IFG Encourages IKNB Transformation Through Three Initiatives

Illustration. (Photo: Doc. Antara)

JAKARTA - Indonesia Financial Group (IFG), Holding BUMN Insurance, Guarantee, and Investment is optimistic that they will contribute to carrying out transformation in building Non-Bank Financial Industry (IKNB) through three initiatives.

IFG President Director Hexana Tri Sasongko said IFG is determined to be the driving force for the realization of a strong, healthy, sustainable, and positive IKNB and contribute to Indonesia's economic growth on its fourth anniversary.

"This optimism and determination can be achieved because we put forward three initiatives to strengthen the influence and competitiveness of IFG in the domestic market, as well as build a solid foundation in terms of healthy and sustainable business sustainability through measurable innovation, solid business model, and proper risk management management," said Hexana in a statement in Jakarta, quoted from Antara, Monday, March 18.

Hexana explained that the three main initiatives include increasing the market share of the general insurance business and becoming the number one market leader in the targeted business line.

This can be achieved by relying on synergies between holding members, who currently position IFG as the largest non-sidual insurance company in Indonesia.

Furthermore, the second initiative is to ensure a profitable and sustainable business through targeting the transformation of business models and innovations for all holding members.

In an effort to adapt to rapid changes in the industry, IFG is taking proactive steps to change business models by introducing relevant innovations.

"One of the things we are developing and strengthening is the role of insurance companies in the IFG ecosystem which must be able to play a risk manager partner for partners and customers," said Hexana.

Apart from being a risk manager partner, another innovation is the implementation of the preferred bancassurance partnership for holding members engaged in life insurance, and product issuance in capital and investment market holding members that can provide exact and added-value solutions based on customer needs.

Meanwhile, the third initiative is to ensure operational excellence by utilizing information technology. The reason is, operational excellence is a basic necessity in competing in the market and achieving sustainable business growth.

This year IFG will digitize integrated business processes in the IFG ecosystem, so that IT can be the main driver to increase IFG's competitiveness and contribution to IKNB.