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Indonesia Life Insurance Association Statistics

  • lidiadimond0
  • Nov 18, 2023

Indonesia Life Insurance Association Statistics – Over the past decade, Indonesia’s insurance industry has grown from IDR 125 trillion in 2010 to almost IDR 500 trillion this year. Despite this growth, population penetration is still very low. In terms of economic contribution, insurance expenditure is only 2.3% of GDP and less than 3% of the population also the number of private insurance policyholders. In 2014, the SBY administration established a National Health Insurance Scheme (BPJS Kesehatan). Its current coverage is estimated at approximately 75% of the population, or ~180 million people. With the growth rate and low penetration of private policyholders, the insurance market in Indonesia is a huge untapped opportunity.

Life insurance continues to contribute the most to the market’s cash value. Based on Insurance Association data, more than 80% of gross written premium comes from life insurance products such as Term Life, Whole Life and Bundled Investment Product (Unitlink). Unit Link is the best-selling product of all life insurance policies, contributing more than half of the premium sold in 2014. In non-life insurance, the market size is determined by car and motorcycle insurance.

Indonesia Life Insurance Association Statistics

Indonesia Life Insurance Association Statistics

In terms of distribution and sales, the majority of insurance sales are still driven by agents and bancassurance. Agent needs to solve the consultation and product information due to the complexity of the insurance products. And in the field of bank guarantees, banking agents and customer service agents help insurance companies recommend their product to existing banks.

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The recent rise of insurtech has led many people to purchase insurance online. However, they usually buy a simple one-off product, such as flight, delivery or home contents insurance, with a simple and clear policy. The price is usually very cheap too. An online channel encourages high-frequency, low-value transactions. So in terms of gross market premium value, this is likely to contribute to the life insurance sold by brokers.

Insurance principal can be divided into two main categories: life insurance and general insurance. Both have different market dynamics. Life insurance is highly concentrated, with Prudential being the clear market leader. Most of the major players in life insurance are also foreign entities such as Allianz and Manulife. On the other hand, general insurance is quite fragmented, with Sinarmas, Jasindo and Astra competing closely to reach the top 3. Sinarmas and Astra premiums are determined by car and property insurance, while the Jasindo and other state insurance sector (Tugu, Askrindo) contribute. insurance that supports other state-owned companies (e.g. maritime, oil and gas insurance).

With market penetration low and revenue driven mainly through offline channels, digital players are likely to disrupt the insurance market. From a large insurance company going digital to an emerging startup trying to break through with innovative products.

In Indonesia, access to basic financial services such as savings and loans is a privilege. According to the World Bank, the country of more than 250 million inhabitants has just under 40 million registered bank accounts. The country tops the Asia-Pacific region in terms of the number of unbanked residents and three-quarters of the total population is still outside the conventional financial system.

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At first glance, these statistics look bleak. But for entrepreneurs and startups, it represents a huge fintech opportunity. Indonesia is currently a technology hotbed with more than 150 startups and a record investment of $57 million in 42 markets last year alone. Half of those deals went to lending and payments startups.

A photo of shallot sellers in Jogja, one of the many millions of people without bank accounts in Indonesia. Photo by Andy Al MesuraonUnsplash

I work as a product and business development guy in a peer-to-peer lending startup. Our startup focus is on providing microloans to millions of unbanked and unbanked women entrepreneurs in Indonesia. In this post I share three challenges I face every day. making it also relevant for other fintech.

Indonesia Life Insurance Association Statistics

In their recent report ‘Fintech and the changing landscape’, global consultancy Accenture says that the Asia Pacific (APAC) region experienced four-fold growth in 2015 to US$4.3 billion. With this figure. APAC contributed almost 20% of the total investments in the global fintech industry (USD 22 billion) and was the most invested fintech region after North America. China and India are responsible for most of this growth, and in Southeast Asia the most popular fintech hub is still led by Singapore.

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In terms of business model, the payout remains the highest for the most invested fintech company in APAC. However, insurance technology is booming. From 2014 to 2015, insurance technology has almost tripled, although the amount is still small compared to the payment. The report predicts that insurance technology will be the next battleground in APAC’s fintech landscape.

