7 Selected Insurance News for May 2023 – Week 1

Liga Asuransi – Dear readers, I hope your business is doing well and moving forward.

Here we have summarized seven news update options for you. If you are interested in this article please share it with your colleagues so they also understand like you.

Build Business Resilience with the Help of an Insurance Broker

The 2023 Global Risks Report by the World Economic Forum highlights four key risk themes for business this year: macroeconomics, digitalization, climate and sustainability, and human capital.

Understanding current and emerging risks can help businesses plan risk management strategies and plans, with insurance being one way to transfer or reduce risk.

Business insurance can protect a business from financial risks caused by loss, property damage or disruption of other assets. Identifying the right insurance coverage for a business requires consulting a risk advisor from an insurance broker who can represent clients and help get the best cost benefits and coverage for their business risk profile.

Risk management involves four main elements: identifying risks, analyzing the impact of risks, determining mitigation strategies, and monitoring risk outcomes.

Identifying risk is the first step in determining all risks that affect business objectives, including production, marketing, financial, asset damage and other risks.

Analyzing risks allows companies to understand which risks are important to manage actively, determine priority risk management, and focus on risks with the most significant impact.

Mitigation strategies include accepting, avoiding, reducing or transferring risks. Accepting the risk is usually done when the impact of the risk is insignificant while avoiding the risk means doing everything to prevent the risk from affecting the company.

Reducing or minimizing risk means taking steps to minimize losses from potential risks, whereas transferring risk means transferring the risk to another party that can manage it better, such as an insurance company.

Insurance coverage and needs differ depending on the industry’s risk profile, and partnering with the right insurance broker can help businesses obtain relevant insurance benefits.

Insurance brokers play an important role in protecting the interests of society at large. The government closely monitors them to ensure they provide guarantees and protection to insurance users in Indonesia.

Managing business risk in a systematic, iterative and collaboratively, and leveraging knowledge and input from stakeholders is critical to successful risk management.

Sources: https://finansial.bisnis.com/read/20230426/215/1650328/bangun-ketahanan-bisnis-dengan-bantuan-broker-asuransi. 

Collaborating with BRI Life, BRI Offers Mudik Accident Insurance Products for Customers

PT Bank Rakyat Indonesia (Persero) Tbk collaborated with PT Asuransi BRI Life to provide insurance products, Acci Care and Insurance Life Care, for their customers during the homecoming season in Indonesia.

BRI’s Director of Consumer Business, Handayani, said that through BRI Life, BRI is committed to providing complete protection so that customers feel safe and comfortable when traveling back and forth. With affordable premiums starting from IDR 5,000 (less than $0.50), customers can easily access insurance products and feel safe when meeting loved ones.

Acci Care is an accident insurance product that provides peace of mind in daily activities with the flexibility of insurance benefits according to customer needs. Customers who experience death or total disability due to an accident will receive benefits during the insurance period.

The insurance period for this product is flexible, starting from 1 day, 1 month, up to 1 year, and the customer’s age range is between 5 and 64 years. The amount of premium depends on the amount of coverage, insurance period, premium payment scheme and occupational risk class.

By purchasing this product, customers can claim up to IDR 200 million ($13,900) for death or permanent disability caused by accidents.

On the other hand, Life Care is a life insurance product that provides life protection from the risk of natural or accidental death with various affordable premium options. Unlike Acci Care, the benefits of this insurance can be obtained by customers aged 1 to 55 years.

This product also offers insurance coverage of up to IDR 250 million ($17,400), depending on age of entry, period of insurance, and amount of coverage.

Through this insurance product, BRI aims to mitigate the risk of accidents during the homecoming season and provide financial protection to customers.

By offering affordable premiums and flexible insurance terms, BRI hopes that customers from all walks of life can easily access and take advantage of this insurance product.

Source: https://keuangan.kontan.co.id/news/gandeng-bri-life-bri-tawarkan-produk-asuransi-kecelakaan-mudik-bagi-nasabah-1 

Wanaartha Life Liquidation Team Meets Non-Active Board of Directors Discusses Three Agenda

A meeting between the liquidation team of PT Asuransi Jiwa Adisarana Wanaartha (Wanaartha Life) and the non-active board of directors of Wanaartha Life has been scheduled for Wednesday (26/4/2023) at Graha Wanaartha, South Jakarta.

Non-active directors will discuss two agendas, namely income tax (PPh) 21 of 2022 and talks about non-active directors. Meanwhile, the liquidation team will only discuss one agenda, namely the preparation for the appointment of KAP. Wanaartha Life’s inactive Director of Operations, Ari Prihadi, revealed that PPh 21 of 2022 had been requested to be completed in February 2023.

The Wanaartha Life liquidation team is led by the Head of the Wanaartha Life liquidation team (in liquidation) Harvardy Muhammad Iqbal. Currently, Wanaartha Life is liquidated after being declared bankrupt by the Commercial Court in 2022.

This meeting is expected to be able to discuss issues that are still related to Wanaartha Life in order to find the best solution for stakeholders.

Source: https://finansial.bisnis.com/read/20230426/215/1650314/tim-likuidasi-wanaartha-life-bertemu-jajaran-direksi-non-aktif-bahas-tiga-agenda.

Get to know the 6 Types of Car Damage Covered by Insurance

Vehicle insurance can help reduce losses when there is damage to the car, however, Article 1 of the Indonesian Motor Vehicle Insurance Standard Policy states that not all car damage can be covered by insurance.

