Depok-Insurance and Actuarial Administration study program, Vocational Education Program, Universitas Indonesia (UI) held a public lecture with the theme “Potential Development in Insurance in Indonesia” on November 28, 2022. The public lecture was attended by important influential figures in the insurance world as the main speakers, namely the Chairman of the Indonesian Insurance Council, Tatang Nurhidayat, S.Kel, M.E., AIIS, QRGP; Chairman of the Association of Indonesian Insurance Management Experts (AAMAI), Dr. Robby Loho, APAI, CIIB, AAI-K, QIP, ICBU, ICPU, CPIE, AMRP, FMII, ANZIIF (Snr. Assoc) CIP; and Executive Director of the Indonesian Actuary Association (PAI), Dr. Handayani, S.Si., MM., MHP., HIA., FLMI., AFSI., AAK., AAIJ., AMRP., FSAI. In addition, Asep Suwondo, MSc., FSAI., AAIJ., Director of Statistics and Information on IKNB from the Financial Services Authority, also conveyed keynote speech in the public lecture.
Asep said that the industrial revolution 4.0 had an effect on business development. This has an impact on all industrial sectors, including the insurance industry. The potential of the Indonesian insurance industry is strengthened by the existence of insurable technology. “The synchronization of big data, HR, and computer technology will create opportunities for insurance companies to see business potential and product innovations aimed at generating profits. The benefits of Big Data in the insurance industry can be used for marketing, countering fraud, investigations, product design, and customer behavior analysis,” said Asep.
(Photo: Asep giving the keynote speech at the public lecture)
In the presentation delivered by Tatang, he said that the International Monetary Fund (IMF) and the World Bank estimated that economic conditions would experience a slowdown in 2023. This condition actually has two sides, namely creating challenges as well as opportunities in the insurance industry. One of them is people’s purchasing power will decrease. On the other hand, the economic crisis can also result in high awareness of financial risks. “There are four main roles of insurance for society and the economy, namely encouraging economic growth; financial risk mitigation; generate financial resources; and provide peaceful of mind,” said Tatang.
(Photo: Tatang informs the four main roles of insurance for society and the economy)
In the same activity, Robby provided information about the current insurance industry ecosystem in Indonesia. He said, “Insurance and reinsurance companies in Indonesia have not experienced any significant changes over the past five years. However, at the same time, new certified general insurance agents have decreased. As of June 2022, the number of new general insurance agents who are certified has touched half of the previous year’s number.”
(Photo: Robby conveys the current ecosystem of the insurance industry in Indonesia)
Robby also invited students to take a certification exam in order to become workers in the insurance industry. It is because the performance of the insurance industry has increased quite a bit over the past few years.
(Photo: Handayani explains the high level of demand for insurance human resources in Indonesia)
In line with Robby’s opinion, Handayani said that the insurance industry has many job opportunities and prospects that are not limited to insurance agents. To support a career in insurance, there are several institutions that provide certifications that focus on their respective professions, including AAMAI and PAI. “One of the professions in the insurance industry is an actuary. Indonesia’s need for actuaries is still relatively large, based on data on the number of actuaries registered in Indonesia, which only accounts for approximately 51 percent of the total need. Actuaries do not only work in the insurance industry, but also in other financial institutions or government agencies, such as the OJK and the Ministry of Finance,” said Handayani.
