In The Media | CSR
30 June 2022
Digitalization of the insurance industry is growing. This makes many companies must be able to compete in various effective ways to achieve strategic competitiveness and produce maximum profits. One that is not spared from the world of competition is the insurance industry that is now booming in Indonesia.
Lack of public understanding of insurance makes its own constraints in the world of insurance, this will happen to people's desire to buy insurance products is still low due to the lack of consumer interest in insurance. Therefore, this is a challenge for insurance companies to introduce more insurance products to the public by providing extensive information and benefits and is also supported by the transformation of this company in the face of digitalization.
Nevertheless there are still companies that consistently show their best performance over the years by continuing to grow positively so that they are able to carve achievements. This is what has again encouraged the implementation of the Indonesia Insurance Award-VIII-2019.
Entering the year of awarding in the future, the Economic Review magazine in cooperation with competent judges held a Workshop & Award for the Indonesia Insurance Award-VIII-2019, which this time was held with the theme "Challenges on Digital Transformation in Indonesia Insurance Industry".
Present in the organization of the Indonesia Insurance Award-VIII-2019, including the Rector of the Perbanas Institute -Prof. Dr. Hermanto Siregar, M. Ec, Executive Director of IPMI International Business School - Prof.Ir.M.Aman Wirakartakusumah, MSc, PhD and insurance company leaders along with other management.
Hj. Irlisa Rachmadiana, Founder of Economic Review "At present the leaders of insurance companies must be innovative and experienced in transforming traditional businesses into modern ones through digital, in order to be able to answer the needs of future customers. As we know, the use of information technology in the insurance industry has actually been done by many other insurance companies, but almost all of them are foreign companies. Therefore, the use of digital technology in national companies is appropriate in order to penetrate the market of the present or millennial".
It is said, each era of technology has its own challenges. Many consider the 4.0 industrial revolution to cause a lot of chaos. Actually, this will not happen if they are sensitive to change. This is the challenge. Every business must be sensitive to technological developments. If not, then they will not be able to survive.
Irlisa in his keynote speech explained "The toughest challenge is human resources. The quality of human resources inevitably must be improved. They must be technology literate. They should not be objects of internet technology but rather actors who control the internet".
Regarding IIA VIII-2019 assessment, Chairman of the Jury Dr.Herris B Simandjuntak, SE, MM said that the award was divided according to insurance company groupings based on: company assets, type of insurance (life, general, reinsurance) and ownership of company shares (government, SOEs, BUMN, BUMD, private companies).
In general, the jury considers that the performance of insurance companies this year is better than the previous year. Although it is not yet significant, this is probably due to the impact of the global situation which is still not conducive until now. Herris B. Simandjuntak said, "Even though the jury has worked hard to determine all nominees for the Indonesia Insurance Award VIII-2019 and have been selected based on an assessment of the company's financial performance 2018, using the calculation method and data analysis obtained from various sources, published data".
He added, there are important points that must be done by insurance companies going forward namely implementing the right corporate and business strategy. This can be done after the company has carried out an accurate (external and internal) environmental analysis.
Herris concluded "The implementation of the strategy must also be implemented by implementing GRC (Governance, Risk & Compliance) consistently. That is what I also emphasize to all IIA VIII-2019 winners to continue to improve their performance and implement GRC (Governance, Risk & Compliance) consistently".
The judges' decision IIA VIII-2019 is professional, independent, objective, in accordance with the expertise and experience of the jury. Nothing is associated with the ups and downs of the company's stock price. This jury's decision cannot be linked if it occurs with a civil, criminal case if there is an incident from the company concerned.