PT Asuransi Jiwa Sinarmas MSIG (Sinarmas MSIG Life) will reduce products with a single premium payment model (single premium) and will increase the regular premium (periodic premium). This is part of the company's strategy in an effort to improve business quality towards the GREAT 2025 vision.
President Director of Sinarmas MSIG Life, Wianto Chen, said the reduction of single premium products has become part of the company's long-term plan to focus on retail products, as well as protection, so that there are only a few single premium products. The reduction of single premium products is also part of reducing dependence on market conditions and anticipation for PAYDI.
"But that doesn't mean we won't sell saving products (with a single premium), we will Wianto during a virtual 2022 Public Expose, Wednesday (22/6).
Director of Sinarmas MSIG Life Herman Sulistyo said, single premium products will be reduced by around 30%, and this process does not mean closing this product, but it will decrease marketing activities so that it will decrease by itself "To cover the gap that occurs from this product reduction, we will launch innovative products so that the company will continue to maintain the achievement of its new premiums,” he said.
In his presentation, Herman explained that during 2021, business profits from periodic premiums showed an increasing trend and it was recorded that during 2021 it grew 25.1% from IDR 275 billion to IDR 344 billion.
Second Phase
On the occasion of the public presentation, Wianto also conveyed a follow-up plan for the company's transformation process which will enter the second phase next year. Meanwhile, in the first phase (2021-2022) Sinarmas MSIG Life is considered to have run quite well and has a strong foundation to continue to the next step or second phase (2023-2025).
In this first phase, Sinarmas MSIG Life has three pillars, namely Expand to Grow, Excellent Service & Support, and Solid Financial & Governance. The three pillars, said Wianto, have been carried out through various initiatives and the results can be seen in the performance in 2021.
“The first phase (2021-2022) of this strategy has seen us run well and successfully and strengthen the foundation to start the transformation of sustainable business growth. Soon, we will enter the second phase (2023-2025) namely the acceleration and optimization of all business lines which we call GREAT 2025 which focuses on Grow Sustainable Business - Excellent Services - As Trusted Partner to achieve our strategic goals in 2025 and sustainable business growth. sustainable,” said Wianto.
Herman Sulistyo revealed, through the Expand to Grow strategy, the Company managed to achieve business growth that exceeded expectations in 2021 with Annualized Premium Equivalent (APE) growth, especially through the agency business channel which reached more than 85%, and the Bancassurance business line which grew more than 35%. The company also succeeded in reducing the cost ratio by 16%, but in fact was able to increase employee productivity by up to 31%. On the other hand, the company's commitment to providing protection to customers is also manifested by the number of claims and benefits payments which reached Rp2.3 trillion.
In order to face challenges and adapt to the digitalization trend, Sinarmas MSIG Life has prepared a digital infrastructure and platform. According to Sinarmas MSIG Director Andrew Bain, the company has set a medium-term blueprint to introduce a Digital Ecosystem called COSMOS which functions as the basic infrastructure that can accommodate various integrated systems and applications. “Throughout 2021, Sinarmas MSIG Life has introduced 3 digital applications, namely VEGA which is designed as a solution to help customers, ORION for the needs of marketers, and CERES as an application to support employee productivity. These three apps are part of the Company's new digital ecosystem.” he said.
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