Official! OJK Launches Roadmap For Strengthening And Development Of The Insurance Sector 2023-2027

Launch of the Roadmap for Strengthening and Development of the Insurance Sector 2023-2027 (Photo: Aris Nurjani/VOI)

The Financial Services Authority (OJK) has officially launched a Roadmap for Strengthening and Development of the Insurance Sector 2023-2027 which involves all stakeholders, both from industry associations, professions, as well as related ministries and institutions.

OJK compiled the guidelines together with the Indonesian Life Insurance Association (AAJI), the Indonesian General Insurance Association (AUI), the Indonesian Sharia Insurance Association (AASI), the Indonesian Insurance and Insurance Company Association (APPARINDO), and the Indonesian Insurance Losses Assessment Association (APKAI).

OJK compiled this industrial reform framework based on four pillars, namely strengthening capital and market building, strengthening governance and risk management, strengthening the industrial ecosystem, and implementing best practices and international standards.

Head of the OJK IKNB Department and Development, Djenieri said that the launch of the roadmap is to encourage the function of insurance company associations, reinsurance companies associations, and supporting associations to move forward in the next 5 years.

"We have to move for the next 5 weeks. The construction of this roadmap or blue print involves many parties," he explained at the launching of the Roadmap for Strengthening and Development of the Insurance Sector, Monday, October 23.

According to Djonieri, if the roadmap is successful, it must involve all stakeholders, both from industry associations, professions, as well as related ministries and institutions. In addition, it also includes reviewers from the world bank and the pospera as quality control to review and add the necessary points.

"To produce a roadmap, the methodology we created is not kidding we are tapering from the association side and asking consultants to do a survey of what the insurance industry needs, so we are working around all the information we get and do convergence with insurance associations," he explained.

Djonieri added that in the Roadmap for Strengthening and Development of the Insurance Sector 2023-2027, there are three phases, namely starting from strengthening the foundation, consolidating and creating momentum, as well as adjusting and growth.

According to Djonieri, in implementing the roadmap, a task force will be made from a blue print so that all indicators in the roadmap will be monitored.

"Everything we agree on together will be executed correctly and according to the designed roadmap. In addition, the task force will be from the OJK and associations," he said.

Meanwhile, the Chief Executive of the OJK Insurance, Guarantee and Pension Fund, Ogi Prastomiyono, said that so far his party has made many improvements in the insurance industry.

Therefore, Ogi said that a roadmap for the development and strengthening of the insurance industry is needed. And it requires the same vision and mission in the insurance industry to transform the insurance industry in the future to make improvements.

Ogi added that OJK must take a firm stance against companies in insurance that violate, be it insurance companies or public accounting offices.

"At the same time, we also have to build a healthier and stronger insurance industry in the long term," he explained.

Chairman of the OJK Board of Commissioners, Mahendra Siregar, said that there are no days in the OJK, in RDK, without insurance. Since the first day, so now it's 1 year and 4 months, we are without talking about insurance.

What we want to do is restore this insurance confidence. Because the problem at this time is indeed a conflict problem," he said.