Indonesia Insurance Agent & Policy Data Base

Indonesia’s Financial Services Authority (OJK) has launched two new systems: the Insurance Agent Database and the Insurance Policy Database. It is said to be part of its digital transformation push. The policy database collects monthly data on life and general insurance policies.

The agent database provides a central, publicly accessible record of registered insurance agents, integrated with OJK’s licensing platform and verified via QR codes.

The policy database collects monthly data on life and general insurance policies through the APOLO reporting system, covering policyholder details, benefits, and risk management.

OJK says the move aims to improve supervision, data governance, and public trust.

The effectiveness of both systems will depend on active participation from insurers, agents, and industry stakeholders.

Bluebird Indonesia Soars

Indonesia’s PT Blue Bird Tbk (BIRD) reported a net profit of 167 billion rupiah (US$10.09 million) in Q1 2025, a 42% increase from last year. Revenue rose 16% year-on-year to 1.3 trillion rupiah (US$78.53 million). EBITDA grew by 25%, reaching 320 billion rupiah (US$19.33 million).

The revenue growth was driven by a 14% increase in the taxi segment and a 23% rise in non-taxi services. Bluebird’s fleet expanded to over 24,500 units, improving service availability in various cities. The company is focusing on sustainable mobility by adding more EV to its e-Bluebird and e-Goldenbird fleets.

Electric vehicle adoption proving to be a strategic advantage for taxi operators
Blue Bird’s expansion of electric vehicle fleets with e-Bluebird and e-Goldenbird aligns with a significant industry trend, as the global EV taxi market is projected to grow at a compound annual growth rate of 18.4% through 20321.

This transition comes as stricter emissions regulations worldwide push transportation providers toward electrification, with government policies creating both incentives and mandates.

Beyond regulatory compliance, EV taxis offer operational cost advantages compared to traditional combustion engine vehicles, potentially improving profit margins for operators investing in fleet conversion.

The company’s EBITDA growth of 25% suggests that its sustainability investments are contributing positively to financial performance, reflecting a trend seen across innovative transportation providers.

Digital platform growth becoming crucial revenue driver in transportation
Blue Bird’s reported 47% growth in MyBluebird app users reflects a broader industry shift toward digital-first customer engagement, as ride-hailing services increasingly compete on technological innovation rather than just fleet size.

The ride-hailing market is expected to reach between $175-203 billion globally in 2025, with digital payment adoption serving as a key accelerator of this growth. This trend is particularly strong in the Asia-Pacific region, which leads global ride-hailing market share, driven by urbanization and widespread smartphone adoption.

As customers increasingly expect seamless digital experiences, Blue Bird’s digital transformation appears to be successfully capturing this shift in consumer behavior, contributing to its strong quarterly performance.

Revenue diversification becoming essential strategy in evolving mobility landscape
Blue Bird’s 23% growth in non-taxi segments demonstrates how established transportation companies are finding success by expanding beyond their traditional core services.

This expansion aligns with the industry-wide trend toward “Mobility as a Service” (MaaS), where companies integrate various transportation options into unified service offerings.

The company’s business expansions—including Cititrans route development and new payment partnerships—reflect how successful operators are creating more comprehensive mobility ecosystems rather than focusing solely on vehicle operations.

With the shared mobility market projected to grow from $198.23 billion in 2024 to $217.80 billion in 2025, transportation providers with diversified service portfolios are better positioned to capture market share in this rapidly evolving landscape4.

Bankruptcy - No Ring-Fenced for Life Insurance

The daughter of bankrupt former Hin Leong Trading director Lim Chee Meng failed in a bid to shield three AIA Singapore insurance policies worth over half a million dollars from being part of Mr Lim’s bankruptcy estate.

Insured - Ms Michelle Lim Yan Yi, the granddaughter of Hin Leong founder Lim Oon Kuin, sought a High Court declaration that the three policies, worth over $521,000, should be ring-fenced from creditors’ reach because they were held on trust for her benefit by her father, who was declared bankrupt in December 2024.

