requirements for this new approach,” he said.

Like other insurance executives that AsianInvestor has spoken to in the past 12 months, Bhatia believes it is crucial for the industry to proactively address evolving risks.

“Climate change, cyber threats, and natural disasters demand continuous adaptation. Insurers need to invest in risk modelling and develop solutions to tackle these emerging challenges,” he said.

BY: Asian Investor April 3, 2024

Oona Indonesia, Indonesia’s fastest growing general insurer launches digital platform MyOONA.id

Jakarta, 13 March 2024 – Oona Insurance, the leading digital general insurance player in Southeast Asia with a strong presence in Indonesia, launched MyOONA.id, its highly anticipated state-of-the-art digital platform for insurance e-commerce, in Indonesia today. The company also launched Mudik Car Insurance; a unique short term car insurance protection specifically tailored to facilitate Mudik in time for the upcoming Lebaran period for Indonesians.

MyOONA.id offers three categories of easily accessible insurance products: Travel, Flight Delay and Motor Vehicle (car & motorcycle). The digital platform offers key features designed to deliver a delightful end-user experience:

1. Fully Mobile Optimized: Customers can enjoy seamless access to the platform across all devices, including their mobile phones.

2. Fast and Seamless Experience: The online purchase process has been meticulously streamlined, ensuring customers can easily purchase direct-to-consumer products such as motor vehicle, travel and flight delay insurance, as well as submit claims effortlessly.

3. Accessibility and Flexibility: Customers have access to multiple payment options, including flexible payment plans with 0% installment options for 3, 6, and 12 months, catering to diverse financial preferences.

4. Use of Innovative Technologies: Using online AI inspection for improved defect detection in motor vehicle insurance, employing optical character recognition to convert camera images and PDFs into text for simpler KYC processes and Generative AI to enhance website functionality.

During this momentous launch, Abhishek Bhatia, Founder and Group Chief Executive Officer of Oona Insurance expressed, ” This is truly a monumental moment for everyone at Oona. We embarked on a journey to be the most transformational and customer centric insurer in Southeast Asia, and bringing new technology and products to consumers is at the heart of it. With the launch of MyOONA.id, our vision is becoming a reality. Consumers can now buy multiple insurance products online with a few clicks. This platform, along with innovative product offerings like the Mudik Car Insurance, are proof points of our unwavering commitment to delivering unparalleled value to Indonesian market .”

The 2023 Jasa Raharja Report highlighted the urgency of ensuring Indonesians’ safety during Lebaran Mudik, with 726 fatalities and 5,894 traffic accidents reported during 18-28 April 2023. Oona empathizes with the desire of Indonesians to return home to their families safely, which is why Mudik Car Insurance is launched via the #MudikTenangBarengOONA (#WorryFreeMudikWithOONA) campaign. By offering easy purchase on MyOONA.id without the need for car inspection or complex document uploads, Oona aims to provide peace of mind to urban car owners with digital proficiency and frequent travel habits, ensuring their journeys are safe and worry-free.

Vincent C. Soegianto, Chief Executive Officer, Oona Indonesia said, “As we navigate Indonesia’s dynamic insurance landscape, our customers remain at the heart of what we do. The MyOONA.id platform will allow for democratizing access of insurance to Indonesians. We also understand the importance of customizing our products to suit Indonesia’s diverse lifestyles and unique needs. Hence, we’ve launched the Mudik Car Insurance underscoring our deep understanding of the Indonesian market. This product is crafted specifically for Indonesians, enabling them to focus on what truly matters: safely reuniting with their loved ones during Lebaran.”

To ensure affordability and accessibility to all Indonesians, the premium of Mudik Car Insurance is set at an affordable price of IDR 49K for 10-day coverage, available between 12 March to 30 April 2024. The insurance plan provides comprehensive coverage, including Total Loss Only coverage, Personal Accident coverage for both the driver and passengers, Third-Party Liability coverage, as well as 24/7 Roadside Assistance and Claim Center, ensuring a worry-free journey.

Oona Indonesia is anchored on a robust Risk-Based Capital (RBC) of 696.48% and Total Equity exceeding IDR 1.53 trillion as of 31 December 2023 (unaudited). These figures are a testament to Oona’s financial strength and strict adherence to regulatory standards, ensuring our continued reliability and commitment to serve with excellence in Indonesia.

