Liga Asuransi – Hello risk takers, in the second week of February 2024, we will discuss the world of insurance again, because insurance is not only limited to vehicles and life, especially for business protection coverage, insurance still has a very wide reach. In this edition, as usual, we have again collected 7 selected news related to insurance that are good for you to know.
As always, if you are interested in this article, please share it with your colleagues so they can understand it as well as you.
Aspan Policyholders and Creditors Are Given 60 Days to File Bills
PT Asuransi Purna Artanugraha or Aspan (In Liquidation) Liquidation Team announced that policyholders, insureds and other creditors have 60 calendar days, starting from January 19 2024, to submit bills. The announcement follows the decision to disband the company and form the Aspan Liquidation Team (In Liquidation) at the Extraordinary General Meeting of Shareholders (EGMS) on 21 December 2023.
In the official announcement, the liquidation team provides terms and conditions for policyholders and creditors to submit claims, including the documents that must be included. The liquidation team emphasized that submission of bills must be made within 60 days and called on policyholders and creditors to submit bills in writing.
Terms and conditions include various documents that must be submitted, ranging from a copy of the original policy, power of attorney, to proof of claim report. Furthermore, the tax office, loss assessor, repair shop, or law firm that owns the bill is also required to fulfill certain requirements.
The liquidation team notes that the terms and conditions may change at any time, and these changes will be communicated via the contact listed when reporting the bill to the liquidation team. However, until this announcement was made, the liquidation team had not responded to contact attempts from the media.
Bumiputera Police Officer’s Lawsuit: Session Listening to Members’ Testimony
The problems faced by Asuransi Jiwa Bersama (AJB) Bumiputera 1912 continue to roll, and a number of policy holders (pempol) have chosen the legal route to claim their rights. Currently, 274 Bumiputera police officers are suing the Bumiputera AJB 1912 in a trial at the South Jakarta Court.
This lawsuit demands losses of IDR 20.68 billion and an immaterial request of IDR 30 million for each Plaintiff. During the trial, expert testimony from the Plaintiff, Irvan Rahardjo, an Insurance Observer, was heard on February 7 2024.
Irvan Rahardjo gave his views regarding the condition of Bumiputera and policies whose contracts have expired. He stated that even though Bumiputera is experiencing difficulties, it still has a chance to survive the liquidity crisis by carrying out the demutualization process.
The demutualization process will change the Bumiputera legal entity from a mutual company to a limited liability company (PT), making it easier for companies to obtain funding more quickly. Irvan emphasized that the door to demutualization is wide open, and new regulations allow joint companies to change their legal entity form to PT.
The trial also heard testimony from policyholder witnesses on January 31 2023. Attorney for 274 policyholders, Frengky Richard Mesakaraeng, said that these witnesses stated that they had never received company profits or participated in the Member Representative Body (BPA) election meeting. from the start of the investment until the Bumiputera failed to pay.
Frengky highlighted that these policy holders are actually purely customers and not Bumiputera members, as regulated in the articles of association. They never receive company profits or invitations for CPA selection.
The Bumiputera follow-up trial is scheduled for February 28 2024 with a conclusion agenda. This development continues to be monitored as part of policyholders’ efforts to obtain justice regarding their unfulfilled claims.
Kresna Life Policy Holder Claims Liquidation Process and OJK Actions
The Liquidation Team of PT Asuransi Jiwa Kresna Life (Kresna Life) (In Liquidation) has received bills worth IDR 4.34 trillion from policyholders, including those from Michael Steven. The head of the Liquidation Team, Huakanala Hubudi, announced that the first phase of bill registration period had taken place from 25 August 2023 to 24 October 2023, with a total of 5,981 policies and 3,942 policy holders submitting bills reaching IDR 4.32 trillion. After this period, there will be additional bills to IDR 4.34 trillion until December 14 2023.
However, there are still Kresna Life policy holders who have not submitted their bills. Therefore, the liquidation team opened the second stage of bill registration period from January 24 2024 to February 23 2024, so that policy holders who have not yet registered can submit their bills.
The closure of the PT Asuransi Jiwa Kresna Life business by the Financial Services Authority (OJK) occurred due to a decline in the company’s health that lasted for quite a long time. Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision, Ogi Prastomiyono, explained that the OJK had given Kresna Life shareholders and management the opportunity to carry out a financial restructuring program (RPK), but none of the 10 RPKs submitted since 2022.
In the latest RPK, Kresna Life management presented a conversion scheme from policyholder obligations into subordinated loans (SOL), but it was not implemented properly and the controlling shareholder did not provide additional capital as promised.
OJK has given Kresna Life’s management and shareholders quite a long time to improve the condition of the company, but due to the lack of cooperation and implementation of appropriate obligations, OJK decided to revoke Kresna Life’s business license in order to protect policy holders and provide legal certainty for the insurance industry.
