Insurance Kitabisa Hadir Untuk Menyembuat Semangat Berasuransi

Photo: Special

JAKARTA - After a decade of being present as a digital help-help ecosystem in Indonesia, Kitabisa is now officially entering the insurance industry with the name PT Asuransi Jiwa Syariah Kitabisa ( Kitabisa Insurance), and carries a mission to restore the spirit of protecting each other in insurance products.

Insurance Kita can be present as a pioneer to return insurance to its roots, namely as a practice of helping and protecting each other. Asuransi CEO Kitabisa Bryan Silfatsu explained, the insurance practice is basically a group of people who take care of each other when there is a disaster, which is in line with the help and help that we can facilitate on digital platforms.

"We can take a new approach in the insurance industry by emphasizing the spirit of help and help. Providing education that insurance is not only about financial risks, but also about building communities that help each other and share burdens together," he explained to the media in Jakarta, Wednesday, October 9.

Our insurance can start from the help-help program between Kitabisa donors under the name Mutual Care in 2019. Along the way, Kitabisa as a platform that has become a bridge for goodness and a forum for digital help-help for Indonesian people to acquire PT Asuransi Jiwa Syariah Amanah Gita in 2023.

Sharia Life Insurance Amanah Witchha changed its name to PT Asuransi Jiwa Syariah Kitabisa and the company has obtained permits and is supervised by the Financial Services Authority (OJK). Bryan said that Asuransi Kita can get strong support from the Kitabisa ecosystem, which has more than a decade of experience in bridging the spirit of helping the digital community of Indonesia.

"With the support of the Kitabisa Group ecosystem, Insurance Kita can commit to providing more choices of help-help-based protection. The role of Insurance Kita can maintain the mandate of members, by ensuring that funds are managed transparently," he said.

Asuransi Kita bisa hadir untuk menjawab tantangan dan menangkap peluang industri asuransi Indonesia yang membutuhkan berbagai strategi pendalaman pasar. ASEAN Insurance Surveillance Report 2022 melaporkan pemanfaatan layanan asuransi di Indonesia masih berada di level 1,4 persen. Posisi itu berada di bawah Singapura dengan 12,5 persen, Malaysia dengan 3,8 persen, dan Thailand dengan 4,6 persen.

In line with the low use of insurance services, the Financial Services Authority (OJK) noted that insurance density in Indonesia is at the level of IDR 1,882,640 by the end of 2022. The authorities are targeting insurance densities to reach IDR 2,400,000.

Indonesia as the country with the largest Muslim population in the world holds great potential for sharia financial development. Sharia insurance products have also continued to grow since their launch.

OJK reports that Islamic life insurance assets contributed 5.6 percent to total life insurance in general in 2022. Meanwhile, general sharia insurance has a market share of 3.7 percent.

Furthermore, OJK reported that the contribution portion from sharia life insurance sales reached 11.8 percent. That position increased significantly from 5.8 percent 5 years earlier.

The great potential of Islamic finance in Indonesia encourages Kitabisa Insurance to contribute and innovate in providing services that are in accordance with sharia principles. However, Asuransi Kitabisa not only focuses on growth but also on good governance, transparency and sharia values.

Bryan said, Asuransi Kita can ensure that funds with members are managed in a trustworthy manner. The company utilizes digital technology to provide fast and easy access and transparency at every stage.

"With a mission to restore the spirit of protecting each other with insurance, Insurance Kita can commit to creating products with BASIC principles; Good, Simple, and Sophisticated. Good because the contract is help-help (tabarru'). Simple type of product that is marketed is how to join, and the claim process. Sophisticated because it uses technology to visualize the concept of help-help concretely. We hope that Insurance can bridge the spirit of protecting each other fairly and transparently," he explained.

Kita Asuransi products can be run according to sharia principles and starting from pure sharia life insurance products under the name Mutual Care for Families. Protection is available with a choice of compensation of up to IDR 2 billion. Not only compensation, but Asuransi Kitabisa can also provide corpse management services to financial planning assistance for the members left behind. In the nine months running, more than 20,000 members have joined.

"Members can monitor the transparency of the tabarru funds, the number of members who are helped, and process their claims digitally. We also get positive responses from members who feel they will not lose, because if they are affected by a disaster, they will be assisted, but if not, they can help other members. So the principle of help - helping is what we point out," he added.

Insurance Kita can be confident in being able to maintain positive growth in the future. This optimism is in line with the Kitabisa Group ecosystem and government support for the development of the sharia insurance industry, such as through the Indonesian Sharia Economic Master Plan.

The positive growth trend is reflected in the company's total assets, which rose 35 percent on an annual basis to Rp151.9 billion in 2023. In addition, the accumulated number of tabarru funds grew 8 percent year-on-year (yoy) to Rp13.8 billion.

Insurance Kita can be optimistic that we will be able to continue the positive growth trend in line with the support of the Kitabisa Group ecosystem and the development of digitalization through technology-based strengthening. Insurance Kita can believe that the presence of innovative products will be able to return insurance to its roots as a practice of helping fellow members.