Oona, UFSI sign agreement to provide non-life insurance solutions to UnionBank Wealth Management clients

Oona Insurance (Oona), the leading general insurer in Southeast Asia, and UnionBank Financial Services and Insurance Brokerage Inc. (UFSI) have agreed to partner and provide non-life insurance solutions to UnionBank Wealth Management clients in a simple ceremony held on January 25, 2024.

The partnership will allow UnionBank’s high net worth clients to access Oona’s digital platforms curated specifically for UFSI clients, enabling both companies to scale up their existing portfolios.

The collaboration, chaired and witnessed by Manoj Varma, UnionBank’s Head for Consumer Banking; Gautam Sharma, UnionBank’s Head for Wealth Sales and Distribution; and Abishek Bhatia, Founder and Group CEO Oona Insurance, is expected to lead to more awareness and appreciation of the importance of non-life insurance and to encourage better financial protection for UFSI clients and their assets.

Furthermore, it complements the expert and proven wealth management services provided by UFSI.

“As a wealth management brokerage company, we are custodians of our clients’ financial dreams. Part of our responsibility is to help them sustainably grow and protect their wealth. Oona offers a wide range of general insurance solutions including Travel, Personal Accident, Property and Motor. This will allow UFSI to not only protect the lives of our clients but also the assets that they have worked so hard to accumulate. Through Oona, we can also help our clients feel safe and protected when they travel for work or leisure,” said Ramon Melchor Tejero, UFSI President and Chief Executive Officer.

For Oona, on the other hand, its latest collaboration with the country’s multi-awarded universal bank further strengthens its reputation as a game changer in the industry.

It is a testament that its digital platforms are working to ensure accessibility, affordability and seamless experiences for its clients.

“We are excited as we embark on a dynamic partnership that means the union of shared goals, commitment to mutual growth, synergizing strengths and innovation. As we provide non-life insurance to UFSI’s wealth segment, we are committed to delivering unparalleled innovative services as well as customer-centric solutions that will elevate the non-life insurance experience of UFSI’s clients,” said Ramon Zandueta, Oona Insurance Philippines President and Chief Executive Officer.

Zandueta also added that high net worth clients have particular needs that have high insurance values ​​leading to bigger premium accounts.

By providing specific solutions, the agreement with UFSI will solidify Oona’s position in the country’s competitive financial landscape.

Aside from a seamless experience, Oona’s collaboration with UFSI also ensures utmost security and protection of the customers’ personal and financial information.

Oona Insurance Announces Strategic Partnership with CamCom to Enhance Auto Insurance Assessments Using AI

Jakarta, 30 January 2024 – Oona Insurance, a leading digital general insurance platform in Southeast Asia with strong presence in Indonesia, announced its strategic partnership with leading Artificial Intelligence (AI) solutions provider CamCom today. This partnership is set to revolutionise the insurance landscape by harnessing AI to streamline car damage assessment through advanced image analysis, thereby resulting in enhanced speed, accuracy and transparency in risk assessments for policy underwriting and claims evaluation while protecting against fraud.

The automated process not only improves customer satisfaction but also serves as a powerful tool in fraud reduction and operational cost optimisation. As a result of this partnership, several key features will be added. This includes:
1. Severity assessment, ensuring a swift and accurate evaluation of impact severity with a risk rating
2. Fraud detection and prevention, incorporating predictive analytics, geo-location tagging, time stamp and image authenticity analysis to effectively identify and prevent fraud.

Traditionally, the insurance customers’ risk inspection journeys can be challenging, leaving customers feeling disconnected and frustrated with lengthy processes. In collaboration with CamCom, Oona has designed a clear and interactive step-by-step guide, available in both Indonesian and English languages, to help Indonesian customers seamlessly obtain online coverage within minutes, in line with local market’s needs .

Sourabh Chatterjee, Group Chief Technology Officer of Oona Insurance, said “We are excited to partner with CamCom and introduce this groundbreaking technology to our customers in Indonesia. This collaboration represents Oona’s transformative leap forward in auto insurance assessments, promising a faster, more accurate, and intuitive experience for our customers.”

Due to increased transparency, customers will now be able to benefit from receiving real-time updates on their claims, enhancing clarity and building customer confidence. The streamlined claims settlement process ensures swift resolution, reducing waiting times and delivering a seamless customer experience. Additionally, Oona proudly announced that CamCom abides by ISO 27001 standards, prioritising data security and privacy to safeguard customer information.

