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Zurich Indonesia expects new policy to boost growth
PT Zurich Insurance Indonesia expects to increase its total premium income to around Rp 500 billion (US$58 million) in 2011, of which Rp 50 billion will be contributed by a newly launched car insurance product, MobilZ
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T Zurich Insurance Indonesia expects to increase its total premium income to around Rp 500 billion (US$58 million) in 2011, of which Rp 50 billion will be contributed by a newly launched car insurance product, MobilZ.
Zurich Insurance president director Sancoyo Setiabudi said the company’s total premium income increased by some 30 percent from about Rp 300 billion in 2009 to Rp 405 billion in 2010.
“Car insurance products contributed 25 percent of the total premium income in 2010, while other products shared the rest,” he said.
He claimed that the newly launched MobilZ was the only car insurance product released by a joint venture company and boasted excellent features.
“MobilZ premium offers a replacement car to use during repair, authorized workshops and emergency road assistance,” he said.
The premium for MobilZ, he added, would also cover expenses from natural disasters, riots and terrorist attacks.
Existing car insurance offered by Zurich Insurance only covers total loss or severe damage, while other facilities and protections are available for additional premiums.
“With MobilZ, a customer only needs to pay once to get all the protections offered,” said Zurich Insurance chief operating officer Hendra Lukman.
Zurich Insurance vice president, Dino Sjarif, said that, so far, there were about 2,000 MobilZ policyholders since its soft-launch in early 2011, which was expected to increase to 12,500 by the year’s end.
In order to reach the target, the company will open three branches in three cities outside Java this year: Balikpapan in South Kalimantan, Makassar in South Sulawesi and Palembang in South Sumatra.
Hendra said Zurich Insurance opened its first branches in Jakarta in 2010.
The decision to open more branches in Balikpapan, Makassar and Palembang is because “we value these cities as potential spots,” Hendra said.
The company, which is a sister company of PT Zurich Life Insurance Indonesia, has accelerated its retail clients to 37 percent in the first quarter of 2011, up from 3 percent in 2005.
“We project to increase our retail clients by 50 percent this year and by more than 60 percent in the next five years,” Hendra said.
Zurich Indonesia’s clients in the last 10 years have mostly been corporate, he added.
However, Hendra refused to explain the amount of the retail premium in details.
“We will disclose the details as we have the results of our audit at the end of this month,” he said.
He said the company would launch a new product in the second quarter of this year and would provide products for accident, health and travel in five years. (msa)
