Insurance Market In Indonesia – In the major markets, Indonesia is the fastest growing market for the growing P&C market and life insurance. High -tech insurance innovation is happening in Indonesia here today and is at the forefront.
Today, Indonesia is the most attractive macro babkdrops to invest in young mobile population, optimistic and mobile upward. Think about it:
Insurance Market In Indonesia
Half of the Indonesian population is under 30 years of age, currently thousands of years in Indonesia (17-35).
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In large Asian economies, Indonesian people seem to be the most positive of their opportunity to make progress, develop and expand new skills, according to the LinkedIn study.
Talking about mobile phones, entering a smart phone in Indonesia is increasing half of Indonesia expected in Indonesia next year.
Indonesia is the largest (27b in 2018) in Southeast Asia and the internet economy is the fastest growth (49% CAGR 2015-2018). Record the order of 63.7 meters, or 700, 000 orders per day, Q3’18, and in December, Indonesia reached the national online shopping day in December.
The combination of attractive macro background of Indonesia and the rapidly growing digital economy is creating a great opportunity for digital transformation in financial services.
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There are three mobile payment players of Indonesia, a joint venture of Go-Pay, Lipposovo (Partnership with Partner) and Dana, Anti Financial and Imtech. With the ecommerce platform, including the ecommerce platform, including the bucker, the JDD, and the tokpydia, the competition is already starting to increase.
In your 2018 report, OVO claims that it created it for a 1B transaction or increased 75x from 1 November Zinc. Meanwhile, Danariat received 1 1 1 month user in 3.5 months and recently joined it in ratings #1 App Store after 11.11 large promotion. The other player from the T-Cash mobile bat, the largest mobile operator in Indonesia, is the E-wallet service of the Telecomomsale, which recently opened E-wallet for competitive customers. T-Cash calculates 20 meters for registered users (only 4 meters for active users).
Meanwhile, there is also strong growth of alternative debt, the 2018 PfintacPLtform in 2017 is delivered to $ 1.4b in $ 182. Indonesia’s financial services have already begun to close the selected registration process and close the firm. It continues to function.
Spaceis still in the beginning of his evolution, in the beginning of his evolution, the BC series has already expanded by many optional loan loan firms in Indonesia, including Yuangtaman, Modelku, Credivo and Investtry.
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The Indonesian insurance industry still has the same level of competition or investment payments or loans. This analysis focuses on where insurance innovation is taking place in the market today and where it is moving.
According to Ozake data, insurance literacy in Indonesia fell from 5.9.9% to 5.9.9% in 2017 by 5.8.8%. 444 I am the smallest among the world’s full insurance access to the people of the world.
Today, life insurance is a dominant part of Indonesia and is part of the two -head area. In life insurance premises below. Indonesia is runner -up in the fastest growing P&C market, and according to Munich Raye, life is the fastest growing market for premium.
As Indonesia already has current customers, the main way of insurance growth in Indonesia is bankruptcy (insurance companies selling products through partnerships with banks). According to Oxford Business Group, the traditional agency increased by 74% by Banksurons channel in 2016. 6% in traditional agencies. Recent M & A deals include foreign insured including the acquisition of Adira Insurance and the acquisition of FWD Group, including the acquisition of the Commonwealth Bank of the Commonwealth of the Australian Indonesian Life Insurance Units in Australia.
Penghargaan Pt Chubb Life Insurance Indonesia
In the case of health insurance, more than 90 meters are registered for the Mandatory Health Insurance Scheme in the country of Indonesia, which is managed by Badan Penillanagar Janan Social (BPJs). Phjscovers exclude medical and non-medical benefits but does not include services such as estate, orthodontics, infertility treatment and drug rehabilitation. BPJS includes slightly passive participants and a great deficiency.
When thinking about who can sell insurance in Indonesia, the limits may be opaque. The insurance agent in Indonesia can only represent an insurance company, and a broker can represent more than one carrier. But agents can play in gray areas by bringing multiple insurance companies through different media. This problem has made new difficulties with online marketing and reference services because people who do not use websites and blogs to advertise the brand.
