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Sinarmas MSIG Life launches new products
Life insurer PT Asuransi Jiwa Sinarmas MSIG, or Sinarmas MSIG Life, launched on Wednesday a series of insurance products targeting middle- and upper-class segments
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ife insurer PT Asuransi Jiwa Sinarmas MSIG, or Sinarmas MSIG Life, launched on Wednesday a series of insurance products targeting middle- and upper-class segments.
Sinarmas MSIG Life, a subsidiary of Sinar Mas Multiartha, said it aimed to attract a total of 150,000 new customers and up to Rp 800 billion (US$68.8 million) in premiums from the new products this year.
The new products are SMiLe Ladies, SMiLe Education, SMiLe Pension, SMiLe Health and SMiLe Life.
'The SMiLe series aims to insure customers in all aspects of their lives through the different products, from before they marry through retirement,' Sinarmas MSIG Life president director Johnson Chai said on Wednesday during a press briefing.
Herman Sulistyo, head of the firm's actuarial and reinsurance division, added that SMiLe Ladies offered financial protection to women who were vulnerable to specific illnesses, such as cervical cancer and breast cancer.
'The SMiLe Series is different to other insurances in that customers will receive comprehensive financial protection for the different risks and stages in their lives,' Herman said.
At the end of 2013, Sinarmas MSIG Life recorded total assets of Rp 19.03 trillion, out of the country's total collective life insurance industry assets of Rp 280 trillion.
This figure was slightly lower than the company's assets of Rp 21.28 trillion at the end of 2012, when it ranked as Indonesia's second-largest life insurer with 10 percent of market share.
'This year, we don't have a particular target for our assets. We are focusing on the income from insurance premiums,' Johnson said.
He added that in 2013, the company's income from premiums totaled Rp 9.8 trillion ' 80 percent of which hailed from single premiums and 20 percent from regular premiums ' lower than 2012's income of Rp 10 trillion.
Single premiums are a one-time premium, whereas regular premiums require customers to make monthly payments.
Herman said Sinarmas MSIG Life aimed this year to balance the income from each of the two types of premium; hence, the launch the SMiLe series, which demands regular premium payments. (dwa)
