Not Yet As Banking, The Insurance Industry Still Has A Seabrek Problem

IFG Corporate Secretary Oktarina Dwidya Sistha (Photo: IFG)

JAKARTA - Indonesia Financial Group (IFG), Holding BUMN Asuransi, Guarantee, and Investment stated that the Non-Bank Financial Industry (IKNB), especially insurance, is still facing various challenges in future development efforts.

IFG Corporate Secretary Oktarina Dwidya Sistha said that one of the focuses is how to encourage business transformation.

"The dynamics that are usually faced are how we expand insurance literacy and inclusion," he said at a press conference in Jakarta on Wednesday, September 13.

According to Sistha, the low level of literacy makes IKNB still under other financial sectors which are classified as quite massive and well established.

"We still need improvement steps to be comparable to the banking industry," he said.

Sistha admitted that the insurance sector policy still requires improvising the regulation framework & minimum capital so that it can be equal to the banking sector.

"In addition, we need to improve our insurance reputation due to previous bad precedents, and need to strengthen the implementation of best practices in the insurance industry and pension funds," he said.

"Therefore, joint efforts are needed for all stakeholders and players in the financial industry to jointly strengthen the insurance sector and pension funds as one of the financial instruments that provides protection and a sense of security for the community," continued Sistha.

To achieve this goal, the Indonesia Financial Group took the initiative to hold the IFG International Conference 2023 as The Most Progressive International Conference of Insurance and Pension Fund in Indonesia. The agenda is planned to last for two days, on 19 - 20 September 2023, at the Shangri La Hotel, Jakarta.

"Through the IFG International Conference, it is hoped that it can become a joint event to get the latest insight and updates regarding the insurance industry and pension funds," he concluded.