Ulas Berita

7 Selections of Indonesian Insurance News in May 2023 – Week 3

Liga Asuransi – Wonderful readers, how are you? Hopefully, your business will run well and smoothly. As usual, we will always present exciting news and updates according to the information.

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 understand like you.

BRI Life Encourages Innovation in the Insurance Industry

BRI Life Insurance continues to innovate in providing added value to its customers. Recently, this company has collaborated with its parent company, PT Bank Rakyat Indonesia Tbk (BRI), to launch insurance products Acci Care and Insurance Life Care for customers going home during Eid 2023.

BRI Life Marketing Director, Sutadi, stated the importance of business strategy in an era of rapid technological growth. This company understands the insurance needs that its customers want, so it repositions and rebrands its products according to the latest insurance market.

Acci Care is an accident insurance product that provides peace of mind in daily activities with insurance benefits that suit your needs. Customers who experience death or total disability due to an accident will receive benefits.

Meanwhile, Life Care is a life insurance product that protects from the risk of death due to illness or accident.

With the innovations made, BRI Life targets to increase the number of policyholders. By the end of 2023, it is expected that there will be 22 million policyholders.

To achieve this target, BRI Life seeks to facilitate access to obtain insurance and increase customer trust by providing easy claims. The microinsurance claims process can be completed within three working days, while other claims take around 7-14 days.

BRI Life continues to make efforts to be effective and efficient in its services but still pays attention to the accuracy of claim payments to the rightful parties.

In recognition of the innovations made, BRI Life won the Bronze Champion award in the Life Insurance category at the 2023 Indonesia WOW Brand Award organized by MarkPlus Inc. This award is based on a survey of 6,584 respondents in several major cities in Indonesia concerning the WOW Marketing concept developed by Prof. Philip Kotler.

Sutadi hopes that this achievement can motivate BRI Life employees to maintain and improve quality and service to remain in customers’ hearts.

Source : https://keuangan.kontan.co.id/news/bri-life-dorong-inovasi-di-industri-asuransi 

 

Listen! Terms of Protection for BPJS Health and Raharja Services if an Accident Occurs

Bisnis.com, JAKARTA — PT Jasa Raharja’s social insurance and Health Social Security Administration Agency (BPJS) protects the public in an accident. BPJS Kesehatan runs the national health insurance program (JKN), which protects universal health coverage (UHC) for the majority of Indonesian people.

In the case of an accident, the victim can get protection from Jasa Raharja and BPJS Kesehatan. Protection from BPJS Health applies to participants who actively pay contributions.

For example, some time ago, victims of a tourist bus accident in Guci, Tegal, also received protection from BPJS Kesehatan. They are JKN participants from South Tangerang, where more than 95 percent of the population has registered as JKN participants or has UHC status.

The principal director of Jasa Raharja, Ghufron, explained that Jasa Raharja is the first guarantor and bears patient care costs up to a maximum limit of IDR 20 million. BPJS Health as the second guarantor, will bear the difference in the cost of treating victims who are JKN participants at the hospital if it exceeds the coverage limit from Jasa Raharja.

Ghufron stated that his party had visited and communicated directly with several patients to ensure they received services according to their rights.

He also explained that protection from JKN does not depend on the address on the identity card (KTP) or the participant’s current domicile. JKN participants who are victims of a tourist bus accident in Guci can still get protection from BPJS Kesehatan.

“If JKN participants need health services outside their domicile, they will still be served and guaranteed according to the procedures and conditions that apply,” added Ghufron.

Source: https://finansial.bisnis.com/read/20230511/215/1655154/simak-syarat-perlindungan-bpjs-kesehatan-dan-jasa-raharja-jika-terjadi-kecelakaan

 

List of 10 Life Insurance Companies with the Largest Assets in Indonesia

According to data from the Financial Services Authority (OJK), the life insurance industry’s assets experienced a slight decline of 0.89 percent annually to IDR 586.20 trillion as of March 2023, compared to IDR 591.48 trillion in March 2022.

The ten most prominent life insurance companies still dominate assets in this industry. Five of these companies are foreign joint venture insurance companies operating in Indonesia.

According to Kontan.co.id, here is a list of the ten life insurance companies with the most significant assets:

  • Prudential Indonesia 

PT Prudential Life Assurance (Prudential Indonesia) still has the most significant asset ownership. Until the end of 2022, the company recorded total assets of IDR 67 trillion, including total investment assets of more than IDR 61 trillion.

