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Astra Life eyes doubling sales through 'finance insurance'
Group CEO of Aviva plc, Mark Wilson (second left), shares a light moment with PT Astra International president director Prijono Sugiarto (second right), Aviva Asia CEO Khor Hock Sent (left) and Astra director Gunawan Geniusahardja after the signing of a memorandum of understanding (MoU) between Astra and Aviva in Jakarta on Jan
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span class="inline inline-center">Group CEO of Aviva plc, Mark Wilson (second left), shares a light moment with PT Astra International president director Prijono Sugiarto (second right), Aviva Asia CEO Khor Hock Sent (left) and Astra director Gunawan Geniusahardja after the signing of a memorandum of understanding (MoU) between Astra and Aviva in Jakarta on Jan. 17 2014.(The Jakarta Post/Nurhayati)
Newcomer Astra Life, a joint venture between Aviva Plc and Astra International, aims to double premium earnings this year to Rp 2.8 trillion (US$212 million) through a new sales strategy dubbed 'finance insurance'.
The life insurance company, established in May 2014, achieved 500 percent growth in premiums to Rp1.4 trillion in 2015.
"We became the fastest-growing insurance company in Indonesia last year. Assets also grew by 44 percent to Rp 1.9 trillion," Astra Life president director Phillip C. Willcock said in Semarang on Thursday.
As for this year, he further explained, the company planned to boost premium sales through a business-to-consumer (B2C) strategy. In 10 years, Astra Life aims to be among the leading five insurance companies in Indonesia.
Vice President Astra Life Auddie A. Wiranata said the company would expand its selling points from 'bancassurance' through Bank Permata to 'financeinsurance' through multi-financing companies such as FIF (Astra's business arm for motorcycle Financing) and Toyota Finance.
"It started in November 2015. It has been three months, and the share of micro-insurance sales was 50 percent. We sold around 10,000 new policies in three months, with around 5,000 of them being micro insurance policies," Auddie said. (ags)(+)
