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Insurance literacy program boosts life insurers’ revenue
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An official of PT Asuransi Jiwa Manulife Indonesia serves a customer in one of the company's insurance outlets. (Courtesy of/cdn-kisikisi.jobs.id)
T
he insurance literacy program conducted by the Financial Service Authority (OJK) has had a positive impact on the life insurance industry, with the total premium revenue of life insurance firms almost reaching Rp 50 trillion (US$3.75 billion) in the first half of 2017.
The benefits of the insurance literacy program, which involved representatives of the government and the industry, could be seen from the wider regions that had been reached by the insurance sector, said Indonesia Life Insurance Association (AAJI) chairman Hendrisman Rahim on Monday.
“Life insurance is penetrating wider areas. Almost all companies have opened branches, not only in big cities. This means that insurance products are more accessible,” he said.
He added that the electronic insurance program (e-insurance) implemented by insurance companies also made a significant contribution to the growth of their premium revenue.
The growth in revenue is expected to be over 20 percent by the end of this year, Hendrisman added. The number of insurance agents amounted to 566,356 by March 2017. (rdi/bbn)
