Allianz buys $35m stake in Indonesia's GO-JEK

Allianz X, the digital investment unit of the Allianz Group, has invested $35 million in Southeast Asian mobile platform GO-JEK to become its sole international insurance shareholder.

GO-JEK is seen as a competitor of on-demand transportation and fintech platform Grab in Southeast Asia, which recently partnered with property/casualty insurer Chubb.

Headquartered in Jakarta, Indonesia, GO-JEK initially started as a ride-hailing app and evolved into an on-demand mobile platform that provides a range of services including transportation, logistics, e-payments, and food delivery, among others. GO-JEK currently has more than one million registered drivers on the app serving customers in more than 50 cities in Indonesia.

The investment follows a strategic partnership between Allianz Indonesia and GO-JEK entered two years ago, whereby Allianz Indonesia provided health insurance services to GO-JEK drivers. In 2017, this offering was expanded to allow GO-JEK drivers to purchase health insurance for their families. The new investment will increase access to insurance products and services for GO-JEK’s customers.

Allianz X recently invested in fintech business C2FO, mobile bank N26 and digital microinsurer BIMA.

“Allianz X’s strategic investment in GO-JEK underscores Allianz Group's Renewal Agenda and our commitment to digital growth businesses, particularly in emerging markets,” said Nazim Cetin, CEO of Allianz X. “GO-JEK has demonstrated a track record of success within the transportation, logistics and payment sectors and we look forward to supporting their continued growth.”

Joos Louwerier, president director of Allianz Life Indonesia, added: “Allianz X’s decision to invest in GO-JEK is a testament of the Group’s strategic direction to support digital ventures. GO-JEK is one of the largest digital unicorns in Indonesia and through this investment, Allianz and GO-JEK will strengthen their ties and collaboration further. Together we can offer unique financial products and services to the wider GO-JEK community.”

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