“Our partnership with Oona marks a significant stride in revolutionising the insurance landscape. The integration of advanced features reflects our shared commitment to providing customers with cutting-edge solutions that prioritise accuracy, transparency and security.” said Mahesh Subramanian, Co-Founder & Chief Operating Officer of CamCom.

Oona Insurance Appoints Industry Veteran in Financial Services, Vincent C. Soegianto as CEO for Indonesia

Jakarta, 9 January 2024 – Oona, a leading digital general insurance platform in Southeast Asia with strong presence in Indonesia, today announced the appointment of a financial services industry veteran, Vincent C. Soegianto as Chief Executive Officer (CEO) for its Indonesia operations.

The newly appointed CEO has close to three decades of experience in the financial services industry across multiple geographies- Asia Pacific (Indonesia, Malaysia, Hong Kong) and Middle East (Dubai, UAE) spanning, transaction banking expertise in both treasury management and trade (certified in both) supported by strong digital experience. Most recently he led the Merchant Business for Bank Jago Tbk in Indonesia and played a pivotal role in developing the digital ecosystem, spanning merchant business, end-to-end payment and cash management, as well as its lending business.

Welcoming Vincent into the team, Abhishek Bhatia, President Commissioner of Oona Insurance Indonesia said, “I am delighted to welcome industry veteran Vincent into our leadership team in Indonesia. Under his leadership and with our laser sharp focus to accelerate growth and innovation across Indonesia, I am confident we will continue to create impact and long lasting value for our customers, partners and other stakeholders, to achieve our goal of helping every Indonesian live life boundless.”

Welcoming Vincent to the team, Abhishek Bhatia, President Commissioner of Oona Insurance Indonesia said, “I am delighted to welcome financial services industry veteran Vincent into our leadership team in Indonesia. With his wealth of experience and expertise, we look forward to achieving new milestones in 20234. This year2023 has been exceptional for us in Indonesia, thanks to our dedicated team and business leaders. We are confident that under Vincent’s leadership and with our laser sharp focus to accelerate growth and innovation across Indonesia, we will continue to achieve our goal of helping every Indonesian live life boundless.”

Vincent C. Soegianto, the newly appointed CEO commented, “I am excited to join Oona Indonesia and lead a dynamic team to the next level of growth. In a short time, Oona has disrupted the industry with the recent introduction of its innovative travel insurance product, Oona Flight Delay Insurance1, targeted at Indonesian travelers. I also believe this is a pivotal moment for digitalisation and innovation in Indonesia and I am excited to be part of this journey with Oona.”

Over the years, Vincent has played key roles in the financial services industry across markets be it, serving as the Board Member of International Chamber of Commerce Malaysia Berhad, developing the small and medium enterprise banking proposition in Indonesia, Hong Kong and Malaysia, actively driving the trade finance professional development program in Indonesia and Malaysia with ICC, supporting Bank Indonesia (Central Bank) in the formulation of latest local documentary credit rule and payment infrastructure strategy and several other initiatives. Vincent is currently undergoing a Fit & Proper Fest (FPT) process at OJK and his appointment as the CEO of Oona Indonesia will be approved by the General Meeting of Shareholders of Oona Indonesia upon issuance of OJK approval on his FPT result.

InLife and Oona Insurance enter into agreement for Oona Insurance to fully own Oona Philippines

Manila/Singapore – December 7, 2023 – Insular Life (InLife) and Oona Insurance group (Oona) today jointly announced that they are entering into an agreement, with InLife selling its 40% stake in their non-life insurance joint venture, Oona Insular Insurance Corporation (Oona Philippines), making it Oona’s fully owned subsidiary. Oona Philippines and Insular Life will continue their cooperation arrangements to cross-sell insurance products in the Philippines.

The agreement is expected to further boost Oona Philippines’ status in the general insurance industry, building upon the series of innovations and services that it has brought to the Philippine market since it set up shop in the country last year. InLife, on the other hand, will focus on its core life insurance and healthcare business to sustain the momentum it has achieved in the last couple of years. Latest data show the life insurer jumped to number five at the end of this year’s first half in terms of its New Business Annualized Premium Equivalent. InLife plans to support its scale and innovation efforts in its operations and distribution channels in its bid to move further up the rankings.

