Cover COVID-19, Indosurya Life's Life And Health Protection Premiums Increase

President Director of Indosurya Life Lucky Siahaan. (Photo: Indosurya Life)

JAKARTA - The ongoing COVID-19 pandemic has actually increased public awareness to have self-protection from health risks. This is experienced by PT Asuransi Jiwa Indosurya Sukses (Indosurya Life), which ensures that all policyholders, both life insurance and health insurance products, are covered from the risk of COVID-19.

Indosurya Life President Director Lucky Siahaan said, during this pandemic, most people felt the need to protect themselves given the increased risk factors. This condition is evidenced by the increased premium for health and mental protection.

"Now there are more requests for protection, back to traditional insurance products. Not only new requests, many existing policyholders are also adding premiums for protection," Lucky said in his written statement, Thursday, August 27.

He explained, all policyholder customers, both existing and new customers, would indeed be covered by the risk of COVID-19. Indosurya, said Lucy, ensures that they will pay whatever claims are submitted according to the benefits received by policyholders.

"We hope all customers are healthy. However, if there are claims related to COVID-19, we will pay according to the benefits in the insurance premium, as long as there are exceptions such as suicide or being killed for committing a crime," he said.

Based on data from the Indonesian Life Insurance Association (AAJI), since the start of COVID-19 until June 2020, the life insurance industry has paid claims of around IDR216 billion. The funds are only related to COVID-19. Other claims continue.

For Indosurya Life, until mid-August 2020, this insurance company, which has been operating since 2013, has paid insurance benefits related to COVID-19 to 4 of its customers, with claims in the range of hundreds of millions of Rupiah.

"One death claim, three health claims," he said.

Prepare New Products

To note, the total claims and benefits to customers that have been paid by Indosurya Life by the end of the first semester of 2020 reached IDR 630 billion.

Lucky said that the pandemic that hit the world had an impact on all sectors. However, for Indosurya Life, the difficulty of selling face-to-face, actually provides opportunities and opportunities for digital transformation on the front end & back end.

"This is an opportunity for us to optimize sales digitally. This year, we think our improvement is fast enough for digitization," he said.

He also believes, with all the preparations, internal consolidation and business transformation that are currently being carried out, Indosurya Life will be able to reach more potential customers. This includes penetrating deeper into the life insurance market in Indonesia, after the impact of the pandemic has subsided and purchasing power has increased again.

At least, to realize this achievement, Indosurya is currently preparing a new product that is tailored to the latest needs.

"We have submitted 3 products to OJK. If it has received approval from OJK, we will immediately launch it," he said.

Regarding capital, Indosurya Life confirmed that it has prepared several strategies to strengthen its positioning in the national insurance business. It was a little leaked, currently, a number of parties, both local and foreign, are conducting exploration to acquire Indosurya Life. After switching shareholders, a rights issue will also be held to increase the company's capital.

"So in the near future there will be an injection of fresh funds. It is targeted before the end of the year is over. Therefore, the matter of capital is not a problem," he concluded.