Citi Indonesia hosted its inaugural Indonesia Insurance Forum which brought together senior decision makers and industry experts to explore The Future of Insurance. This is the first of a series of similar forums to be held across Asia, the forum addressed evolving trends, innovations, and digital solutions that could take the insurance industry to the next level of growth.
The Indonesia insurance industry is growing rapidly, driven by increasing standards of living and rising middle class awareness toward the importance of insurance and investment products. The Financial Services Authority (OJK) recorded total growth for life insurance premiums to September 1, 2017 at 37.76 percent or about IDR131.84 trillion. Meanwhile, return on investment in the industry has recorded growth of 32.85% or Rp 30.73 trillion in terms of assets. The life insurance sector recorded an increase of 26.28 percent to IDR486.5 trillion until the third quarter of 2017.
Citi Indonesia’s CEO Batara Sianturi said on Thursday (3/8/2018), "Citi sees great growth potential in the insurance industry in Indonesia, and looks forward to closely partner our insurance clients with our cutting-edge products, solutions and advisory to help them become stronger and more competitive. As a global bank, we will leverage our unparalleled global footprint and our deep local expertise across 16 markets in Asia Pacific including Indonesia, to offer unique value propositions that support the insurance industry in Indonesia along their digital growth journey."
Director, Country Head of Treasury and Trade Solutions Vincent C. Soegianto said, “Digital innovation and transformation is core to Citi’s value proposition to clients and how we operate. We have a history of acting quickly to bring the power of technology to bear for clients, helping them to better adapt their operating models to shifting market and business demands. Our innovative and tailored solutions will enable insurance companies to achieve higher operational efficiency, increase visibility and control, accelerate transaction processing and minimize transaction risk. "
Vincent added, “On one hand, public awareness about insurance is increasing, but on the other hand, customers also want a convenient access to insurance and investment products, plus easy claims procedures that can be access through their mobile devices. Apart from using digital technology to increase agility, expand distribution, and improve customer experience, insurance companies seek operational efficiencies and fund placement for optimal return.”
While life insurance currently accounts for almost two-thirds of total premiums in Indonesia, demand for general insurance products such as healthcare, property, construction, and transportation is expected to increase in tandem with economic growth. To support the expansion of insurance companies in Indonesia, Citi's Treasury and Trade Solutions (TTS) has a comprehensive range of solutions from automated direct debit services, and cross-border Automated Clearing House (ACH) capabilities, to connectivity solutions via Application Programming Interface (API).
In addition, insurance companies can take advantage of Citi Virtual Card Accounts (VCA) offering a variety of benefits including flexibility, streamlined purchasing, increased security, robust control, as well as easy, fast and completely customizable reconciliation and reporting.
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