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Life Insurance Di Indonesia

  • gretchensellar0
  • Nov 18, 2023

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Life Indonesia managed to win Investor magazine’s “Best Insurance 2021” award in the life insurance category for assets over IDR 25 trillion.

Life Insurance Di Indonesia

Life Insurance Di Indonesia

In the current difficult environment, Investor magazine especially praised Indonesian insurance companies that have made significant progress despite facing economic difficulties due to the Covid-19 pandemic.

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Life Indonesia won the “Best Insurance 2021” award in the life insurance category for assets over IDR 25 trillion as the leading insurance company in Indonesia.

Life Indonesia is one of the life insurance companies that can meet the Investors Magazine evaluation criteria based on the company’s 2020 financial report. ) increased to IDR 16.9 trillion in 2020 or 27.8% compared to 2019. Meanwhile, Life Indonesia’s net profit for 2020 reached IDR 1.3 trillion, or 16% more than last year’s net profit.

Indonesian representative Kui Kui, CFO of Life Indonesia, was also present to receive the award and said that the award is a testament to Indonesia’s commitment to protecting all consumers. Moreover, the success achieved to date is the result of the trust of customers and the support of all employees, marketers and all business partners.

The award encourages Indonesia to improve its performance in providing the best services and products to customers to protect more Indonesians.

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About Indonesia Started its operations in 1981 by opening its representative office in Indonesia. In 1989, he founded PT Asuransi Utaka, an Indonesian general insurance company. Then, in 1996, he entered the life insurance, health and pension fund business by establishing PT Assurance Life Indonesia. In 2006, Yuta and Life started Sharia insurance business

Indonesia is currently supported by over 1,300 employees and over 34,000 marketing staff and supported by a network of banking partners and other distribution partners. It is currently the leading insurance company in Indonesia, trusted to protect more than 8.3 million insured people.

Asia is one of the main growth regions in Asia, characterized by the diversity of cultures, languages ​​and customs. It has been present in Asia since 1910, providing fire and marine insurance to China’s coastal cities. It currently operates in 16 markets across the region, offering a broad range of insurance with core businesses in casualty, life, health and settlement and asset management. With more than 36,000 employees, it serves the needs of more than 21 million customers in the region through various distribution channels and digital platforms.

Life Insurance Di Indonesia

About the Group The Group is the world’s leading insurance and asset management company with 100 million individual and corporate clients in over 70 countries. Clients benefit from a wide range of individual and group insurance services, from property, life and health insurance to global credit insurance and business insurance support services. The world’s largest investor with over €790 billion of insurance client assets under management. Meanwhile, our asset managers PIMCO and Global Investors manage an additional €1.7 trillion in third-party assets. Due to the systematic integration of environmental and social criteria into business processes and investment decisions, it is the leading insurance company in the Dow Jones Sustainability Index. In 2020, the group had more than 150,000 employees, a total turnover of 140 billion euros and an operating profit of 10.8 billion euros. On July 09, 2019, PT China Life Insurance Indonesia launched the first RMB-denominated personal life insurance policy in the Indonesian life insurance market, the CLII Advantage Insurance Plan. Efforts are to further support the process of RMB currency internationalization, provide clients with more asset allocation options, and provide the market with more diversified risk hedging options. This product gives 3.5% guaranteed income every year

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Mr Lam Kin Kwok Ken, President Director of PT China Life Insurance Indonesia, said in his speech: “We are very grateful for the support and guidance from the Financial Services Authority (FSA) and the Indonesian Life Insurance Association (AAJI). , which has given us the opportunity to offer a variety of products in the market Starting today, this new product is accessible through nine branches of Jakarta Bank of China

Mr. Wang Liping, Advisor to the Minister of Economy and Trade of the Embassy of the People’s Republic of China in Indonesia, also participated in the product launch event. In his speech, he said, “I hope that PT China Life Insurance Indonesia will use this opportunity to better understand Indonesian customers and provide them with better products and services and to diversify their life insurance products.” The launch of the first RMB-denominated insurance product was an important moment, with representatives from the Financial Services Authority (FSA) and the Indonesian Life Insurance Association (AAJI) also attending the product launch event.

PT China Life Insurance Indonesia officially started its operations in Indonesia on August 15, 2018. This company is a subsidiary

PT China Life Insurance Indonesia will continue to develop more diversified, innovative and high-quality products in the future. The availability of this product fills a gap and contributes more to the Indonesian life insurance market, as well as providing consumers with an opportunity to face ever-changing risks.

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As the first cooperation channel to sell this product, Bank of China Jakarta branch ranked fifth among 114 banks with the title of “Very Good” and ranked first among foreign banks in Indonesia based on the latest 2018 Bank Indonesia Comprehensive Business Index. took the place. “INFOBANK” official financial magazine. In the past decade, Indonesia’s insurance industry has grown from IDR 125 trillion in 2010 to nearly IDR 500 trillion this year. Despite this growth, penetration is very low. Insurance spending on economic contribution is only 2.3% of GDP, and the number of private insurance policy holders is less than 3% of the population. In 2014, the National Health Insurance (BPJS Health) was established by the SBY administration. For this, the current coverage is about 75% of the population or ~180 million people Indonesia’s insurance market is not a big opportunity with the growth rate and low penetration of private insurers.

The current market price of life insurance is too high According to the Insurance Association, more than 80% of total written premiums are life insurance, such as whole life and investment package products (UnitLink). comes from products. Unit Link is the best-selling product among all life insurance products, with premiums accounting for more than half of the premiums sold in 2014. The general insurance market is dominated by car and motorcycle insurance

In terms of distribution and sales channels, most insurance sales are handled by agents and underwriters Addresses the need for agent advice and product knowledge due to the complexity of insurance products For bank guarantees, insurance companies market their products to banks’ existing customer base they use bank agents and customer services to help with promotion.

Life Insurance Di Indonesia

The recent rise in add-ons has forced many people to buy insurance online. However, they often opt for simple, one-off products such as flight, delivery or gadget insurance with a simple, basic policy. they buy. The price is also usually very cheap. Online channels carry out high-frequency, low-cost transactions. Thus, in terms of the total premium value of the market, life insurance sold by agents contributes.

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Basic insurance can be divided into two broad categories: life insurance and general insurance. Both have different market dynamics. Life insurance is grouped with Prudential as the clear insurance leader. most of the big players are foreign firms such as Allianz and Manulife On the other hand, general insurance Cinermas and Astra compete for the top spot with Cinermas, Jacindo and Astra led by premium car and property insurance, Jacindo and other state insurance (Tugu, Askrindo) sectors contribute. Insurance supporting other public enterprises (eg marine, oil and gas insurance).

With downstream market penetration and sales largely driven by offline channels, the insurance market can only be disrupted by digital players. From large insurance executives to startups trying to use innovative products, they are going digital.

Digital insurance policies are usually part of a traditional insurance company or a digital channel. Realizing the Fintech wave, these retirees are developing new insurance companies that will have the entire process online, from consultation, purchase and claims. Notable examples include Synermas’ Simas Insurtech, Astronomy’s ilovelife and Assurance Central Asia’s Jagadiri (ACA).

Insert technology startups are basically digital insurance brokers. They select multiple insurance products from principals and sell them through their digital channels. The insurance products sold by these players are basically micro insurance with simple policies. Most digital insurance brokers are also integrated with e-commerce or e-wallet platforms. Management of third-party platforms, technology brokers offer secure insurance purchases

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