This report divides fintech startups into two different types: competitive and collaborative. The competitive type challenges incumbent financial institutions, while the cooperative type adds value to the incumbent. Last year there was a 138% increase in investments in cooperative-type startups, while investments in competitive-type startups increased by only 23%.

This is a good sign that banks and other financial institutions will be more open to investing and collaborating with fintech startups in the future. A trend that is already visible in Indonesia, with BCA and Mandiri leading the way.

Global online payments giant PayPal has just launched a fintech incubation program in Singapore. This program is open to fintech startups in the region. The selected participant will undergo a nine-month incubation period at the PayPal Technology Center in Suntec City. The incubation program includes mentoring on financial and technology topics such as risk, compliance, core payment network and channel development. The participant will also gain direct access to PayPal executives, external talent and recognized industry experts.

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In addition to PayPal, VISA has also established a strong footprint in Southeast Asia by also opening their new Innovation Center in Singapore. In line with the Accenture report, the tremendous growth in the fintech sector is driving interest from global technology giants to establish themselves in this region.

In a surprising twist, Gojek recently partnered with Bluebird, the company they set out to disrupt. During the press release, Buebird Public Relations Head Teguh Wijayanto said this partnership will enhance the audition process for Bluebird. Gojek CEO Nadiem Makariem also said the partnership will include technology, payment systems and promotion. The details of this collaboration are not yet clear. Both sides have said that the joint Gojek-Bluebird services will be unveiled to the public by the end of May 2015.

This partnership, which focuses specifically on payment components, will likely be Go-Pay’s first payment expansion outside of Gojek’s own ecosystem. Considering this move and their recent GoPay campaign (50% discount on all gojek services), it seems that Nadiem Makariem has a big ambition to dominate the universal payment platform in the future.

Indonesia Life Insurance Association Statistics

As part of my Innovation Management role, I provide rapid industry updates to the relevant XL Digital services team on a weekly basis. Since I’m writing this for work, I might as well post it here. I hope you find it useful.

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April at Segarra Ancol. By hosting this event, BCA Bank encourages software developers and innovators to build creative fintech services using the recently launched Data API.

For this competition, BCA has invited several experts from the Indonesian startup ecosystem to serve as jury members. Among them are Andrew Darwis (Kaskus), Anton Soehartyo (Touchten), Rama Mamuaya (DailySocial) and many more.

Apps to share bill payments between friends. The user only needs to take a photo of the receipt and tag friends. The bill is distributed among the tagged users

These initiatives can be seen as a greater commitment by BCA Bank to delve into Indonesia’s digital ecosystem in the future. There’s no word yet on whether or not their Data API will be publicly accessible. Given BCA’s enormous size, opening up their API to developers and startups will inspire a whole host of new services.

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In addition to BCA, Bank Mandiri also initiated a move to enter the Indonesian startup ecosystem. Earlier this year, this largest bank in Indonesia launched their venture capital subsidiaries called Mandiri Capital Indonesia (MCI). For this venture, the company has established IDR 500 bio-funds to invest in various potential start-ups.

In addition to financial investments, MCI will provide guidance to its portfolio startups and also provide a marketing platform to connect the startups with potential customers/partners (e.g. using the Wirausaha Mandiri platform)

Budi Gunadi Sadikin, CEO of Bank Mandiri, explained that the company sees the emerging trend of disruptive technologies due to the growth of Indonesia’s digital ecosystem. For example, travel apps and several e-commerce players have changed the way Indonesians do business. Bank Mandiri cannot afford to be left behind in this movement, hence the decision to jump straight into the Indonesian startup ecosystem.

Indonesia Life Insurance Association Statistics

“There are financial technology startups in this cash-in-transit sector. That is why we (Mandiri Bank) entered this space with a focus on fintech,” said Budi.

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Mandiri Capital Indonesia will focus on investing in digital fintech payments and e-commerce to leverage Bank Mandiri’s existing business. Currently, the bank has more than 2 million merchants who receive payments primarily in cash.

Ride-sharing startup Gojek has begun expanding into cashless payment business by upgrading their previous Gojek Credit features into a separate company

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