Insurance Industry Rises in 2022 Indonesia Prediction
Insurance Industry Rises in 2022 - PT Zurich Insurance Indonesia, Tbk (Zurich) projects promising opportunities for the general insurance industry in Indonesia by 2022.
This includes seeing Zurich's positive performance throughout 2021, accompanied by economic conditions that are starting to recover, and increasing public awareness of the importance of insurance since the COVID-19 pandemic.
To maximize this potential, Zurich has prepared a strategy business with a customer-focused approach, which was delivered at a discussion entitled "General Insurance Outlook: Opportunities and Challenges After the Covid-19 Pandemic."
Indonesian General Insurance Association recorded general insurance premium income until the third quarter of 2021 of Rp 55.1 trillion, growing by 2.2 percent compared to the same period last year of Rp 53.8 trillion, which further demonstrates the industry's ability to maintain positive performance during the pandemic.
Throughout 2021, Zurich also experienced positive trends in its business beyond the industry average. In Q3 2021, Zurich recorded a gross premium income (GWP) growth of 5 percent compared to the same period in 2020.
Hassan Karim, President Director of Zurich Asuransi Indonesia revealed, of course, that these two years are full of challenges for the community and many businesses, but it is optimistic that the industry will continue to grow next year.
"This positive growth reflects two things. First, the performance of Zurich and the general insurance industry for the past two years; Second, from the pandemic, we are seeing increasing public awareness of the importance of protecting various elements in life, ranging from health to property assets. This condition also provides strategic opportunities for the general insurance industry in 2022," he explained, Wednesday (15/12/2021).
One of the potentials for Zurich with the recovery of economic activity is in the field of transportation, especially for domestic travel.
Meanwhile, Wayan Pariama, Director of Zurich Asuransi Indonesia said, the restoration of community mobilization also increases the need for comprehensive protection, including the risks caused by the pandemic.
"Name this pandemic situation has also changed customer behavior and insurance companies must continue to innovate to provide the best protection for the community," he added.
Road Map
To optimize that potential, Zurich has prepared a comprehensive strategy roadmap with a customer-focused approach.
Hassan said Zurich will start 2022 with two strategies. First, Zurich is ready to present new products tailored to people's needs through research.
"One of them is Zurich Travel Insurance, a comprehensive and flexible travel insurance designed to answer people's unique needs and preferences," he said.
Zurich Travel Insurance provides comprehensive protection against various types of risks, even for extreme sports and adventure activities, both for domestic and international travel, as well as the protective benefits of Covid-19.
"Second, Zurich will strengthen digital excellence and data analytics to provide a better proposition and deliver a comfortable insurance experience, from access to easy products to a smooth claims process."
"This is a very crucial moment for insurance industry players. The economic recovery and increasing public awareness of insurance provide a huge opportunity for the insurance industry. However, insurance industry players also need to implement a new approach in their business. For Zurich, putting customers first has been part of our DNA since its inception. Our mission is to provide the right protection for the people of Indonesia," concluded Wayan.