INDONESIA - TAKEFUL - Asuransi Takaful eyes IDR1 trillion premium in 2012

www.bisnis.com - JAKARTA: PT Asuransi Takaful Indonesia eyes IDR1 trillion of premiums next year, or 173.97% higher from the projection for the end of this year at IDR365 billion.

 

In order to achieve the target, the company will add another 4,000 agents, bringing the total of 10,000 agents, Asuransi Takaful Indonesia Operational Director Ronny Achmad Iskandar said.

 

Currently, Takaful owns 5,700 agents with active ratio level reaches 25%.  (source)

 

“We want to have 10,000 agents next year with better active ratio level. We are optimistic it will reach 40% through training and development. Thus, the next year’s premiums are expected to reach IDR1 trillion,” he said yesterday.

 

The more agents are expected to boost the number of individual policy holders to 200,000 next year, from currently 80,000. Takaful owns 1.58 million policy holders from three distribution channels.

 

From such figure, 80,000 individual customers grabbed through agency distribution line, 500,000 customers through bancassurance, and 1 million from corporate insurance.

 

These participants contributed IDR328 billion of total premiums until November 2011, grew 20% from the same period last year. Meanwhile, the claim ratio until that period reached 40%.

 

 

Retail

 

Around 45% of the total premiums derived from retail segment through the agency. Such portion will be boosted to 60% next year.

 

Ronny claimed the insurance sold through agent has a better persistency rate. Therefore, the company planned to boost such persistency rate up to 80% next year.

 

“We want to enlarge retail segment for it has a long term payment; monthly, quarterly, or in semester. It’s good to maintain persistency. As consequences, the fee [ujroh] will be better and ultimately helps the bottom line,” he said.

 

Around 70% of Takaful customers, he added, pay their policies monthly. Thus, the company will provide convenience for policy payment through autodebet, internet banking, mobile banking, and host to host payment system.

 

In overall, Takaful’s assest grew 17.5% to IDR940 billion until November 2011 from IDR800 billion in the same period last year. Around IDR651 billion or 69.25% of the total assest were invested with 8% yield. (t06/ags)

 

Source :  http://www.bisnis.com/articles/asuransi-takaful-eyes-idr1-trillion-premium-next-year - Jan 28, 2012