“As InLife moves forward to achieve accelerated growth and continue in its journey to provide customer service excellence through digital transformation and innovation, we will continue to support Oona’s plan to strengthen its presence in the Philippines,” said Executive Chairperson Nina D. Aguas.

“We are deeply grateful to InLife for being a remarkable partner during our lift-off stage over the past year, and we look forward to maintaining our cross-selling partnership with InLife going forward. We are very optimistic and believe this move will help us push for higher growth as we position ourselves to be a major player in the Philippines’ non-life insurance market,” said Abhishek Bhatia, Founder and Chief Executive Officer of the Oona Insurance group.

Indonesia-focused Oona Insurance launches Generative AI powered chatbot for its global insurance sales enabled by Yellow.ai technology

Jakarta, 7 December 2023 – Oona, a leading digital general insurance platform in Southeast Asia with a strong presence in Indonesia, today announced its strategic partnership with Yellow.ai, a global leader in conversational AI, to deliver seamless and hassle-free services to its customers by leveraging the latter’s generative and conversational AI-powered solutions. Oona recently unveiled an innovative travel insurance product, Oona Flight Delay Insurance1, targeted at Indonesian travelers.

Oona’s flight delay insurance disrupted the Indonesian market being one of the first of its kind to be sold via WhatsApp and its chatbot, Yoona, on its website.

With Yellow.ai’s generative AI (Gen AI)-powered Dynamic AI, the first of its kind for insurance sales globally, Yoona can assist customers across a wide range of tasks including purchase of Oona’s flight delay insurance and travel insurance. By leveraging Yellow.ai’s proprietary Natural Language Processing (NLP) engine, Yoona is capable of enabling seamless self-service support besides, of course, sales. In the short space of two months since its launch, Yoona has served more than 3,000 users (source: Yellow.ai dashboard, 20 September 2023 – 30 November 2023) and the platform continues to grow in popularity as more and more travelers seek the convenience of self-service assistance.

President Commissioner of Oona Insurance Indonesia, Abhishek Bhatia, said, “This collaboration with Yellow.ai is a testament that Oona prioritizes its customers by making available technological advances accessible to them. By bringing in Yellow.ai’s proven efficiency and next generation technology, Oona has elevated the current process into an easy, straightforward and wonderful experience for our customers,” Bhatia explained.

Rashid Khan, Co-Founder & Chief Product Officer at Yellow.ai said, “On a global scale, our generative AI capabilities are gaining momentum, particularly within the Banking and Financial Services industry (BFSI) sector, with the insurance industry being a prominent advocate. Southeast Asia is no exception, and we are thrilled to collaborate with Oona to revolutionize the Indonesia insurance landscape. Our solutions will empower Oona to provide highly personalized customer experiences and create memorable conversations. Our goal is to ensure a seamless and convenient service experience for all Oona’s customers across their preferred digital platforms, all facilitated by the human-like experience delivered by the Gen-AI-powered Yoona bot.”

Bhatia believes that Yoona will demonstrate how Oona is vastly different from other competitors. “Our product is affordable for all Indonesians, whether it is travel insurance or travel delay , but more importantly, they are now accessible through the Yoona chatbot,” he added.

Yellow.ai’s generative AI-powered Dynamic Automation Platform (DAP) delivers memorable conversational experiences through its dynamic AI agents, which are helping over 1000+ enterprises across 85+ countries achieve higher customer satisfaction and employee engagement. Built on a multi-LLM architecture that is continuously trained on billions of conversations for scalability, speed, and accuracy, it delivers up to 60% reduced operational cost.

Oona has consistently led the charge in pioneering digital innovations. Yoona represents a pivotal element of its strategic investment in creating a cutting-edge technology foundation aimed at revolutionizing the customer experience and becoming the top choice for both partners and customers.

Oona Insurance introduces ‘Kahoona’, the ultimate insurance business tool for intermediaries

Oona Insurance, a leading insurance provider in South East Asia, is sparing no effort to ensure that its partners have seamless interface with the brand as it formally introduced its Kahoona Platform in the Philippines.

Dubbed as the “Ultimate Insurance Business Tool,” Kahoona is equipped with an “Intuitive Performance Dashboard” and is replete with a host of digitally enabled features to make the entire sales and buying journey a breeze. Touted as the first of its kind, the platform will enable end to end sales journeys for Travel, CTPL, and Motor Comprehensive insurance to start, and with additional products to be added in the coming days.

