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DEFINITESURANCE Navigating Through the Insurance Industry TidesSyndicate 4 : Rafael, Pramadona, Rieke, Joseph, Rachmi, Yunus
The Issues O The Definite Insurance Indonesia’s market share and the income have been declining O Rising amount of insurance brokers results in tighter competition O Low awareness of insurance in Indonesia O Weak communication towards the customers O Lack of skills of the employees (marketing and broker)
Status Quo AnalysisO Lack of transparency, leading to lack of consumer’s confidenceO Ratio of insured to uninsured people in Indonesia was 1 : 7O Ratio of brokers to consumers was 1 : 1500O Insurance sector asset contributed 2.8% of total GDPO PP 63/1999 ----- > requirement of minimum paid in capital. General insurance stated lower than 100 billion (2005).O In 2005 growth of GDP was 18.53%, increasing number of gross premium income of insurance industry 10%, decreasing ratio of gross premium to GDP 1.88% to 1.66%
Status Quo AnalysisO General and Life Insurance General Insurance Life Insurance1. In 2005 : 1. In 2005:- Claims paid increased 47.7% - Claims paid increased 28.3%- Percentage of gross premium was - Revenue increased from 2004 4% (33%) to 2005 (22%)2. Shift to retail sector such as - Gross premium was 20% automotive and property 2. Less than 10 companies in insurance Indonesia3. In 2006 : 3. Offered investment option- Premium income’s growth only 4. Insurance product distribution 3.6% channels were expanded and4. 92 general insurance companies in provided easy acces (term Indonesia bancassurance) 5. In 2006 : premium income growth was 23.15% from previous year
Status Quo AnalysisO Company Analysis : Definitesurance O One of insurance broker companies in Indonesia O Acting on behalf of corporate clients to secure general insurance product O 20 to 30 reputable companies were brokered by Definitesurance O Doing both smaller and larger projects O Employed 50 employees with 10 certified insurance brokers
• Promotion• Established good reputation through costumer satisfaction through word of mouth• High importance on establishing long-term relationship with clients• Maximize its current relationships with clients• Provide excellent service• Maximize amount of coverage• People • Employed brokers who have marketing and product knowledge as well as softskill to approach clients • They have interpersonal relationship among the employees, supervisors, and subordinates
The Challenge O How can the company increase the market share and income? O How can the company outcompete the other competitors? O How can the company rise the awareness of the benefits of insurances? O How can the company strengthen their communication and brand perception? O How can the company face the lack of skills of its employees?
SolutionsO Create a distinctive and solid brand imageO Training of the employeesO Make new branches of company in other cities to be closer to the clients and to expand the company market, not only in general insurance but also in life insuranceO Therefore we need to hire new certified brokers
Creating solid Brand Image O Use good reputation for a communication campaign to form a distinctive brand image O Give education to people about the benefit of having Definitsurance as insurance broker O Expanding the network with customers and clients O Forming a trustfull brand image with a new rewarding system, to thank long-time clients for the long relationship O Increasing loyality through rewarding system and offering the specific type of insurance that clients need O Make the claiming process more transparent
Training of the employeesO Training of the marketing staff, which requires new skillsO Training of the brokers so they can excell on the two skills (soft skills and product skills)O Always give the best solution for clients to choose the right insurance they need