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Life insurance claims and benefits shrink in September

Reporter: Umi Kulsum | Editor: Dessy Rosalina

KONTAN.CO.ID – JAKARTA. The trend of claims and benefits paid by life insurance has increased to nine months this year. The perpetrators are still optimistic that they can keep the claim figures from swelling.

Referring to data from the Financial Services Authority (OJK), the value of claims and benefits paid by life insurers until September 2017 reached IDR 49.62 trillion. That number shrank 18.2% compared to the same period last year which was recorded at Rp 58.65 trillion.

Acting President Director Geger N. Maulana BNI Life Insurance said the trend of his claims was still in line with the company’s premium growth.

“The percentage of claims is still below the industry average of around 20% – 25% gross premium, “said Geger to Kontan.co.id, Wednesday (15/11).

As an illustration, until September 2017, BNI Life has managed to collect premiums of Rp. 4.3 trillion. The nominal is up 27% on an annual basis year on year (yoy).

Until the close of this year, the subsidiary of Bank Negara Indonesia (Persero) Tbk is targeting premium growth of 30% -40% from last year’s realization of Rp 4.7 trillion.

To suppress claims, BNI Life’s strategy is to improve excellent service and provide intensive education. Besides, take care persistency, give loyalty program and improve quality underwriting process.

“We also continue to improve the quality of our sales force to be more selective,” said Geger

According to De Yong Adrian, Marketing Director of PT Jiwasraya (Persero), the trend of claims and benefits paid to his company tends to be flat and there are no significant jumps.

Although he could not specify the percentage increase in nominal claims, his party is optimistic that at the end of this year it can maintain this figure.

Of course this is supported by a strategy from Jiwasraya which implements the role of personal selling. This is considered effective in suppressing the claims and benefits paid by Jiwasraya.

“This is more direct to the customer, emotional closeness for example. That way, we can protect customer retention up to 99%,” said De Jong in Jakarta, Wednesday (15/11).

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