To date, many high -tech beginners operating in the area of insurance on Cotenson financial has focused on providing an online destination to purchase insurance products from licensed brokers. However, a financial comparison such as Experian-Baccadi 88 technology focused on simple financial and banking products.
Looking at the country’s current landscape, there are five themes when insurers in Indonesia are about the future of innovation.
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The entrepreneur is trying to take and create various high -tech business models in the Indonesian market. Two initial examples of this areslakranpolis.
Established in 2015, slicing from Gosto models in the United States, and a mix of automated software tools for small businesses for ad, salary and business processing. Today, Sleeker works with 10, 000 small firms in Indonesia, and cuts $ 1 to $ 2 per person every employee.
In the future, a slecker may be a financial services distributor with health insurance. This Gusto broker is the same as how medical, vision and dental coverage, but in this sense it is different that small businesses, who are avoiding go to the BPJs government program, will sell group health insurance.
Meanwhile, Pasarpolis gets loans from the B2B2C model of China in China and is in partnership with different platforms in the Go-Jake region, Tokopidia, Traveloca and JDID. For example, Pasperpolis 250, 000 Micro-Jerk policies sold a Go-Zek lake of 800, 000 driver. Like Zong the, it offers back shipping and flight delayed insurance products by Pasarpolis ecommerce partners and requires 1 meter strategies per month of 100 meters per month. Most of these policies cost $ 1 or less.
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The current model of pasarpolis operates around a large number of high -tech services. For example, insurance companies pay some of the pasharpolis to demand management, and in exchange for their tasks as an alternative to the process procedure. This is much different from the Zong’s model, which works as a licensed insurance.
There are two potential challenges whether Pasperpolis must change its model to act as a licensed distributor in the therapy, and Zong n must change (or able) to offer more traditional insurance to the online economy. Pasperpolis has increased significantly, and its potential sizes are also limited. Note that GMV market T-1-commerce of China, where Zong plays, 37x more than current digital economy of Indonesia. In addition, the strategic partner of Jek, Tokapidia, Andatravallocore equity owners, who can create conflict for future growth potential (eg partner with competitors) in pasarpolis.
Over time, more insurance business models in the US and China will come to Indonesia. One possibility is the Chinese mutual platform to Likeshiidhuzu, which helps patients to tackle medical fees and distribute traditional health insurance products to a member of about 60 meters.
In Indonesia, offline routes are of significant importance and the channels on board in digital financial services have permanent customers.
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It was explained in the 2017 acquisition of the Grab, boot offline to line payments, more than $ 100m. Kudo provides a cash payment system and a network of a few hundred thousand agents by partnerships with companies such as Buclax, Lazada, Indosat and Lion.
Recently, use a network of bank agents from Tiger Global and DST 21 million and more than 1 meter from DST to serve as an intermediary between the customers and the bank. Payfzagages acts as banking touch points and make cash deposits for payfaz balance that can be used to pay bills and other costs.
Innovation will also be an important factor in the offline channel for insurance entrepreneurs in Indonesia. For example, small businesses of Indonesia are not completely comfortable with online mother models -prefer to set them up alone. And despite the emergence of big platforms such as Go-Jake, Travelloka and Tokypidia, many transactions were still offline by presenting opportunities for new B2B2C insurance insurance firms to target offline retailers such as travel agencies.
Another opportunity is to use the network of agents to sell micro -processing policy to reduce the cost of the same customer acquisition costs and upsel service. Finally, some beginners cut sales such as Sequiya Capital-Bakadoka, $ 10 per month, so there is also a possibility that future debt and bundled opportunities will be in insurance.
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Traditional insurance brokers in Indonesia, particularly in favor of large companies, ignore the country’s 60 meter businesses and create opportunities for start -ups. Successful outdoor sales boot to focus on small businesses in Indonesia, partnerships with paid digital and commercial marketing organizations, e -commerce platforms (which have a large number of small business traders. HR/Perol.
While a digital wallet is growing