Meanwhile, total premium income was recorded at IDR 22 trillion, with a net profit of IDR 2.4 trillion.

“This figure is consolidated for both Prudential and Prudential Syariah,” said Prudential’s Chief Customer & Marketing Officer, Karin Zulkarnaen.

Based on the financial report, total conventional Prudential assets were recorded at IDR 61.32 trillion in December 2022, a decrease of 4.78 percent year on year (yoy) compared to December 2021, IDR 64.40 trillion.

  • Manulife Indonesia 

Manulife Indonesia took second place, with total assets of IDR 58.74 trillion in December 2022, a slight decrease of 1.75 percent yoy compared to December 2021, which amounted to IDR 59.79 trillion.

  • Indolife Pensiontama

In third place is Indolife Pensiontama which had assets worth IDR 52.58 trillion in December 2022, an increase of 8.03 percent yoy when compared to the same period the previous year, which amounted to IDR 48.67 trillion.

  • AIA Indonesia 

AIA Indonesia filled the fourth position with assets of Rp. 45.15 trillion in December 2022. Unfortunately, AIA’s asset value declined by 13.72 percent yoy, compared to the asset value in December 2021, which amounted to Rp. 52.33 trillion.

  • AXA Mandiri Financial

In fifth place is AXA Mandiri Financial, with assets of IDR 38.73 trillion in December 2022, a slight decrease of 0.87 percent yoy when compared to the same period the previous year, which amounted to IDR 39.07 trillion.

  • Allianz Life Indonesia 

In sixth place is Allianz Life Indonesia, which has assets of IDR 37.02 trillion as of December 2022. This value is 5.46 percent yoy, compared to December 2021, which amounted to IDR 39.16 trillion.

  • IFG Life 

In seventh place is filled by IFG Life, with total assets reaching IDR 30.09 trillion in December 2022, skyrocketing 42 percent compared to the value of assets in December 2021, which amounted to IDR 21.19 trillion.

  • BNI Life 

In eighth position, BNI Life has assets of IDR 22.17 trillion as of December 2022, up 2.49 percent yoy compared to the same period the previous year, which amounted to IDR 21.63 trillion.

BNI Life Finance Director Eben Eser Nainggolan said that his party recorded an asset value in the first quarter of 2023 of IDR 23.74 trillion, up 6.12 percent yoy compared to the asset value in the first quarter of 2022, which amounted to IDR 22.37 trillion.

“The support for the company’s asset growth in the first quarter is the achievement of premiums and investment returns,” he told Kontan.co.id.

He predicts that in 2023, BNI Life’s assets will be IDR 25 trillion. For this reason, his party has developed a strategy to achieve this target, including maintaining regular premiums and profitable products.

“Second, optimizing investment income and risk management, efficiency and cost management, as well as automation and digitization of business processes,” he added.

  • Simas Life Insurance

Continued in ninth position, occupied by Simas Jiwa Insurance with total assets of IDR 25.24 trillion in the fourth quarter of 2022. Unfortunately, this value has fallen sharply by 17.81 percent yoy when compared to the fourth quarter of 2021, which amounted to IDR 30.71 trillion.

  • BRI Life 

The tenth position is occupied by BRI Life, which has assets of IDR 21.62 trillion as of December 2022. This value has shot up significantly to 17.94 percent yoy, compared to December 2021, which amounted to IDR 18.33 trillion.

Source: https://money.kompas.com/read/2023/05/14/223504526/daftar-10-perusahaan-asuransi-jiwa-dengan-aset-terbesar-di-indonesia?page=all#page2

 

Zurich and BTN Collaboration Offers Health Insurance Starting at IDR 20,000 per month

PT Zurich Topas Life has collaborated with PT Bank Tabungan Negara (Persero) Tbk. (BBTN) to market the Ziaga Life Flexy health insurance product with monthly premiums starting from IDR 20,000.

Zurich Topas Life Director Budi Darmawan explained that based on this cooperation agreement, they and BBTN developed the Ziaga Life Flexy product as insurance without a medical examination. Zurich and BTN implemented the Referral Digital Direct (RDD) program, using technological advances to reach more customers. The public and BTN customers can purchase insurance policies through this platform and immediately receive online policies.

“By working with BTN, we are launching this product through a digital platform, and we are optimistic that various groups of people will well receive this product,” said Budi on Thursday (11/5/2023).

