JAKARTA, Indonesia, March 24, 2023 /PRNewswire/ -- Lexasure Financial Group Limited ("Lexasure" or the "Company"), a leading provider of reinsurance and insurtech solutions in South and Southeast Asia, and PT Nawa Carciege Indonesia ("Blimobil"), an Indonesian digital trading platform in the auto market, announced a memorandum of understanding for a proposed strategic partnership that will provide a broad range of insurance offerings in Indonesia.
Under the terms of the agreement, Lexasure will make an investment in Blimobil. Blimobil's marketplace, enabled by Lexasure and its partner network of insurers, will offer access to insurance products, including car insurance, usage-based auto insurance, home appliance, auto extended warranty insurance, and guaranteed asset protection (GAP) insurance.
Davy Jeffry Tuilan, Chief Executive Officer of Blimobil, said, "Launched in January, Blimobil is a rapidly growing online platform that connects independent car dealers, members, and buyers in Indonesia, with over 250 used car dealers currently participating in our network and rapidly scaling to 1,000 used car dealers by the end of 2023. Partnering with Lexasure broadens our ability to meet consumer needs with one-stop shopping for auto, financing, and now insurance products and services."
Under the proposed strategic partnership, Lexasure will also provide back-end digital onboarding solutions and claims management for new insurance products through reinsurance capabilities such as personal cybersecurity insurance, personal accident, electronic products, extended warranty, pet insurance, and other lifestyle insurance.
"Building strategic partnerships is a cornerstone of our near-term strategy as we seek to accelerate the industry's digital transformation and grow our footprint in key markets," said Ian Lim, Chief Executive Officer of Lexasure. "Working with Blimobil presents an opportunity to offer a competitive suite of insurance products in the region with a local partner that can add value to a growing base of consumer relationships."
The creation of the proposed strategic partnership is subject to the negotiation of definitive agreements with customary closing conditions, including regulatory approval.
About Lexasure Financial Group
Lexasure Financial Group is a leading Southeast and South Asia group providing reinsurance and digital insurance solutions, including Reinsurance-as-a-Service (RaaS), that enable our clients to manage risk, accelerate growth, and effectively compete. We are driving the digital transformation of the insurance and reinsurance industry with scalable and innovative products that meet the local needs of companies and people in fast-growing Asian markets. Our management team has deep expertise in the industries of reinsurance, insurance, and insurance tech. Our values are based on a belief that our products enable customers to live and grow boldly while enhancing resilience. We serve over 60 primary insurers across 22 countries in Asia and North America. For more information, go to lexasure.com.
About PT Nawa Carciege Indonesia (aka Blimobil)
Blimobil is a marketplace that synergizes used car, new car, and car financing businesses with the power of its used car dealer network to create a comprehensive online ecosystem. It empowers used car dealers to compete confidently and thrive in the industry-4.0 era while providing a customer journey that's easy to navigate, a rigorous used car screening process, access to new car supply, and flexible financing.
Investor Contact
Crocker Coulson, CEO, AUM Media
+1 (646) 652-7185
crocker.coulson@aummedia.org