The three policies are part of a set of eight insurance policies with AIA that Mr Lim Chee Meng had taken out when Ms Lim was a minor, under which he was the policy owner and she was the named insured.

Trust - But High Court Judicial Commissioner Mohamed Faizal found there was a lack of evidence of an intention on Mr Lim’s part, prior to his bankruptcy, to create a trust over the three policies for the sole benefit of his daughter. He found that the documentary evidence relied on by Ms Lim was “either self-interested representations” or “mere assertions”.

One document she relied on was an October 2021 letter from Mr Lim to ring-fence the eight policies from other assets that were subjected to a freezing order in a US$3.5 billion (S$4.45 billion) civil suit.

Another document adduced was an AIA letter dated October 2021 signed by a purported personal wealth manager, who asserted that “the eight policies belong to (Ms Lim), and are being held by Mr Lim Chee Meng on trust for (Ms Lim)”.

Ms Lim contended that the AIA letter would not have been issued unless her father had clearly conveyed his intention to create a trust.

But the judicial commissioner found “the letter was bare and bereft of details and merely asserted, without more, that the eight policies were held on trust”. Other documents Ms Lim relied on included an e-mail dated March 10, 2025, from Mr Lim to the trustees and part of his affidavit filed in 2024 for in which he asserted that he held the eight policies on trust for Ms Lim.

But the judicial commissioner pointed out that most of the documents she relied on as evidence were written by or on behalf of her father after his bankruptcy proceedings started.

“By that time, it would have been apparent that Hin Leong’s collapse could have extremely far-reaching financial consequences for all concerned, not least Mr Lim who was a director.”

The judicial commissioner noted: “It was at this point that Mr Lim started to insist that the eight policies were in fact not owned by him and should be deemed to be held on trust.”

Bankrupt Ring-Fenced Life Insurance - He pointed out: “The courts should be wary of such belated attempts by bankrupts to shield assets from creditors by retrospectively asserting the existence of trust arrangements without contemporaneous evidence.”

Mr Lim, along with his father and sister Lim Huey Ching, was declared bankrupt in December 2024, following a settlement of two lawsuits brought by Hin Leong’s liquidators and HSBC against the Lim family.

Their bankruptcy estates are being managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Singapore, who have taken the position that the three insurance policies vest in Mr Lim’s bankruptcy estate.

The trustees had asked Mr Lim and Ms Michelle Lim whether a third party would pay the bankruptcy estate the surrender value of the three policies, which was worth over $521,000 as at Jan 16.

If no third party would pay for them, the trustees would then terminate the policies and use the proceeds to pay his creditors. But Mr Lim and his daughter did not agree to this arrangement.

Is Term Insurance The Ultimate Answer?

An insurance plan is a vital tool that can protect you and your family from life’s uncertainties. A term insurance plan is a pure life insurance policy that offers financial protection to beneficiaries in the event of the policyholder’s untimely demise. It does not accumulate any savings or investment returns.

Term Insurance - Policyholders should only go for term insurance. One of the reasons is term insurance offer pure protection — no returns, no gimmicks, just solid financial security for your dependents if something happens to you. Don't get fooled by buying policy with guaranteed money after many years. Mis-selling is the biggest scam in life insurance.

Most people fall into the trap of buying expensive endowment plans, money-back policies, or guaranteed return. These policies promise maturity payouts after 20–30 years, but what they don’t highlight is the poor returns (often 4–5%), high commissions, and long lock-in periods.

In most cases, these returns don’t even beat inflation - Term insurance is a more cost-effective option compared to other life insurance plans, ensuring that your family is not financially burdened in the event of your death during the policy term. On the other hand, life insurance plans with both maturity and death benefits typically come with higher premiums. However, term plans can be customized to meet your specific needs.

In contrast, whole life insurance plans offer a combination of investment and protection for the entirety of the insured's life. These plans usually have a maximum age limit of 100 years and provide the added advantage of cash accumulation over the policy's duration. Additionally, policyholders have the option to include critical illness insurance riders for increased coverage against unexpected medical emergencies.