The Kahoona platform has the ability of tracking sales and performance through its “Activity Tracker” and also has “Superior Selling Functionalities” that brings customer experience to another level but without the complications and the headaches of any paperwork.

“Partners and agents wanting to know more about Oona Insurance products merely have to scan Kahoona’s ‘Quick Product Preview’ features to get the required information in a flash. They can do this anytime, at their convenience without a fuss,” said Abhishek Bhatia, Oona Insurance founder and group chief executive officer.
Once an interested customer has decided to acquire a particular Oona Insurance product and is interested in knowing its price, the agent can get it instantly via Kahoona without any lag-time or hassle, and send it to their customer via email or phone.

Lastly, Kahoona is also capable of transacting and making sales to customers easy, as it allows the agents to complete the transaction at their end or send product/payment links to the client instantly and for immediate action through a wide range of payment platforms to choose from. Aside from convenience, these choices likewise ensure their safety and privacy.

As a game changer in the insurance industry, Oona’s Kahoona Sale Tool has feature rich functions that include a “Resource Centre,” “Auto-fill Forms using OCR” also known as Optical Character Recognition) and “Image-based Risk Assessment”.

“Moreover, businesses planning to use Kahoona as a sale tool, will also find out that it is equipped with a “Easy Sales Management” feature allowing agents to stay-on top with daily reminders and keep track of customers and potential leads,” Bhatia explained.

The Kahoona Sales Tool can be used on all communication devices. Bhatia said the launch of Kahoona is part of Oona’s desire to make the process of selling general insurance coverage a seamless experience through state of the art technology.

“We would like to be in the forefront of introducing new technology that would cater not only to our customers but also to our partners. Combining care, empathy and the best possible technology available such as the Kahoona Sales Tool gives Oona agents and partners a great advantage over our competitors. Our services can be immediately felt and appreciated by both customers and partners,” said Ramon Zandueta, Oona Insurance Philippines President and Chief Executive Officer.

He added that merging Kahoona’s capabilities to Oona will greatly enhance its reputation of being a “gamechanger”. Zandueta maintained that “memorable experiences are part of every meaningful brand engagement” and emphasized that Kahoona will add this appeal to Oona here in the Philippines. He also pointed out that Kahoona’s introduction renews Oona’s commitment to “make immediate use of next level technology to the Philippines.”

“Our primary concern is always the customer, and we also want our partners and agents to benefit from having the access and the platform with the best class technology available. By using Kahoona, they can also have the best experience in selling, managing and satisfying customers’ needs and demands in a very competent and organized way,” Zandueta added.

He also expressed hope that Kahoona will be helpful in bringing in more efficiency and growth to Oona as a whole.


Oona Launches Innovative Flight Delay Insurance on Website Chatbot, WhatsApp and Facebook Messenger in Indonesia

Jakarta, 20 September 2023 – Oona, a leading digital general insurance platform in Southeast Asia funded by Warburg Pincus, announced the launch of its innovative travel insurance product, Oona Flight Delay Insurance , targeted at Indonesian travelers. This product launch marks Oona’s entry into the direct-to-customer segment in the Indonesian market after it acquired PT Asuransi Bina Dana Arta Tbk (“Oona Indonesia”) and rebranded it in February 2023.

According to a study by Google , the search for “international travel” in Indonesia has grown by 280 per cent in 2022, higher than the pre-pandemic level. Searches for passports and visas also grew over 50 per cent during the same period, showing increased interest in overseas excursions. Although travel demand is going up, the airline industry is faced with a challenge as 33.1 percent of flights were delayed from Jakarta airport last year, the 11th highest globally as stated by aviation intelligence company FlightAware .

Oona alleviates the flight delay experience with its paperless, affordable and easy flight delay insurance which is available via WhatsApp, Website Chatbot and Facebook Messenger, a first of its kind in Indonesia. The product is available for only Rp35,000 for up to four total flights. Customers can buy the insurance as late as 2 hours before their scheduled flight departure for delays starting as short as just 1 hour, anytime and anywhere. Oona offers a claim-free and instant lounge voucher to the customer’s phone from a wide range of lounge options at international airport hubs, turning an inconvenience into a moment of delight.