Budi explained that the Ziaga Life Flexy premium starts from Rp. 20,000 per month, so it is pretty affordable. Premiums and sum assured can be adjusted according to customer needs. In addition, with a lifetime protection offer (or up to the age of 99), Ziaga Life Flexy customers also get a 30 percent premium discount for the second year and a sum of up to IDR 3 billion.

BTN Director of Distribution & Funding, Jasmin, explained that the bancassurance collaboration could increase customer product loyalty and penetration and provide the company income (fee base). Through this platform, with references from bank employees, customers will receive explanations about insurance products and are directed to fill in their data before adjusting the desired coverage.

“Collaboration with ZTL will provide convenience for BTN customers to obtain comprehensive financial protection and planning products,” said Jasmin.

Source :  https://finansial.bisnis.com/read/20230512/215/1655217/kolaborasi-zurich-dan-btn-tawarkan-asuransi-kesehatan-mulai-rp20000-per-bulan

 

Beware of Fake Insurance Policies Scattered, Here Are Tips So You Don’t Get Fooled

Recently, there has been an uproar regarding a fake insurance policy case at a company. This incident certainly makes people have to be more careful when buying insurance products.

The Main Director of IFG Life, Harjanto Tanuwidjaja, explained that several things must be considered when buying insurance products. He advises potential customers to be more proactive in finding information about products and agents that offer them.

“As consumers, we have to ensure that the agents we talk to are legitimate agents, for example, by asking for the agent’s card and the agent’s registration number. We can also check their membership through the association,” he said at a media gathering in Jakarta on Thursday ( 11/5/2023).

Harjanto said that after receiving the policy, we must sift through the contents of the policy. “So, after receiving the policy, don’t completely trust the agent. There’s nothing wrong with being careful before and after buying,” he said.

IFG Life has implemented strict certification requirements for agents working under the company. In addition, IFG Life customers can also download the official application and check the policy by entering the policy number listed in the application.

“That way, if something is inappropriate, we can find out. Apart from that, he explained that we can also come directly to the office to check the authenticity and validity of the policies received,” he explained.

Source:  https://finance.detik.com/moneter/d-6715403/waspada-polis-asuransi-palsu-bertebaran-begini-tips-supaya-nggak-ketipu

 

OJK Improves Credit Insurance Regulations, Regulates Rates for Risk Mitigation

The Financial Services Authority (OJK) is currently improving regulations related to the credit insurance business. This step was taken to strengthen the sector’s risk management and underwriting performance.

These improvements mainly focus on insurance product coverage related to lending, reasonable premium rates, and the obligation to carry out risk mitigation. “Risk mitigation is carried out, among others, through risk sharing with creditors,” said Chairman of the OJK Board of Commissioners, Mahendra Siregar, at a press conference for the Financial System Stability Committee (KSSK) on Monday, May 8, 2023.

Mahendra added that the OJK had also issued OJK Regulation (POJK) Number 5 of 2023 and POJK Number 6 of 2023 to encourage improvements in the financial health of insurance and reinsurance companies. One of the points regulated is the limitation of investment placement to related and non-related parties.

Furthermore, OJK also asks financing institutions to comply with minimum equity requirements as a buffer to deal with global and domestic economic dynamics. “Apart from that, they also have to carry out stress tests and sensitivity analyzes periodically as a preventive measure against the worst-case scenario,” he added.

Previously, the Indonesian General Insurance Association (AAUI) noted a surge in credit insurance claims of 65.3 percent annually (year-on-year/yoy) in the fourth quarter/of 2022. Deputy Chairperson of AAUI for Statistics & Research, Trinita Situmeang, said that claims paid for credit insurance increased by IDR 4.98 trillion. In 2022, claims paid for this line of business will increase from IDR 7.63 trillion to IDR 12.61 trillion.

Trinita explained that one of the reasons for the increase in claims on credit insurance was the Covid-19 pandemic. “Credit risk has increased over the past three years, including the risk of default, which a pandemic can cause, economic or other factors. This risk will continue to increase and roll over every year,” he said in his presentation at the Fourth Quarter General Insurance Industry Data Press Conference. 2023 in Jakarta, on Tuesday (28/2/2023).

Trinita explained that risk mitigation is needed through price improvements and coordination with related parties, such as banks and leasing, and the credit insurance ecosystem to control the increase in credit insurance. “In the future, credit insurance must reduce the risk, one of which is by improving the price structure,” he said.