Life insurance offers not only life coverage but also the chance to accumulate wealth through savings or investment options. Term insurance, on the other hand, provides financial security for a set time period at a more affordable rate. Both types of insurance necessitate the payment of a premium, which is a predetermined sum in exchange for the guaranteed benefits.

Life Insurance Plan vs Term Insurance Plan - A life insurance plan provides financial security for your family in the event of your passing. It also offers a cash accumulation feature to support your future financial goals. Depending on the type of plan chosen, the policy term can range from 5 to 30 years or even a lifetime. In the unfortunate event of your death during the policy term, your beneficiaries will receive a lump sum death benefit. This amount can be used for various financial expenses such as debt repayment, children's education, medical bills, or daily living expenses.

Term insurance differs from other types of life insurance in that it offers coverage for a specific period of time. Despite the limited coverage duration, term insurance plans typically provide a higher coverage amount for a lower premium cost.

Premium for life insurance vs term insurance - The premium for purchasing a policy early in life is relatively low. Some insurance companies offer coverage for partial or permanent disability that may affect your income during the policy term. One key distinction between term insurance and life insurance is the premium cost. Term insurance, which does not include a maturity benefit paid to the policyholder upon surviving the policy term, typically has a lower premium.

One advantage of a term life insurance plan is that the insurer guarantees a minimum sum payment regardless of whether a claim is made or the event covered by the plan occurs during the policy term. Term insurance plans are known for their affordability while still providing ample coverage.

Both term insurance and life insurance offer protection in the event of premature death, ensuring financial security for your family during the policy term. Life insurance is often seen as advantageous due to the inclusion of a survival benefit in many plans. This benefit provides a lump sum amount to policyholders who survive the policy term. It can be utilized as a retirement fund or as a financial safety net to assist in achieving long-term financial objectives.

Singapore Insurance Scam

At least $1.7 million has been lost since January in six cases involving scammers who baited their victims with supposedly outstanding insurance premiums. In these cases, the victims received calls from scammers who pretended to be representatives or employees of NTUC Union, Income Insurance, UnionPay and MAS.

The victims were told they had outstanding premiums tied to their new or expiring life insurance policies. They were redirected to other scammers, claiming to be with Income Insurance or UnionPay, who proceeded to harvest their bank account details, private credentials and other personal information.

The victims were advised to cancel their insurance policies if they did not want the supposed outstanding fees automatically deducted from their bank accounts. They were instructed – in some cases via WhatsApp’s screen-sharing function – to transfer money to a specified bank account, which the scammers claimed was a necessary step to verify their bank accounts.

In other cases, the victims were redirected to scammers impersonating MAS officials who told them their bank accounts had been linked to money laundering, or that their personal information had been compromised.

They were instructed to help with the investigation by transferring money to a specified bank account. The victims were told the money would be refunded. But as soon as the money was transferred, the scammers disappeared.

The police and MAS said in their joint statement that NTUC Union, Income Insurance and UnionPay will never request personal information or payments to private bank accounts through unsolicited calls, e-mails, WhatsApp, or text messages.

Malaysia Managing Medical Insurance and Cost Of Healthcare

Life insurance companies say they are making losses on their health insurance portfolios despite perceived overall profits, with claims far outpacing premiums in recent years. This led to insurers recording medical insurance portfolio losses from 2022 through 2024.

Life Insurance Association of Malaysia (LIAM) said the industry’s biggest cost driver is the sharp increase in medical claims post-Covid, primarily due to higher volume of hospital admissions rather than the cost of care. Citing industry data, LIAM said that the claims increased 73 per cent from 2022 to 2024, compared to a 21 per cent rise in premiums — a gap that has put “a lot of pressure” on insurers.

LIAM described Bank Negara Malaysia’s (BNM) interim measures to cap premiums as “not sustainable”, with the industry now under a “ticking clock” to come up with “solutions” to help alleviate some of the problems over the next couple of years. BNM’s emergency measure caps premium increases depending on the level — if the total increase is 20 per cent or less, it’s spread out over three years; if it’s between 20 to 40 per cent, it may be spread out over five years; if it exceeds that, it must be explicitly approved by the regulator.

