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Reading: Insurance CEO Predicts AI Will Change the Game in 5 Years! This is what you need to know: And updates on 7 insurance news in Indonesia
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LigaAsuransi > Blog > Ulas Berita > Insurance CEO Predicts AI Will Change the Game in 5 Years! This is what you need to know: And updates on 7 insurance news in Indonesia
Ulas Berita

Insurance CEO Predicts AI Will Change the Game in 5 Years! This is what you need to know: And updates on 7 insurance news in Indonesia

Intan Aulia
By Intan Aulia
Published Tuesday October 8th, 2024
860 Views
9 Min Read
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Table of Content
Get ready! Electric Vehicle Insurance Premiums Will Be More Expensive, Here’s the Reason52 Insurance and Reinsurance Companies Win Prestigious Awards, Who Are They?National Insurance Premiums Skyrocket 18.4%! The Property Industry Dominates – What’s Fueling This Surge?Bumiputera on the Verge of Crisis! OJK Strictly Reprimanded, Claims Unfulfilled & Restructuring Plan Failed?Insurance CEO Predicts AI Will Change the Game in 5 Years! Here’s What You Need to KnowAviation Insurance Revenue Is Soaring, But Absorption Is Still Small, What’s The Solution?Maximus Insurance Stops Manual Policies, Threat of Fraud Disappears with New Digital PlatformINSURANCE AFFAIRS FOR YOUR BUSINESS? DON’T WASTE YOUR TIME AND CONTACT US NOW

Liga Asuransi – In the last week, the insurance industry in Indonesia has been in turmoil again with a number of changes and developments that are worth paying attention to. Starting from increases in insurance premiums to the adoption of AI technology which is projected to change the insurance landscape in the next five years. This article presents seven major news stories from the world of insurance that provide an overview of the latest trends, challenges and innovations, including the surge in electric vehicle premiums, awards for insurance companies, and digitalization steps by Maximus Insurance. Check out the complete information to stay ahead in understanding the dynamics of the insurance industry.

Get ready! Electric Vehicle Insurance Premiums Will Be More Expensive, Here’s the Reason

The Financial Services Authority (OJK) is currently considering imposing special insurance rates for electric vehicles. It is estimated that premiums for electric vehicles will be higher than conventional vehicles. This is due to the more expensive component prices and the unique characteristics of the electric vehicle itself.

Wahyudin Rahman, Risk Management Practitioner and General Chair of the Indonesian Insurance Writers Community (Kupasi), stated that electric vehicles have different risks, especially related to the more expensive prices of components such as batteries. Repair costs are also higher, as they require special tools and skills, which are not required for conventional vehicles. Additionally, there are additional risks such as fire or damage to the electrical system.

Electric vehicles are often in the premium segment, which means the value of claims in the event of an accident can be higher. Even though electric vehicles are safer from an emissions perspective, other risks such as battery fires and the complexity of electrical components remain a major concern.

According to the Indonesian General Insurance Association (AAUI), sales of electric vehicles in the first semester of 2024 increased 104% to 11,940 units. Along with this growth, motor vehicle insurance premiums rose 2% to IDR 10.03 trillion, while claims paid rose 5.4% to IDR 3.52 trillion. Wahyudin estimates that if special tariffs for electric vehicles are implemented, vehicle insurance premium income could increase, although claims are also predicted to increase.

Source : https://finansial.bisnis.com/read/20241002/215/1804113/aturan-khusus-asuransi-kendaraan-listrik-disiapkan-harga-lebih-mahal 

 

52 Insurance and Reinsurance Companies Win Prestigious Awards, Who Are They?

Insurance Media is holding another event Insurance Award 2024, gave awards to 52 insurance and reinsurance companies that showed the best financial performance throughout 2023. This awards event took place in Jakarta on Tuesday, October 1 2024, marking the 17th year of its implementation.

The Insurance Media Research Institute (LRMA) conducted an assessment of insurance companies that have published financial reports for 2022-2023. This year, awards were given to life insurance companies, general insurance, reinsurance, as well as companies operating in the sharia insurance sector.

