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Commonwealth Bank and Life launch bancassurance partnership
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Commonwealth Bank president director Lauren Sulistiawati and Commonwealth Life president director Elvis Liongosari hold a giant cheque as a symbol of the firms' partnership during the launch of COMM Family Protection in Jakarta on Jan. 25. (JP/Prima Wirayani)
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rivate lender Commonwealth Bank is partnering with its sister company, insurer Commonwealth Life, to launch new insurance products targeting Indonesia's rising middle class.
"This is the first partnership between the two sister companies," Commonwealth Bank president director Lauren Sulistiawati said during the launch in Central Jakarta on Wednesday.
The firms announced their bancassurance partnership, called the COMM Family Protection insurance series, which consists of unit-linked Maxiwealth Link and health insurance policies, COMM Classy Care and COMM Extra Care.
"Our target is the affluent and emerging affluent market," Lauren added.
(Read also: Commonwealth Life aims for 13% growth of premiums)
The firm is of the view that growth of this customer segment will likely be higher than that of others.
The number of Indonesia's middle class and affluent consumers was about 74 million in 2013 and the figure is projected to almost double to 141 million people by 2020, according to the Boston Consulting Group (BCG).
However, Commonwealth Life refused to go into detail about the firm's financial targets following the issuing of the new products.
"We haven't set any target yet," the insurer's president director, Elvis Liongosari, said. "We want to give added value to our existing and prospective customers so that we formulate the products in line with the customers' needs."
The firm aims to book premium revenues of Rp 1.8 trillion (US$134.9 million) by June this year, the end of its 2016 book according to the Australian book system. (bbn)
