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5 Selected Insurance News for November 2022 – Week One

Top News Liga Asuransi

Liga Asuransi – Dear readers, how are you and your business doing? Hope you are well and moving forward. At the beginning of November, we will again present selected and updated information about insurance news in Indonesia. Here we have summarized five news choices for you. If you are interested in this article, please share it with your friends so that they also understand.

  1. Yulius Bhayangkara Chosen as Chairman of the Insurance Brokers Association, Here’s a Promise to Members 

Bisnis.com, JAKARTA — The General Meeting of Members of the Association of Indonesian Insurance and Reinsurance Brokerage Companies (RUA APPARINDO) appointed Yulius Bhayangkara as General Chair for the 2022–2025 period. Yulius was elected to replace Mohammad Jusuf Adi. 

Yulius Bhayangkara, General Chairperson of APPARINDO for the 2022–2025 period, said that his election as the new general chairman will focus on reducing the burden on members, namely insurance brokers. 

“In the sense of [reducing this burden], we will review all collaborations with other institutions and associations with the target of reducing, even eliminating the member’s business burden. [One of them is] certification and education as well as regulations that actually impose a burden,” said Yulius to Bisnis, Tuesday (1/11/2022). 

He gave an example of a very heavy burden, namely members of a brokerage company must have at least 4 experts who have competency certification. Whereas the cost of building talent or human resources (HR) is quite heavy and requires a long process. Not to mention that this certification must be continuously extended. 

“We do not reject competency [certification], even APPARINDO, one of the initiators of the brokerage, has the competence to be able to compete with brokers from other countries and has high service standards for consumers,” he said. 

He continued the form of costs and the process of building talent from zero to level 7, which cost up to IDR 45 million. Furthermore, APPARINDO said, we will identify business obstacles that come from outside the industry. These obstacles can be in the form of regulations or policies that prevent association members from growing bigger. 

“We have to negotiate with competent institutions, both regulators, such as OJK and banks or financing. It is hoped that with the competencies possessed by our members, we will be a solution for more industries,” he concluded. For these two big targets, APPARINDO said he will build an effective and efficient work team to serve members. 

Based on Bisnis’ monitoring from the upload of APPARINDO’s official Instagram account, @apparindo_official, the general chairman election process took place on Monday (31/10/2022) located in Jakarta. There are three names that are running for the chair of the general chairman of APPARINDO for the 2022–2025 period. They include Yulius Bhayangkara, Primo Fortasiano, and the incumbent Mohammad Jusuf Adi. As for the results of the vote count, Yulius Bhayangkara was in first place with 77 votes. Following behind him, Mohammad Jusuf Adi and Primo Fortasiano each received 30 votes and 21 votes. 

Source : https://finansial.bisnis.com/read/20221101/215/1593655/yulius-bhayangkara-terunjuk-jadi-ketua-association-pialang-asuransi-ini-promise-kepada-member.

  1. Benefits of Education Insurance Q Study Plan Insurance 

JAKARTA, KOMPAS.com – PT Asuransi Jiwa Sequis Financial (Sequis Financial) cooperates with PT Bank Woori Saudara Indonesia 1906 Tbk (BWS) to launch the insurance product Q Study Plan Insurance. This product is insurance for financial planning for family education funds. 

Q Study Plan Insurance is claimed to provide insurance benefits of up to 200 percent of the sum insured (UP) with premium exemption in the event of a risk of death. This insurance product has the certainty of payment of education fund benefits and cash value benefits during the protection period.

 This product is marketed through the Bank Woori Saudara bancassurance distribution channel. Director of Consumer Bank Woori Saudara M. Tri Budiono said that the difficulty of providing education funds was one of the pressures for parents to send their children to school.

 “We encourage customers from the start to start preparing funds for education preparation for a higher level because without being prepared early, the value collected will not be sufficient in the future and the risk factor will also increase,” he said in an official statement, Wednesday (2/02). 11/2022). 

For this reason, his party cooperates with Sequis Financial to provide insurance products that provide benefits for education funds. Meanwhile, Sequis Financial President Director Edisjah said that the premium target for Q Study Plan Insurance products this year could reach Rp 3.8 billion. In more detail, he explained, the age of entry for this product is between 18 to 50 years with a coverage period of 18 years.

Customers can choose an insurance plan starting from Rp. 25 million to Rp. 100 million. Meanwhile, premium payments are made for 5 years with a choice of monthly, quarterly, semi-annual, or annual premium payment methods. Edisjah explained, there are benefits provided, namely if he dies and benefits from education funds. 