Some categories of awards are given among others 15 Best Life Insurance 2024, 15 Best General Insurance 2024, and 3 Best Reinsurance 2024. In addition, special awards or Special Award also given to sharia reinsurance and reinsurance companies which are considered to play a major role in supporting the national insurance industry.

The jury, chaired by the General Chair of the Indonesian General Insurance Association (AAUI) Budi Herawan, worked hard to determine the winners from various categories. Tight competition and long discussions are challenges in determining the 52 best insurance and reinsurance companies.

President Director of Media Asuransi, Mucharor Djalil, expressed his appreciation to the winners and emphasized that this award is not only a marker of achievement, but also the hope that the insurance industry will continue to grow and innovate.

Source : https://mediaasuransinews.co.id/asuransi/52-perusahaan-asuransi-dan-reasuransi-terbaik-di-2024/ 

 

National Insurance Premiums Skyrocket 18.4%! The Property Industry Dominates – What’s Fueling This Surge?

The Indonesian General Insurance Association (AAUI) reported significant growth in the national general insurance industry during semester I-2024, with an increase in premiums of 18.4% year on year (yoy), reaching IDR 57.9 trillion compared to IDR 42.83 trillion in the same period the previous year.

AAUI Deputy Chair for Statistics and Research, Trinita Situmeang, explained in a press conference that Property Insurance still dominates the market with growth of 32.8% (yoy), reaching IDR 16.6 trillion. The main driver of this growth is the increase in commercial property rental prices.

In second place, Credit Insurance recorded growth of 26% (yoy) with total premiums reaching IDR 10.5 trillion. Motor Vehicle Insurance also grew, although only by 2% (yoy), to IDR 10 trillion compared to IDR 9.8 trillion in the same period the previous year.

Insurance claims also showed an increase. In semester I-2024, claim payment obligations increased by 12.1% (yoy), reaching IDR 22.5 trillion. Credit Insurance recorded the largest claims, with an increase of 35.4% (yoy) to IDR 8.3 trillion, followed by Motor Vehicle Insurance whose claims rose 5.4% (yoy) to IDR 3.52 trillion. Health Insurance also experienced claims growth of 11.8% (yoy), reaching IDR 3.4 trillion.

The total assets of the general insurance industry recorded an increase of 17% (yoy) to IDR 236.33 trillion, compared to IDR 202.46 trillion in the same period the previous year.

Source : https://www.antaranews.com/berita/4367275/premi-asuransi-umum-naik-184-persen-jadi-rp579-triliun-di-semester-i 

 

Bumiputera on the Verge of Crisis! OJK Strictly Reprimanded, Claims Unfulfilled & Restructuring Plan Failed?

The Financial Services Authority (OJK) asked the Bumiputera 1912 Joint Life Insurance (AJB) to work harder to meet their Financial Rehabilitation Plan (RPK) targets. Until now, the progress achieved is still far from optimal. OJK Chief Executive of Insurance Sector Supervision, Ogi Pratomiyono, revealed that there were four strategic initiatives that had not been successfully achieved.

First, AJBB is only able to pay outstanding claims of IDR 319.5 billion until August 2024, while the RPK target at the end of the year is IDR 2.8 trillion. Second, the plan to convert fixed assets into productive assets has only reached IDR 181 billion of the planned target. Third, even though premium sales have only reached IDR 285.3 billion, this figure is still below the target that has been set. Fourth, the reorganization and rationalization of human resources (HR) is underway, but not yet in line with expectations.

OJK emphasizes the importance of extra efforts from AJBB to achieve the RPK target, with an emphasis on resolving employee rights according to the provisions. AJBB is also preparing a demutualization scheme as part of their RPK. Demutualization allows a company to attract new investors, which can ultimately provide the additional capital needed.

AJBB is also considering a benefit reduction scheme that will have an impact on policyholders and is seeking efficiency through asset conversion and more effective management.