MSIG Life Insurance Indonesia Tbk. Committed to Providing Faster and More Efficient Life Insurance Claims with AI Technology
PT MSIG Life Insurance Indonesia Tbk. (LIFE) or known as MSIG Life, has announced its plans to carry out digital transformation using artificial intelligence (AI) in paying customer claims. CEO & President Director of MSIG Life, Wianto Chen, explained that this step is part of the company’s commitment to providing better financial services for the Indonesian people.
Through the use of AI technology, MSIG Life will automate the claim payment process and customer service. Wianto emphasized that in the not too distant future, AI will take over most of the tasks previously carried out by humans, including the claims process. This will speed up the claims process, where customers can submit claims directly and the machine will assess and process the claim.
Wianto added that AI technology is not new, and digital transformation has become an inevitable necessity. MSIG Life will focus its digital transformation on speed, quality and customer experience. This allows customers to make transactions or submit claims whenever and wherever they are.
Regarding the fate of employees, Wianto emphasized that MSIG Life will empower employees through skills training and adaptation to technological changes. Along with digital transformation, the company will allocate significant funds for investment in information technology, but the details were not disclosed.
With this step, MSIG Life confirms its commitment to providing life insurance services that are more efficient, innovative and oriented to customer needs in the current digital era.
Tugu Insurance Wins the Predicate of Excellence from AM Best for the Eighth Time in a Row
PT Asuransi Tugu Pratama Indonesia Tbk (Tugu Insurance) has achieved another brilliant achievement by receiving the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) from the well-known insurance rating agency, AM Best. This is a proud achievement for the company, which has managed to maintain this title for eight consecutive years.
The rating given by AM Best, a global credit rating agency that has been established since 1899, shows Tugu Insurance’s superiority in the insurance industry. This award adds to the company’s list of achievements as one of the leading insurance groups in Indonesia, especially in the non-life insurance segment in the domestic market.
President Director of Tugu Insurance, Tatang Nurhidayat, expressed his pride in this achievement. According to him, the title obtained is proof of the implementation of the right business strategy and the company’s commitment to continuing to innovate in products and services, while still carefully calculating risks.
AM Best also assesses that Tugu Insurance has excellent financial strength, supported by moderate investment risk management and a quality insurance portfolio. This achievement is an indicator of Tugu Insurance’s stability and commitment to providing maximum benefits for all company stakeholders.
With the achievements that have been achieved, Tugu Insurance confirms its commitment to continue to grow and provide the best service to customers and all company stakeholders.
Rice Farming Business Insurance Claims in South Sumatra Reach IDR 2.7 Billion in 2023
The South Sumatra Province Department of Agriculture, Food Crops and Horticulture recorded that the number of claims for Rice Farming Business Insurance (AUTP) in 2023 would reach IDR 2.70 billion. This figure includes 450.3 hectares of rice fields that submitted the claim.
According to Darwan Agus, Head of Food Crop Processing and Marketing, these claims are spread across several areas in South Sumatra with various causes of crop failure. Areas such as Ogan Komering Ilir (OKI) were hit by floods, Musi Rawas Regency was attacked by rat pests, and Ogan Komering Ulu (OKU) experienced rat problems and drought.
Darwan explained that farmers who wanted to submit a claim immediately asked the Plant Pest Organism Control Officer (POPT) for help to check the status of their land.
Meanwhile, the realization of AUTP in South Sumatra throughout 2023 will reach 4,207.43 hectares of land spread across 6 districts and cities. The number of farmers involved reached 411 people. OKI Regency is the region with the most realization, followed by OKU and Prabumulih City.
This article reflects the challenges farmers face in safeguarding their harvests and the government’s efforts to provide protection through agricultural insurance.
Tap Insure: Focusing on Innovation in Conventional Vehicle Insurance Before Expanding to Electric Vehicles
PT Asuransi For All (Tap Insure), a digital-based insurance company, is still postponing plans to enter the electric vehicle insurance business. The Main Director of Tap Insure, Alfonsus, explained that currently the number of electric vehicles in Indonesia is still not significant compared to conventional vehicles.
Alfonsus stated, “We see electric vehicles as a trend, but we also see how many electric cars there are now. For example, out of 1 million cars, let’s assume that only 10% or even less are [electric cars].”
Nevertheless, Alfonsus emphasized that Tap Insure continues to support the growth of electric vehicles in Indonesia. This company is committed to launching electric vehicle insurance in due course.
Currently, Tap Insure’s focus is still focused on providing a simpler way to insure vehicles, including an easy application process and faster claims through technology. Alfonsus stated that for Tap Insure, what is more important than the product itself is how they provide comprehensive and efficient coverage using technology.
Tap Insure now offers conventional vehicle insurance with various additional benefits, including protection against non-standard accessories, ambulance costs, protection against various risks such as floods, hurricanes, personal accidents, and others. They also provide additional services such as towing and road services, claims assistance, authorized repair shop services, and claims status monitoring.
This article is brought to you by L&G Insurance Broker, insurance broker Indonesia..
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