Thursday, 2 February 2023,
CNBC Indonesia again invited Mr. Samdarshi Sumit as the President Director of PFI Mega Life to be a speaker at the Power Lunch program in the Money Talks segment. The event was broadcast live directly from the CNBC Building hosted by Safrina Nasution.
The broadcast which is presented in about 30 minutes contains a lot of informative things put forward by Mr. Sam, his nickname, starting from the impact felt after the revocation of PPKM, expectations for PFI Mega Life's growth in 2023, the agency as a new channel in the company, the development of digital insurance, and other things that will be summarized in this article.
The pandemic that occurred over the last two years was a period full of challenges, but Mr. Sam also sees this as an opportunity where life insurance companies remain committed to protecting their customers. Commitment to paying claims and educating about the benefits of insurance as a long-term product makes people more aware of the importance of insurance. Even in the midst of a pandemic, the company was able to close 2021 on a positive note.
"As we know that PPKM has been revoked for some time, of course for companies engaged in the life insurance sector this is a momentum that should be utilized, where company representatives can meet with customers and take a direct approach, especially in determining customer needs through financial analysis." , said Mr. Sam.
Mr. Sam believes that 2023 will provide positive premium growth for the life insurance industry, even the company's performance is expected to grow by 25% while for the market it is estimated to reach 10% growth. PFI Mega Life still relies on contributions of around 80% from Banccasurance, because the company is still in the early stages of building an agency. "The agency owned by PFI Mega Life was formed by taking into account the quality of individual marketers, to avoid problems such as one of which is miss-selling," added Pak Sam.
The company is still optimistic about Unit Link products, according to Mr. Sam based on his experience working in Vietnam, Thailand and Indonesia, the Unit Link products are still quite attractive because the benefits provided in the next 15-20 years are still good and of course customers also have to really understand the product This and of course the company together with the company's marketers must understand the risk appetite of each customer. For this reason, companies are also required to conduct training for marketers to ensure whether the products offered are appropriate because they have their own long-term market share. Mr. Sam added that he is still optimistic about Unit Link product sales.
Mr. Sam also responded to why in Indonesia there is still a lack of awareness of the importance of insurance (literacy), this is caused by the per capita income of some people who are still below average, then the diversity of people who certainly have needs accompanied by different approaches, as well as marketers insurers who still do this work part time in selling insurance. This can be improved as Indonesia has the opportunity because it has become a leader in the e-economy, especially in digitalization which is considered to be a good opportunity, especially to carry out digital insurance marketing so that it is expected to be able to reach remote areas.
Further discussion regarding digital insurance is considered a good opportunity according to Mr. Sam, where it is easy for customers to access products that are more affordable, concise and easily understood by customers such as the digital platform recently launched by PFI Mega Life, namely Way.ID. "Back to customers if they want to choose products that are more tailored to their needs, we also have a team of consultants who are always available to discuss what products are right for customers and also have chatbots to serve customers if they have questions related to products or transactions. PFI Mega Life prioritizes what customers need as much as possible,” continued Mr. Sam.
Mr. Sam believes that the insurance business must be based on a sense of trust and reputation, and this is very important for the company as well in selecting marketers in the agency marketing channel that represents the PFI Mega Life brand. Our marketers are selected according to the desired target profile and are also given in-depth training not only on products but also on risk assessment, so they can adjust which product is right for customers. With the SEOJK regulation implemented by the OJK for investment-related insurance, Mr. Sam sees this regulation as very comprehensive and supportive from the product design to the sales process, including the security of customer data. It is felt that regulators have taken bold and strong steps to reform the insurance industry.
In closing, responding to a question from Safrina, regarding price wars in the insurance world, according to Mr Sam insurance is a long-term product whose results can only be enjoyed in real terms, for example 20 years later. "If our foundation in calculating a product is good and coupled with monitoring from the OJK on product sustainability, then this can be avoided. Do not forget that PFI Mega Life also reflects on JV partners who have experience and have been active for a long time in the insurance sector. Therefore PFI Mega Life as an insurance company is always optimistic and looks at the long term sustainability in running its business especially this is an insurance business.”, concluded Mr. Sam.
PT PFI Mega Life Insurance is licensed and supervised by the Financial Services Authority (OJK)
About PFI Mega Life
Established in 2011, PT PFI Mega Life Insurance is a joint venture with a new structure that combines the global expertise of Prudential Financial Inc., with the strength of CT Corpora's local market network. PFI Mega Life provides a complete range of life insurance products to serve a wide range of customers, from large corporations to individuals. Its product offerings include insurance products linked to investment and credit shield insurance. PFI Mega Life's products and services are distributed through various channels, including bancassurance, telemarketing and retail.
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