Source : https://www.cnbcindonesia.com/market/20241001172233-17-576143/ajb-bumiputera-baru-bayar-klaim-rp-3195-m-dari-rp-28-t 

 

Insurance CEO Predicts AI Will Change the Game in 5 Years! Here’s What You Need to Know

The latest report from KPMG shows that more than half of CEOs in the insurance sector, 58 percent to be precise, believe that generative Artificial Intelligence (AI) will provide investment returns in the next three to five years.

“However, more than half of organizations, namely 57 percent, consider AI as a crucial technology to achieve their goals in the next three years,” said a KPMG report on the development of AI in the insurance industry, quoted from Insurance Asia on Wednesday, October 2 2024.

In the last two years, interest in technologies such as large language models and AI-based natural language processing has increased rapidly, thanks to their wide applications and benefits.

This technology allows organizations to improve customer service with voice recognition for identity verification, chatbots to provide fast responses, and sentiment analysis that helps customer service agents provide more personalized solutions.

However, even though more than a third (34 percent) of leaders support and fund the adoption of AI and automation, implementation still faces obstacles. Some 23 percent revealed that although they have a strategic vision, a lack of support from executives or investment approval is hindering progress.

About 30 percent of industry leaders admit to being proactive and continuously developing their strategies. However, the effectiveness of this technology is highly dependent on the quality of the training data, which must be accurate and well integrated across processes and systems.

KPMG notes that many insurers have begun integrating AI into specific areas such as actuarial modeling or pricing, and their experience with data quality can support broader AI adoption.

Source : https://mediaasuransinews.co.id/asuransi/ceo-asuransi-ramal-butuh-5-tahun-untuk-dapatkan-cuan-dari-investasi-ai/ 

 

Aviation Insurance Revenue Is Soaring, But Absorption Is Still Small, What’s The Solution?

The Indonesian General Insurance Association (AAUI) reported that premium income from aviation insurance experienced a significant increase. AAUI Chairman, Budi Herawan, said that in the first semester of 2024, premium income from this sector reached IDR 882 billion, an increase of 90.8% compared to IDR 462 billion in the same period last year.

According to Budi, this growth is due to the large market share in the aviation sector, with the large number of investments in the aviation industry which continues to increase the number of aircraft in airlines every year. This encourages airline companies to purchase insurance to protect their assets. However, Budi also highlighted that the level of absorption of aviation insurance in the country is still low.

AAUI is currently proposing to the Financial Services Authority (OJK), aviation regulators and the Ministry of Transportation to address this phenomenon. Meanwhile, aviation insurance claims in semester I-2024 were recorded at only IDR 84 billion, down 52.9% from IDR 179 billion in the same period last year.

Source : https://keuangan.kontan.co.id/news/aaui-catat-pertumbuhan-premi-asuransi-aviation-capai-908-di-semester-i-2024 

 

Maximus Insurance Stops Manual Policies, Threat of Fraud Disappears with New Digital Platform

PT Asuransi Maximus Graha Persada Tbk (Maximus Insurance) has announced major changes regarding the issuance of Surety Bond Policies. Starting October 1 2024, Maximus Insurance will completely switch to a digital platform supported by PERURI to issue electronic policies (e-Polis).

Maximus Insurance Corporate Secretary, Norvin Osel, stated that the aim of this change is to provide better protection for the parties involved in the guarantee insurance scheme. With e-Polis, customers and business partners can directly verify the validity of documents through the company’s digital platform, which is expected to increase security, prevent fraud, and reduce the risk of forgery that can occur with manual policies.

Apart from that, Maximus Insurance also announced the termination of cooperation with one of the bonding agents and appealed to all obligees to immediately ensure the authenticity of their manual policies before this change takes effect. After October 1, 2024, outstanding manual policies will be declared invalid and the company will not be responsible for the validity of such policies.

This step is Maximus Insurance’s commitment to increasing security, efficiency and transparency in every transaction.

Source : https://rm.id/baca-berita/ekonomi-bisnis/237781/beralih-ke-epolis-maximus-insurance-tingkatkan-keamanan-nasabah 

This news is brought to you by L&G Insurance Brokers, insurance broker experienced in Indonesia.

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