Micro-insurance market (microinsurance) in Indonesia is quite large which until now still has not entered both local and foreign insurance, because the 238 million population is only about 5 million who have insurance.
“The insurance market in the country, made the Indonesian Life Insurance launches new product micro-insurance (microinsurance) for the economically weak,” said Managing Director of Allianz Life Indonesia, Jens Reisch, told reporters in Jakarta, Thursday (24/08).
According to him, the launch of the first insurance product mikor it aims to bridge the gap between demand and supply of microinsurance in Indonesia.
We are optimistic that our customers can reach the market until as many as 50,000 people cope, to see the remaining time was only four months, let alone insurance has not been much coming into this segment “he said.
The launch was previously produki based on market studies GTZ-UNDP-Allianz that market demand for low-very high class, but insurance means lower economic groups is lacking.
Moreover, of the total population of Indonesia is included in group insurance programs only reached around 20 million people, he said.
He said that micro-insurance products offered in the trial at this year called “Family Umbrella” and offers Rp6.000 life insurance premiums per year.
“Umbrella asuansi soul family offers loans with a few additional benefits that customers who take out loans when meninggak, then the remaining loan balance will be covered by insurance and the family he left nothing to worry about the remaining payments continue,” he said.
Products will be managed by partners such as rural banks, Credit Unions and non-governmental institutions. Loans disbursed by these institutions ranged from 500 thousand to Rp 10 million, he said.
Jen Reisch further said, there are three tujuna of this project, exploring new segments to enlarge its customer base, to support government programs to the general public gain easy access to insurance protection and social responsibility and business opportunities in the future.
Allianz is currently processing the policy set of customer credit issued totaling 18,500 Credit Unions, because Allianz is optimistic customers will be able to reach at 50,000 people this year, comprising 30,000 of life insurance and health insurance, 20,000.
This product was previously offered by Allianz in India that has had as many as 80,000 customers, he explained.
Asked about their customers, according to him, Allianz has a customer as much as 15 million people who can be achieved every year between 100,000 to 300,000 people per year.
“We are optimistic that the number of customers will be increased along with the launch of mircoinsurance a very promising market,” he said.