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View all search resultsBRI, Bumiputera ink MoU
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Bank Rakyat Indonesia (BRI) institutional director Kuswiyoto (second left) talks with PT Asuransi Jiwa Bumiputera president director Wiroyo Karsono (second right) before signing a memorandum of understanding in Jakarta on Thursday. (JP/Prima Wirayani)
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tate-owned lender Bank Rakyat Indonesia (BRI) and life insurer PT Asuransi Jiwa Bumiputera (AJB) entered into a memorandum of understanding (MoU) on financial services in Jakarta on Thursday.
Under the MoU, the country's most profitable lender will agree to provide cash management services in the form of BRI Virtual Accounts (Briva) for AJB’s customers, enabling the insurer to access the customers' premium payment data on a real time basis.
"With the support from BRI, our customers can pay for their premiums with greater ease," AJB president director Wiroyo Karsono said.
(Read also: BRI launches full digital branches, counters)
AJB expects to expand the relationship with BRI into autodebit and bancassurance services.
The company currently has more than 6.5 million premium holders, with new premiums amounting to Rp 1 trillion (US$74.94 million) last year.
BRI, meanwhile, hopes that the new partnership will help boost its fee-based income portfolio.
The bank has set a “double-digit” growth target for its fee-based income in 2017, BRI institutional director Kuswiyoto said.
According to data from the bank, BRI booked Rp 9.2 trillion in fee-based income in 2016, 3.3 percent of which came from payment services.
BRI has been operating in the country for almost 122 years, while AJB was created as a part of a measure to rescue the century-old mutual insurer Asuransi Jiwa Bersama Bumiputera. (tas)
