The Jakarta Post
Taspen Life – a subsidiary of state-owned pension insurance firm PT Taspen, is exploring the possibility of forming a partnership with popular online platforms to attract millennials to its insurance products.
Yadhi N. Nurdin, vice president for group sales, said in Jakarta on Tuesday that Taspen Life was in talks with airline ticketing and hotel booking platform Traveloka and online personal financial planning assistant application Halofina to lure millennials – people born between 1981-1996 as customers.
A partnership with the two online platforms, Taspen Life hopes, will increase the portion of millennials among its policyholders to 10 percent this year.
"We are targeting people between 25 and 30 years of age, because at that age people usually have some funds for savings,” he said.
Yadhi expressed his hope that Taspen Life products could be featured on the Halofina or Traveloka platforms.
In 2019, Taspen Life recorded total premium income of Rp 1.4 trillion (about US$103 million). However, millennials accounted for only 5 percent of that, Yadhi said, noting that most of Taspen’s policyholders were above 40 years old.
“This is one of our challenges, to make millennials more literate about insurance. Indeed, it is a tough task to convince them to start insurance, but it is important for them to prepare for their future,” he said.
“One product we plan to offer is Taspen Smart Save, which is our insurance product, which millennials could use to collect their funds from now, so they can enjoy it when they enter their pension days”.
Halofina’s marketing communication head Garniasih Garnijanto said the possible partnership with Taspen Life would be one of features integration. In the initial stage, Halofina's features, such as Life Plan, Financial Quotient Test and Financial Check-Up, would appear in Taspen apps.
“This means that all Taspen customers could access Halofina to make their financial plans,” she said. However, Garniasih said Halofina needed a further discussion on how to implement the partnership.