“We are excited to lead the way in disrupting the insurance market through a digital-first approach, providing cutting-edge products that are truly valuable to Indonesian customers and which solves a very real pain point. We see a great opportunity to serve Indonesia as demand for international travel has started to return to normal,” said Abhishek Bhatia, President Commissioner, Oona Insurance.

“This is an exciting time for Oona as traveling overseas is now becoming a lifestyle choice for many Indonesians. The typical Indonesian traveler is also a digitally connected consumer and, with this product, we aim to ease overseas travel delay pain points the consumer may face as they venture out of the country for vacation or business trips. Our affordable offering is easy on the pocket, making it a no-brainer purchase. We are also making waiting at the lounge a memorable part of the trip,” said Julien Pierre Combaret, Commercial and Operations Director, Oona Indonesia.

The Indonesian insurance market is promising as data from the Indonesian General Insurance Association (AAUI) showed that general insurance premiums grew 16.4 per cent year-on-year to Rp 26.1 billion in the first quarter of 2023 . Meanwhile, Oona Indonesia’s internal data showed that its premiums have consistently grown around 20 percent higher than the industry’s average over the same period.

“The booming online travel agencies market, thriving financial services and digitally savvy consumers in Indonesia are all triggers for Oona to offer a truly innovative solution. We are looking forward to growing not only this line of business but all of our upcoming products, so that we are able to serve many more customers in the country”, Bhatia added.

Oona’s launch in Indonesia is part of the group’s expansion strategy in Southeast Asia as it seeks to grow deeper within existing geographies, namely Indonesia and the Philippines. These assets bring Oona an initial product portfolio, strong distribution relationships, a robust infrastructure and an immediate foothold in the region upon which to build its business.

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Oona Insurance makes flight delays into moments of delight

Hardly a day goes by without a passenger recounting how an airline spoiled their trip due to delays. Data tells us that 30 percent of flights are delayed and one disruption caused, perhaps by damaged plane checkups, rundown runway, or stormy weather, leads to consequential customer frustrations.

Starting September 7, 2023, Oona will turn these frustrations into moments of delight with the launch of its innovative Smart Flight Delay Insurance targeted at the Filipino traveling community https://smart-flight-delay.myoona.ph/travel-delay/. When a traveler comes across such setbacks, Oona alleviates the flight delay experience with an instant lounge voucher the moment a delay is announced, turning the moment of inconvenience into a moment of delight.

Oona’s Smart Flight Delay Insurance offers paperless and instantly accessible purchase options on its website (myoona.ph). In addition to this, Oona has enabled the purchase via Whatsapp and Chatbot, all with GenAI capabilities, the first in the Philippines.

“Oona is focused on becoming the best customer driven provider of non-life insurance in Southeast Asia and we want to start by solving a very common pain point of Filipinos – the inconvenient experience concerning flight delays,” Oona Insurance Founder and Group Chief Executive Officer, Abhishek Bhatia said. Besides this, we’ve also solved another pain point by making the product totally paperless and no hassle of filing claims.

“We see a great opportunity to serve the Philippines as demand for international travel has started to return to normal. We are excited to lead the way in disrupting and providing cutting edge products that are truly valuable to Filipinos,” Bhatia explained.

What makes our product appealing, Oona Insurance Philippines President and Chief Executive Officer Ramon Zandueta maintained, is its affordability to all Filipino international travelers. For just ₱149, a customer can spend their time in the comfort of a lounge during a travel delay which in general circumstances would just “grin and bear it”. In addition, this covers not just the departure, but up to 4 flights in the itinerary, including return flights. And if a person is traveling with family/friends, up to 3 additional persons can be added for only ₱119 each. Moreover, an individual is also covered for personal accidents – either injuries or death – (for up to ₱10,000) when riding as a passenger.

“The booming travel industry, disruptive financial services market and digitally savvy consumer in the Philippines are all triggers for Oona to offer this innovative solution. We are looking forward to growing not only this line of business but all our upcoming products via partnerships to serve more Filipinos.” he added.

As part of the initial set of online offers, Oona will also offer Travel and Compulsory Third-Party Liability (CTPL) Insurance via the same online channels – making it convenient and hassle free for customers.

Oona’s launch in the Philippines is part of the group’s expansion strategy in Southeast Asia as it seeks to grow deeper within existing geographies. Its diverse product portfolio, strong distribution relationships and robust infrastructure deliver Oona an immediate foothold in the region upon which to build its business.