The death benefit of 150 percent of the sum insured when the insured dies not due to an accident. Meanwhile, when the insured dies due to an accident, the compensation that will be given is 200 percent of the sum insured with premium-free benefits and education fund benefits.

Meanwhile, the education fund benefits will still be paid according to the education fund benefit table whether the insured lives or dies. “The benefits will be provided as long as the policy is still active during the insurance coverage period and at the maturity date of payment of the education fund benefits,” he said.

Sources:  https://money.kompas.com/read/2022/11/02/150100626/benefits-insurance-education-q-study-plan-insurance?page=2.

 

  1. World Recession Predicted, Here’s Life Insurance Prospects Until the End of 2022

Bisnis.com, JAKARTA – The threat of a global recession looms in 2023. However, long-term protection such as insurance remains a long-term financial plan that is still needed.

The reason is, the Executive Director of the Indonesian Life Insurance Association (AAJI) Togar Pasaribu believes that the recession will make people more careful. “Regarding the news of a recession in 2023, it is undeniable that more or fewer people will be more careful in carrying out economic activities. Although, we hope that the public will not panic, considering that long-term financial protection in times like this is very much needed,” said Togar to Bisnis, Thursday (11/3/2022).

Togar said that until June 2022, the development of the life insurance industry showed positive results. The reason said Togar, the total achievement of the insured has increased by 19.1 percent or to 73.9 million people. 

“This increase in the total insured is expected to continue until the end of 2022, given the increasing public awareness of the importance of life insurance,” he added.

Meanwhile, in terms of income, Togar assessed that with the shifting of premium payment methods by policyholders who tend to choose regular premium payments, it is estimated that this will still occur until the end of 2022 which will result in a slight slowdown in overall premium income. 

“From a business perspective, the current shift is good news. Because regular premium income really supports long-term sustainable business for the life insurance industry,” he concluded.

Sources:  https://finansial.bisnis.com/read/20221103/215/1594538/dunia-diramal-resesi-begini-prospek-asuransi-jiwa-to-akhir-2022.

  1. When Insurance Claims Become a Murder Mode in Riau, Observer: Beware of Unfair Submissions 

Bisnis.com, JAKARTA — Insurance companies are reminded to prepare mitigation strategies for the occurrence of unfair claims disbursement. Kupas founder Irvan Rahardjo said strengthening Know Your Customers (KYC) governance and risk management as regulated in the Financial Services Authority Regulation (POJK) is a must. 

The regulation in question is POJK Number 23/POJK.01/2019 regarding changes to financial services authority regulations Number 12/POJK.01/2017 concerning the implementation of anti-money laundering and prevention of terrorism financing programs in the financial services sector. 

Another thing that can be done by insurance companies is investigation techniques and customer profile surveys both when buying a policy or when a claim occurs. “The technique in question is to pay attention to the fairness of the value and coverage measured from the financial profile of the customers,” said Irvan to Bisnis, Thursday (11/3/2022).

Irvan added that insurance companies need to help with insurance literacy and education for their customers, insurance products are not an instrument to seek profit but a means of protection and customer investment. “Literacy and education must be carried out by insurance stockholders, practitioner associations, and regulators,” he said. 

Until now, insurance literacy and education for Indonesian society are still considered very low. Irvan said that OJK data as of October 2022 showed that insurance literacy was currently around 30 percent and financial inclusion was 80 percent. 

For information, reported by Antara, Tuesday (1/11/2022), the ranks of the Bengkalis Police, Riau revealed the perpetrators of the murder of Mr. X which was found to be like an accident with a burning car in a Suzuki Carry car in Talang Muandau, Bengkalis, Riau on Thursday (27/10/2022). 

The perpetrator, who is a married couple, has the heart to kill a victim who has a mental disorder in order to get an insurance claim. “The suspects Hendra (49) and Susiani (34) are a couple, we managed to catch them, these two perpetrators killed the victim in a sadistic way by burning the victim in the car to get an insurance claim,” said Bengkalis Police Chief AKBP Indra Wijatmikosaat. 

Indra said that the disclosure of this case began with suspicion when the perpetrator’s family rejected the request for an autopsy. The police then carried out an investigation by checking the victim’s cellphone history and it was revealed that the suspect who was claimed to be dead contacted his wife with another number until it was discovered that she was on the edge of the provincial capital. 

