Genjot Cuan, Lippo Group Owner Conglomerate Mochtar Riady Selling Bicycle Insurance Through OVO

The owner of Lippo Group, Mochtar Riady. (Photo: By courtesy)

JAKARTA - National entrepreneur Mochtar Riady continues to expand in order to expand the business octopus under the auspices of the Lippo Group. This time, the senior tycoon is providing bicycle insurance sales through a digital payment company affiliated with the parent entity, OVO.

In a written statement on Tuesday, March 23, Head of Corporate Communications OVO Harumi Supit explained that based on the company's internal study, it was revealed that 4 out of 10 cyclists claim to feel unsafe if their bicycles are not insured.

"Therefore, since the end of last year we have provided bicycle insurance that can be accessed directly through OVO services," he said.

Harumi added that cycling is currently very popular with the public along with the increasing awareness of healthy living during the pandemic. In addition, he also considered that the active participation of the community in cycling also boosted the absorption of products in the market.

"Indirectly, this is a business opportunity in itself. We have data from the Ministry of Industry which states that bicycle sales will increase by fourfold in 2020. This data is directly proportional to the number of bicycle users who have experienced a rapid increase of up to 10 times or 1,000 percent during the Jakarta PSBB, "he explained.

Harumi further revealed that personal protection as well as bicycles are priority things to pay attention to. The reason is, the risk of cycling can threaten anytime and anywhere.

"We hope that with bicycle insurance in the OVO application, bicycle activists will be more motivated to provide the best protection not only for themselves, but also for their bicycles," he said.

For information, OVO is one of the Lippo Group's business lines, which is a major player in digital financial transactions in the country. The company claims that their services have been used on more than 115 million electronic devices.

Some of OVO's main features include payment, transfer, top-up and withdrawal facilities, as well as asset and investment management.

OVO itself is a startup (startup) in the unicorn category because it has an estimated valuation of more than 1 billion US dollars. The 4.0 technology corporation is controlled by the Lippo Group owned by conglomerate Mochtar Riady, the 21st richest person in Indonesia with a majority shareholding of 30 percent, followed by SoftBank, Grab, and Tokopedia.