The life insurance industry is still waiting for a response from the Financial Services Authority (OJK) to allow insurers to sell unit-linked products online, more than a week after the request was made to the regulator.Mr Budi Tampubolon, chairman of the Indonesian Life Insurance Association (AAJI), told Bisnis that the association submitted the request for relaxation of rules on the sales of insurance products related to investments (PAYDI) or unit-linked plans as a form of physical distancing between insurance personnel and customers.
Under current rules, selling unit-linked products requires face-to-face meetings between prospective buyers and marketers for the former to have product explanations. However, it is not possible to do this during a partial lockdown imposed by the government to curb the spread of COVID-19.
Mr Budi explained that face-to-face meetings between marketers and prospective customers could be replaced by the use of communication technology. AAJI also asked OJK to remove a requirement for wet signatures on the unit linked insurance policy and for it to be replaced by a digital signature.
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