The head of the AAUI Statistics Department, Esti Handayani, said that the most dominant indicator in credit insurance was that 90 percent occurred due to an inability to pay for whatever reason. On the other hand, Indonesia’s economy is also not entirely healthy.

“In the future, claims paid on credit insurance will continue to roll in. There will still be a lot of them because there are already many insured people,” he said.

Deputy Chairperson of AAUI for Information & Applied Technology Dody Dalimunthe said that the increase in claims on credit insurance during the Covid-19 period was triggered because people’s purchasing power fell.

Source: https://finansial.bisnis.com/read/20230510/215/1654252/ojk-sempurnakan-regulasi-asuransi-kredit-atur-tarif-hingga-mitigasi-risiko

 

OPINION: Lawsuits against Kualanamu Airport Management

The case that recently occurred at Kualanamu Airport, Deli Serdang, has shocked the public due to the slow response of airport officials in managing the use of airport lifts.

The families of the dead victims did not receive adequate responses to their questions. This incident must be investigated by the authorities, including the Police, to find out what happened.

Risk management is one of the problems faced by airport managers, especially related to lawsuits that can cause accidents and material losses, as well as accidents that result in injury or death of a person.

This could be caused by negligence on the part of the airport management. Whatever the cause, as a company serving the community, they must at least have empathy in answering questions from customers and visitors interested in the company.

One way to overcome this risk is to transfer the risk to a general insurance company. The risks airport managers face include damage to or malfunctioning equipment such as control towers, fires, natural disasters, risks to management personnel, and lawsuits from third parties.

To deal with this last risk, companies can purchase third-party liability insurance (Third Party Liability/TPL) or public liability insurance, which are generally included in comprehensive general liability insurance (Comprehensive General Liability/CGL Insurance).

This comprehensive legal liability insurance has various types depending on the company’s business type. For example, motor vehicle insurance is known as TPL insurance when the insured vehicle causes a loss to a third party, either property damage or injury to someone.

Companies that provide consulting services, attorneys’ offices, public accountants, or insurance brokers also face the risk of liability from third parties related to the services they provide. They need to purchase professional indemnity insurance to protect themselves from potential lawsuits.

As a practicing broker and insurance consultant, the author was contacted by IBRA to provide Directors’ and Officers’ Liability (D&O) insurance protection. This insurance provides reimbursement to IBRA officials who other parties sue due to errors in decision-making and to bear legal responsibility for the aggrieved party. For public companies or public companies, it is advisable to purchase this insurance policy to protect its officials from shareholder claims. However, it should be noted that this insurance product is not always available in the market and requires the services of an insurance broker to obtain it. Annual premiums are expensive, even reaching billions of rupiah with limited coverage limits and complex requirements.

In addition, there is also Airport and Tower Liability Insurance which protects airport managers and supervisory towers against the risk of lawsuits from third parties.

This risk can occur in airport equipment and control towers, such as damage or malfunction due to various factors, such as system disturbances, HR problems, or natural disasters, such as fires, floods, and earthquakes.

Operational risks such as these can disrupt systems that are supposed to run smoothly and function correctly and lead to lawsuits from third parties and reputational risks.

From the Kualanamu case, there are several valuable lessons related to the risk of liability faced by airport managers. Operational risk is the root of the case, and to reduce operational risk, measures such as regular audits and surveys need to be carried out to meet ISO standards. It is important to remember that having legal liability insurance does not mean that the risk is entirely transferred to the insurance company to solve problems that arise.

This insurance always has several pre-approved terms and conditions that must be met by the insured if you want to get compensation from the insurance company. One of the requirements in this insurance policy is the maximum limit of liability that the insurance company can reimburse for each case based on a court decision with permanent legal force. The airport manager, who is insured, must try to approach and show empathy so that the demands can be resolved as best as possible.

In the Kualanamu case, a third party who feels aggrieved can file a claim against the airport manager (Angkasa Pura Aviasi).

On the other hand, the airport manager can file a lawsuit against the elevator manufacturer, who will be held accountable for the elevator products it produces and sells to the airport manager.

Usually, as a producer, anticipates lawsuits from the user side, this risk will be covered for their products by purchasing product liability insurance from a general insurance company.

Source: https://finansial.bisnis.com/read/20230515/215/1655887/opini-tuntutan-hukum-pada-pengelola-bandara-kualanamu

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

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