According to Benny Fajarai, Co-Founder and CMO of Lifepal.co.id, there are six types of car damage that can be covered by insurance.

First, theft by force.

Second, the accident was not due to the driver’s fault.

Third, the evil deeds of other people who are not family, friends, relatives, business partners, siblings, or people with special relationships with the car owner.

Fourth, fires caused by some specific causes.

Fifth, riots caused by masses which are regulated in the provisions of Strike, Riot, and Civil Commotion (SRCC).

And finally, ship accidents can be covered by insurance if the ship is under the supervision of official authorities. It is important to know the requirements for filing a vehicle insurance claim so that it can be used when needed.

Source: https://lifestyle.kontan.co.id/news/kenali-6-jenis-kerusakan-mobil-yang-ditanggung-asuransi.

Management of AJB Bumiputera Complete, BPA Asks to Accelerate Claim Payments

Member Representative Body (BPA) AJB Bumiputera 1912 has ordered the management or directors to accelerate the implementation of the company’s Financial Restructuring Plan (RPK). This is because the company’s organizational structure is complete and management needs to accelerate the implementation of the RPK.

Sugito, Brigadier General TNI. Hendrawan, and Syafiq A. Mugni W.A. has been appointed by the Indonesian Financial Services Authority (OJK) as Business Director and Independent Commissioner of AJB Bumipuetra 1912. Haji Asnawai Har has also received a Decree of Determination from OJK for Bumiputera 1912 for Electoral District III (Southern Sumatra).

Payment of pending claims has been made weekly, according to a predetermined plan. BPA requests management to maintain continuity in the implementation of claim payments and the Board of Commissioners to supervise the directors properly.

In addition, the BPA also requested that all service offices at the regional and branch levels provide good service to policyholders and reopen branch offices that had been closed to optimize service.

Many policyholders participated in the RPK program so that closed branch offices had to be reopened to provide good service to policyholders. Bagus Irawan, Spokesperson for BPA, also appreciated the policyholders who have supported the RPK program by agreeing to implement Benefit Value Reduction (PNM) on the policy.

Source: https://finansial.bisnis.com/read/20230426/215/1650287/manajemen-ajb-bumiputera-sudah-lengkap-bpa-minta-percepat-bayar-klaim. 

Garda Siaga Asuransi Astra Reports a Decrease in Complaints during the 2023 Eid Homecoming

PT Asuransi Astra Buana (Asuransi Astra) reported that complaints during the 2023 Lebaran homecoming period had decreased by around 10 percent.

This can be caused by people who are more careful on the roads and have better infrastructure. Although the demand for emergency services is still greater compared to 2020 and 2021.

During the homecoming period, demand for emergency services remained dominated by carrying/towing, battery and tire services. Currently, the level of claims is still unknown because of the possibility of a backflow.

However, the claim rate increased slightly compared to the previous month, which is the pattern before the holiday season or Idul Fitri.

Asuransi Astra will update claim data during the homecoming period on May 5.

Meanwhile, the Coordinating Minister for Human Development and Culture Muhadjir Effendy reported that the number of accidents during the 2023 Eid homecoming season had fallen by 72 percent. There was a decrease in accident victims during the ketupat operation, starting from 18-25 April 2023.

The number of accidents based on police reports fell by 34.41 percent and the total number of accident victims fell by 36.9 percent from 5,639 people in 2022 to 3,553 people in 2023.

Source: https://finansial.bisnis.com/read/20230429/215/1651253/garda-siaga-asuransi-astra-laporkan-penurunan-keluhan-selama-mudik-lebaran-2023. 

Bank BJB Gives Insurance Premium Discounts Up to 100% until June 2023

Bank BJB is again offering the bjb PASTI promo or Insurance Promo Without Provision for new and existing debtor customers. This promo program offers subsidized insurance costs and free provision fees for debtors who carry out retail credit products (bjb Kredit Guna Bhakti) according to the program terms and conditions. Guna Bhakti Credit itself is a loan facility for multipurpose consumer needs that can be utilized by debtors with a fixed income.

This promo offers insurance premium discounts of up to 100% with certain schemes. For an insurance premium subsidy of 50%, the interest rate charged is by that applied at each branch office. For an insurance premium subsidy of 75%, the interest rate charged is the same as the interest rate at the branch office plus 0.25%. Finally, the 100% insurance premium subsidy has the same interest rate as the interest rate at the branch office plus 0.5%.

Widi Hartoto, Head of the Corporate Secretary Division of Bank BJB said that the bjb PASTI promo program includes new credit facilities and repeat credit or top up. This promo is a form of the company’s commitment to providing the best and most profitable service for customers. The bjb PASTI promo is valid from 10 February 2023 to 30 June 2023.

Source : https://keuangan.kontan.co.id/news/bank-bjb-beri-diskon-premi-asuransi-hingga-100-hingga-juni-2023 

This information is presented by L&G Insurance Broker – The Smart Insurance Broker.

—

LOOKING FOR INSURANCE PRODUCTS? DON’T WASTE YOUR TIME AND CONTACT US RIGHT NOW

L&G HOTLINE 24 HOURS: 0811-8507-773 (CALL – WHATSAPP – SMS)

website: lngrisk.co.id

E-mail: customer.support@lngrisk.co.id

—