The industry is exploring long-term reforms, including co-payments, mandatory use of generic drugs, publishing average costs of common procedures, and redesigning medical plans with more sustainable benefit structures.

One-Night Hospital Stays, Volume Of Care Fuel Claims - According to LIAM’s internal data, the average annual increase in medical claims over the past seven years — including during the Covid period — was 14.34 per cent. This figure does not account for inflation. But since Covid, claims have escalated.

For medical claims, even pre-Covid, [it] was beginning to become a problem, and medical premium increases are not new. They’ve been happening for many, many years. But Covid, there was a bit of a respite. In 2020, nobody wanted to go to the hospital, so claims actually went down by 8 per cent.

In 2021, they were up modestly, but in 2022, 2023, and 2024, they spiked to unprecedented levels. They spiked 33.7 per cent in 2022, and I can tell you from our data, they’re driven mostly from volume. The average cost of care has played a much smaller part of the claims inflation than the volume piece. However, the trend has been going down steadily since, with first quarter numbers for this year looking encouraging.

The high number of one-night hospital admissions — which made up 35 per cent of total admissions between 2018 and 2024 — as a potential red flag, suggesting that some of these admissions may not have been medically necessary.

Most plans will not pay a claim because they weren’t admitted. And so the doctor says, ‘Why don’t we admit you overnight for observation?’ and the claim is paid. That case could have probably gone to a general practitioner (GP) clinic, but instead they sought treatment at a hospital where they were admitted to pay the claim, and that adds to the claims inflation.

Missteps In Medical Plan Design, Poor Communication On Premium Hikes - the design of insurance plans has contributed to the overuse of health care services. It was missold to some degree, referring to the early promotion of cashless medical cards in Malaysia. Agents could say, this is like a credit card. You can go into the hospital and basically you can get anything you want.

And over the years, companies have tried to come up with richer and richer plans, bigger and bigger benefits – you have some plans that have a RM10 million annual limit, unlimited lifetime benefits, and all those things have contributed to the encouragement of consumption and provision of services.

Much of the industry’s communication around premium hikes has failed to gain public trust.
There is some improvement needed in the way insurance companies and the industry communicate the need for rate increases. It seems like in hindsight, you just get a letter – that says your premium is being increased because of medical inflation, and that’s just insufficient.

Basic Medical Plan In The Works - LIAM is now working with BNM and the Ministry of Health (MOH) to develop a basic long-term medical insurance plan for those seeking lower-cost coverage.

This is something similar that has been done in Hong Kong, in Singapore – it’s really to make sure that people who want to maintain access, regardless of how expensive premiums can be, this is the lower-end choice that allows people to stay in the system and they can access private care and they could also choose to get higher, more expensive and comprehensive coverage if they want to do so.

The association also supports diagnosis-related groups (DRG) pricing, which will be used initially in the government’s pilot Rakan KKM program, expected to be rolled out by the end of this year.

Lulu Hypermarket Existed Malaysia

Lulu Group is shutting down its hypermarkets in Malaysia, while keeping its wholesale division in the country.

Lulu Group, based in the United Arab Emirates, had been making various rounds of promotions and clearance sales at its outlets earlier this year, culminating in a closure notice posted on the doors of its first ever outlet at CapSquare in Kuala Lumpur about the cessation of operations effective June 9.

Lulu Group had six retail outlets in Malaysia (as at October 2022) when it opened a store in Johor Bahru. The company’s retail operations entered the Malaysian market back in 2016, and Lulu Group pledged to invest RM1.3 billion to open 10 outlets in Malaysia within five years.

There were also news reports of clearance and discount programs at one of Lulu Group’s outlets in Indonesia. They are other sources that reported the closure of Lulu hypermarket at QBIG BSD City, a shopping complex in the province of Banten, by the end of April.