Great Eastern Life Indonesia And CTBC Bank Collaborate To Strengthen National Financial Inclusion

Great Eastern Life Indonesia and Bank CTBC Collaboration to Strengthen National Financial Inclusion (photo: dock. Public Relations)

JAKARTA The life insurance industry in Indonesia continues to show an important role in strengthening people's financial resilience.

Based on data from the Financial Services Authority (OJK) as of September 2024, the ratio of insurance penetration in Indonesia to Gross Domestic Product (GDP) has only reached 2.8 percent, far below Singapore (11.4 percent), and Malaysia (4.8 percent), which reflects the low public awareness of the importance of long-term financial protection.

Meanwhile, in the midst of this condition, the bancassurance channel remains the dominant distribution route in the life insurance industry.

The 2024 Full Year Life Insurance Industry Performance Report released by the Indonesian Life Insurance Association (AAJI) noted that the bancassurance route contributed 44 percent of this total premium income emphasized the importance of collaboration between insurance companies and banking institutions in expanding access to relevant financial protection communities.

Seeing this, Great Eastern Life Indonesia has formed a strategic partnership with Bank CTBC Indonesia through the launch of the GREAT Wealth Assurance product.

Director of Bancassurance Great Eastern Life Indonesia Sisca Then said that this product is a long-term life protection solution as well as inheritance planning, which provides coverage money up to 40 times that is paid for by Premi Tunggal, as well as a guaranteed return of 100 percent premium at the age of 65 years. This product can be accessed through all branch offices of Bank CTBC Indonesia.

"This product can be obtained at the branch office of Bank CTBC Indonesia," he explained in his statement, Friday, April 25.

Sisca said that Bank CTBC Indonesia was chosen as a strategic partner because it has a solid financial foundation and long-term commitment to customers, especially in the established corporate and individual segments.

As a subsidiary of CTBC Bank Co., Ltd. one of the largest banks in Taiwan with total assets reaching IDR 25.98 trillion, Bank CTBC Indonesia continues to strengthen its existence in the national financial industry through reliable and trusted services.

"This collaboration is in line with Great Eastern Life Indonesia's vision to become a leading financial solution provider known for its superiority in providing valuable protection for the people of Indonesia," he said.

Sisca said that the GREEN Wealth Assurance is designed to provide peace of mind today, as well as certainty and inheritance value for future generations because this product combines life-long life protection with simple planned financial benefits.

Sisca said that her party believed that the inheritance was not only a matter of material, but also about providing a maturely planned sense of security and love. Through GREAT Wealth Assurance.

"We want to help the community, especially Bank CTBC Indonesia customers, to start designing their family's future more certainly. This is a form of affection that is not only felt today, but also has an impact across generations," he said.

Meanwhile, the Chief of Retail Banking from PT Bank CTBC Indonesia Bambang Simmon Simmarno, added that the importance of preparing the family's future is a form of responsibility for each individual.

"We believe that through the products provided by Great Eastern Life Indonesia can answer the need for future planning for our customers," he explained.

Through this partnership, Great Eastern Life Indonesia and Bank CTBC Indonesia are committed to assisting customers to live a more planned and calm life, as well as contributing to supporting the achievement of the national financial inclusion target of 98 percent by 2045.