To meet that goal, IFG is holding the IFG International Conference 2022 on May 30-31 with the theme of “Insurance and Pension Fund: Transiting into digital and Green Economy Ecosystem.” The event, geared to be the most progressive international conference on insurance and pension funds, is focused on strengthening literacy in insurance and pension for business players, the public and related stakeholders.

The IFG International Conference 2022 will be held hybrid for two days, with limited invitations at the Ballroom 3 Ritz Carlton Pacific Place, Jakarta and online at ifgconference.com. The first day of the conference will discuss the outlook for the global and regional macroeconomic conditions before proceeding to the effects of digitalization and the green economy as the center of investment management strategy. The second day will be focused on the insurance and pension fund sector and important lessons from the ongoing insurance restructure, including consumer protection aspects.

Keynote speakers include Coordinating Economic Minister Airlangga Hartarto, Finance Minister Sri Mulyani and State-Owned Enterprises Minister Erick Thohir. The second day will feature three keynote speakers, namely Deputy SOEs Minister Kartika Wirjoatmodjo, senior deputy governor of Bank Indonesia Destry Damayanti and the executive chairman of non-bank financial institution supervisor at the Financial Services Authority (OJK) Riswinandi.

Other international and national speakers at this conference are International Monetary Fund assistant director of monetary and capital markets Rajit Singh, DBS Bank Singapore chief economist and managing director Taimur Baig, former trade minister 2011-2014 Gita Wirjawan, GSMA director of APAC region Rahul Shah and Pertamina director of finance Emma Sri Martini.

“IFG is committed to creating changes in the financial industry, particularly accountable, prudent and transparent insurance, underwriting and investment by using good corporate governance and full of integrity. Collaboration and synergy are the basic concepts of IFG in moving forward to develop an inclusive and sustainable financial industry ecosystem in Indonesia,” said IFG president director Robertus Bilitea during the launch of the international conference

“One of IFG initiatives to support the strengthening of financial industry ecosystem is by the establishment of IFG Progress as a think-tank institution under the IFG holding. It is expected to be able to provide progressive thinking in the form of policy initiatives for strategic policy for the financial service industry,” he added.

As a think-tank institution, IFG Progress delivers research products and acts as a facilitator of discussion forums among experts on strategic issues in the financial services industry, particularly for the insurance and pension fund industry. Its innovation is especially valuable for the non-bank financial industry.

“IFG International Conference 2022 is also aiming to comprehend any challenges behind the low literacy in the insurance and pension fund industry. The event is expected to be a place to learn from other countries in developing insurance and pension funds, discuss the industry’s infrastructure and management, identify the future challenges regarding regulation and supervision of the industry, as well as to learn about the ongoing insurance restructuring, including consumers’ protection aspects,” explained senior executive vice president of IFG Progress, Reza Siregar.

The recent climate of Indonesia’s financial industry

Senior research associate of IFG Progress Ibrahim Kholilul Rohman explained that based on a study conducted within the last five years, the structure of Indonesia’s financial assets is still concentrated in the banking sector with an asset contribution of 59.5 percent of the GDP in 2020. On the other hand, non-bank financial NBFIs in the insurance and pension fund industry only recorded asset contributions of 8.5 percent and 2.7 percent of GDP in 2020. Thus, insurance and pension fund strengthening measures need to be taken in line as the industries are quite large investors in the financial market.

“NBFI, particularly the insurance and pension fund industry have an important role in maintaining financial stability and supporting the country’s economy. The insurance and pension industry also have a critical role in supporting national development and participating as a source of domestic financing to support economic activities,” added Ibrahim during the event.

Ibrahim said that while the banking sector remains dominant in developed countries assets belonging to NBFIs are rapidly growing as well. This is different from the structure of Indonesia’s financial assets, which is dominated by the banking sector, while the non-bank financial assets remain extremely limited. Indonesia, he added, should make the most out of these NBFIs as a complement to the far more mature banking industry.

Further information regarding IFG International Conference 2022 can be accessed through the website ifgconference.com.

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