Worried that the prey might be lost, joint officers from the Pinggir Police and the Bengkalis Police Criminal Investigation Unit went to the location, and on Thursday (27/10) secured a person using the victim’s cellphone it turned out that this person was indeed the perpetrator who was engineered to be a victim of an accident by burning.

Source : https://finansial.bisnis.com/read/20221104/215/1594625/saat-klaim-asuransi-jadi-modus-pemburuan-di-riau-pengamat-waspadai-pengajuan-no-wajar

  1. Through the 2022 Insurance Forum, the Indonesian Life Insurance Industry is Ready to Transform and Support the National Economic Recovery 

KOMPAS.com – The Indonesian Life Insurance Association (AAJI) as a member of the Global Federation of Insurance Associations (GFIA) held a seminar on Digital and Risk Management in Insurance (DRiM) Insurance Forum 2022 at The Westin Resort Nusa Dua, Bali, Monday (17/10/2022) and Tuesday (18/10/2022). 

The event with the theme “Supportive Strong, Inclusive and Sustainable Recovery” presented international class speakers from various circles. 

The seminar was divided into six sessions with different themes, including “Global Economic Prospect and the Role of Insurance Industry in Sustainable Economic and Social Development”, “ESG and Insurance Landscape: Managing Climate-Related Risk and Opportunities”, and “Strengthening Global Health Architecture: Managing Healthcare Costs in Endemic Era”. 

Then, “Boosting Financial Inclusion Through Digital Financial Literacy”, “Insurance in Digital World”, and “Trends That Will Shape the Future of Insurance in Indonesia.” 

Chairman of the AAJI Management Board, Budi Tampubolon, explained that the activities initiated by the GFIA are always carried out in countries that host the Group of Twenty (G20) Summit. Through the forum, the insurance industry aligns strategic plans that focus on economic issues raised by state leaders in the G20 Summit discussions. 

“We hope that various strategic plans will emerge that can be applied by the insurance industry, especially in supporting the recovery of social life and the national economy after the Covid-19 pandemic,” said Budi in a press release received by Kompas.com, Tuesday (18/10/2022). ). 

Note, this is the first time the Insurance Forum has been held in Indonesia. Therefore, the Chairperson of the Insurance Forum 2022 Committee, Sainthan Satyamoorthy, said that the implementation of the event was an achievement as well as a challenge for AAJI. 

“Insurance Forum is a forum for the insurance industry to connect with each other, discuss, exchange experiences and ideas, as well as formulate strategies that can be an answer to various challenges facing the insurance industry today,” explained Sainthan. 

As for any resulting strategy, he said, it would lead to an increase in the protection and service of policyholders. Sainthan also said that the Insurance Forum 2022 focuses on the role of the insurance industry in the potential for economic development, both nationally and globally. 

As an illustration, based on the AAJI report, the total investment in the life insurance industry in Indonesia until June 2022 reached Rp 536.67 trillion. This figure is an increase of 3.8 percent when compared to the same period in 2021. 

Of that figure, 22.8 percent of them, or Rp. 122.46 trillion is placed on State Securities (SBN). Note, SBN is an investment instrument in the form of government bonds issued by the government. This bond was issued to finance the State Budget (APBN). From the state budget, the government can carry out state development programs, including national economic recovery. 

In an effort to recover the national economy, the life insurance industry also adheres to the principles of environmental, social, and governance (ESG). This is done to create an insurance company that is environmentally sound, socially responsible, and has good governance. 

This principle is also practiced by the AIA insurance company through five pillars, namely Health and Wellness, Sustainable Operations, Sustainable Investment, People and Culture, and Effective Governance.

“We are committed to contributing to building a sustainable future. ESG is an important principle to achieve this commitment,” said PT AIA Financial Finance Director Dominique Gavin D’ Rosario. 

In line with Gavin, the Regional Chief Risk Officer (CRO) of Allianz Asia Pacific (AZAP) Sungwoo Park assessed that the application of ESG principles and sustainability in the life insurance industry can support economic transformation. 

“The insurance industry is an institutional investor that can provide financing to the green industry sector that prioritizes aspects of sustainability and clean energy,” said Sungwoo. 

Source: https://money.kompas.com/read/2022/10/28/140039726/via-insurance-forum-2022-industri-asuransi-jiwa-indonesia-siap

This information is presented by L&G Insurance BrokerThe Smart Insurance Broker 

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