Jakarta The potential of the country’s insurance industry is still great. This reflects a low insurance penetration rate of just 3.18% according to 2021 data from the Financial Services Agency.
Opportunities are increasingly opening up as public awareness about protecting against the effects of the pandemic increases. This provides opportunities for state-owned insurance companies, including Manulife Indonesia.
According to the 2022 Manulife Asia Care survey, 83% of respondents recognized the importance of purchasing insurance and 76% wanted to purchase insurance products.
“We are excited and optimistic as we head into 2023. We are committed to meeting the financial needs of our customers by providing solutions that put their interests first through product and service innovation.” 12/2022) .
That said, his party believes that Indonesians always need security and retirement plans to secure their future.
The World Bank has issued an economic crisis signal for 2023. The World Bank said the 2023 recession began as central banks around the world simultaneously raised interest rates in response to high inflation.
If interest rate hikes are accompanied by financial market pressures, global GDP growth will slow to 0.5% in 2023. This means a shrinkage of 0.4% per person. Technically, this situation is called a global recession.
Ahmad Nasrullah, Head of OJK’s Non-Banking Financial Industry Supervision Unit (IKNB) 2A, believes that the insurance industry will be able to overcome the challenges of the downturn as it has proven to survive, especially during economic crises.
According to OJK data, insurance coverage in Indonesia is still low. In 2021, the penetration rate of life insurance was 1.19%, general insurance 0.47%, social insurance 1.45%, and compulsory insurance 0.08%.
Meanwhile, Richard Sondakh, Head of Product Management at Manulife Indonesia, acknowledged that next year will be a challenging year.
“However, we will turn challenges into opportunities to continue to innovate, both in terms of products and services,” said Richard.
Richard said the Manulife Asia Care 2022 survey results are referring to three suitable insurance products that will be offered to customers in the future. The insurance products are children’s education, health and life and critical illness insurance. This product will be a high-priority insurance product.
According to Richard, making affordable insurance products is an option that can reach a wider sector given the uncertain economic climate. For example, the MiFirst Life Protector digital life insurance product offers premiums from IDR 50,000.
He explained that Indonesian people’s awareness of the importance of health insurance was high during the pandemic.
During 2021, Manulife delivered solid results. Manulife Indonesia’s net premium income increased by 42% to IDR 12.1 trillion, and new business premium performance reached IDR 7.5 trillion on an Annualized Premium Equivalent (APE) basis.
According to Richard, Manulife Indonesia’s strength lies in maintaining customer trust. Payment is included in billing. Specifically for COVID-19 treatment claims, from January to October 2022, Manulife Indonesia paid claims worth IDR 83 billion.
In the period January-September 2022 for all claims, Manulife Indonesia will pay IDR 6 trillion (Unrecorded) claim paid. During 2021, Manulife Indonesia will sell IDR. 8.9 trillion (audit) claims have been paid.
Ryan “has successfully introduced MiEClaim, which allows customers to file claims concisely and paperlessly during these difficult times, and also provides digital signature capabilities using MIPrivID. ”
Many customers have acknowledged good service from Manulife. So he chose Manulife.
As Medan’s Manulife customer, Yandy Vestano, said. He said he was satisfied with the service provided by Manulife.
According to them, Manulife’s insurance money was paid very quickly, less than a week after the hospital submitted the documents to the agent in charge. “The response is excellent. The claim is fast, so you have to defend it” he said.