Toward Sustainable Future and Inclusive Growth, The 26th INDONESIA RENDEZVOUS

IFC session panel participants
An International Insurance Gathering

The Asosiasi Asuransi Umum Indonesia, the General Insurance Association of Indonesia, brought together regulators, practitioners, local and international (re)insurance companies at the 26th Indonesia Rendezvous conference held in Indonesia between 12-15 October. The theme of this year's gathering ‘Toward Sustainable Future and Inclusive Growth’ is in line with the main theme of G20 Presidency of Indonesia ‘Recover Together, Recover Stronger.’ The G20 Presidency theme is a reflection of the pressure the world has been under due to the COVID-19 pandemic, and it emphasizes the importance of joint and inclusive efforts in finding solutions for recovery. The International Insurance Gathering conference in Indonesia carries the spirit of ‘recover together’ by working in close collaboration with the insurance community to deliver for customers and to provide comfort and peace of mind for a variety of risks they face in a changing world.

In this year’s gathering, IFC hosted a session with the participation Mr. Vikra Ijas (Kitabisa), Mr. Mathieu Guiraud (Roojai) and Mr. Sunny T. Yap (Roland Berger). Moderation was conducted by our colleague, Mr. Zeeshan Vazeer and and Mr. James Smouse offered welcoming remarks at the beginning. The session focused on the insurance sector in Indonesia, current challenges and new trends, opportunities in this business line. Regarding the event and referring to the Covid-19 challenges, Mr. Guiraud highlights “The usual emerging market appetite for growth was more than ever a reality after such a setback... and business-wise, it was impressive how the topic of digitalization has dominated the discussion.”

The event offered an important platform to show not only the value that insurance can provide to customers, but also the responsibility that companies carry towards them, especially in times of economic challenges such as the difficulties experienced with the pandemic, where trust, professionalism and suitable, diverse delivery models could help clients.  In addition, in his speech, Mr. Smouse emphasized the importance of women in insurance, climate finance and technology have in opening up new avenues for growth in the insurance sector.

One of the main messages at the end of these sessions was the need for the industry to come together so they can grow stronger for the benefit of customers and the industry itself. With this goal in mind, Mr. Vikra Ijas states “I am hopeful with Indonesia’s insurance future especially if players can take a more local approach to market insurance. For instance, leveraging our gotong-royong spirit which is in alignment with the true nature of insurance. I am also optimistic that when used right, digital channels will ultimately make insurance much more accessible and inclusive for the uninsured and the underserved micro segment.” As closing thoughts, Mr. Guiraud adds “Industry-wide, we appreciate the strong signal sent by the new OJK commissioner Bpk Ogi Prastomiyono to reinforce regulations and controls of financial stability to face the complex worldwide economic period. Finally, we were all pleased to see the resilience of the Indonesian economy (3,7% growth above the 3,44 % consensus) and the +28% growth YOY for protection insurance and +19% for motor.”

Photo: Mathieu Guiraud, CEO Roojai