Policy Transfer Hasn't Worked Perfectly, Erick Apologizes To Ex-Jiwasraya Customers

Minister of SOEs, Erick Thohir. (Photo: Doc. Antara)

JAKARTA - Minister of State-Owned Enterprises (BUMN) Erick Thohir apologized to the customers of former Jiwasraya policyholders. This is because the process of transferring the policy to PT Asuransi Jiwa IFG (IFG Life) is not optimal.

"Once again, for the policyholders, I thank you. I also apologize if our improvement in terms of good corporate governance is not perfect," he said during the policy transfer ceremony, at the Financial Hall, Graha CIMB Niaga, Jakarta, Wednesday, December 22.

Furthermore, Erick said that initially the Jiwasraya and Asabri cases were not included in the key performance indicators or KPIs set by President Joko Widodo (Jokowi). However, after holding an internal meeting, said Erick, it was revealed that improvements were needed in the bodies of the two-state insurance companies.

"At that time we conveyed to the President and fully supported what had to be done. But during an internal meeting, it turned out that there were several other things in BUMN that had to be improved. One of them was Jiwasraya and Asabri," he said.

Erick said that the problem must be resolved to restore public trust. Because the insurance business is a trust business.

Furthermore, said Erick, without trust, the business world and programs related to the community will disappear.

"From the start, our intention was to earn the trust that the state is present and the insurance business is a business of trust," he said.

Meanwhile, Deputy President Director of IFG and Head of the PMO Restructuring Team, Hexana Tri Sasongko, emphasized that the restructuring process had reached the final stage.

Hexana said, the majority of policyholders agreed to the proposed restructuring scheme. The details are that 3,398 corporate policyholders or 99.3 percent approved the restructuring. Then, for retail shareholders, the restructuring scheme was approved by 162,876 retailers or equivalent to 99.8 percent.

Then, continued Hexana, for bancassurance, the restructuring was approved by 16,935 parties or 98.3 percent. In order to strengthen IFG Life's capital structure, IFG has received a mandate in the form of a State Capital Statement (PMN) of Rp20 trillion and fundraising of Rp6.7 trillion.

"The settlement process, of course, takes time due to a large number of policyholders. However, the restructuring acceleration team ensures that all ex-Jiwasraya customers who have been transferred will receive optimal service," he said.

On the same occasion, IFG President Director Robertus Billitea said his party was committed to completing the process of transferring customer policies to former PT Asuransi Jiwasraya (Jiwasraya) customers in accordance with the terms and conditions stated on each policy.

According to Robertus, the transfer process begins with the company's proactive steps in contacting each ex-Jiasraya customer to complete the transfer process while at the same time ensuring the company's excellent service to policyholders on an ongoing basis.

In order to strengthen IFG Life's capital structure, said Robertus, IFG has received a mandate in the form of State Equity Participation (PMN) of Rp20 trillion and fundraising of Rp6.7 trillion.

"Learning from several unfavorable conditions in the previous industry, the company's portfolio will be managed professionally and accountably so that the company's financial health is always maintained. IFG Life is expected to be a role model for a healthy and sustainable life insurance company," said Robertus.

As is known, based on the letter from the Financial Services Authority (OJK) Number S-387/NB.2/2021, IFG Life has begun to accept policy transfers from Jiwasraya. In the process, the transferred policy has been carried out due diligence to ensure that the policy transferred is in accordance with the applicable laws and regulations and mitigates all risks that have the potential to affect the financial feasibility, operations, and going concern of IFG Life's business activities.