Encourage Transformation, Life Insurance Industry Celebrates The Indonesian Morbidity Tables Of The First Edition For Critical Diseases
JAKARTA - The Indonesian Life Insurance Association (AAJI) together with the Financial Services Authority (OJK), the Indonesian Actuary Association (PAI), PT Resurance Indonesia Utama (Indonesia Re) and Swiss Reinsurance Company Ltd (Switzerland Re) launched the first edition of Indonesia's Morbidity Table for critical diseases.
Tables that show the number of individuals who are easily exposed to the risk of disease, illness and infectious disease at each age are compared to individuals who have been infected, sick or sick at every age. The preparation of this morphidity table is based on the needs of the insurance industry for standard references for actuaries in developing products and setting premiums, especially in life and health insurance products that have protection against critical diseases. Chairman of the AAJI Management Board, Budi Tampubolon conveyed that the launch of the first Indonesian morbidity table was the common goal of all life insurance industry players. The issuance of this morphidity table is one of the commitments of the life insurance industry to strengthen the protection of policyholders through the determination of a more balanced premium value. "Since its inception of its formation, AAJI strongly supports the full team of producers to collaborate with each other to create a reference for all industry players in establishing balanced premiums for companies and customers, especially for life insurance products that have the benefits of protecting critical diseases. AJI expresses gratitude to all parties involved until this morphidity table is launched, "explained Budi at the opportunity of the Press Conference on the Launch of Indonesian Morbidity Tables I, in Jakarta, Thursday 10 November.
On this occasion, Budi also added that the launch of this morbidity table was a tangible manifestation of the transformation of the life insurance industry to create a quality, healthy and growing life insurance industry and loved by the Indonesian people. Morbidity labels were compiled based on 11.5 million exposure data and 68,000 claim data collected based on the experience of life insurance companies in the 2013-2017 period. The data collection process is the most important process and takes a long time to get results reflecting the morbidity level of the insurance industry in Indonesia.
As a result of the analysis and conclusions obtained, this morbidity table presents data on 35 types of critical diseases, most of which are covered by life insurance companies.
Also attending the launch event was the Advisor of the Department of Financial Industry Supervisory of Non Bank Financial Services Authority (IKNB OJK) Sumarjono also conveyed his support for the life insurance industry to continue to tighten the application of corporate governance through the use of morphidity tables as the basis for determining premiums on life and health insurance products, especially for the protection of critical diseases. "OJK always supports every step taken by the life insurance industry to improve business quality and its services to customers. With the issuance of special morphidity tables for this critical disease, we hope that the life insurance industry can provide balanced premium value to customers and continue to pay attention to the business continuity of the life insurance industry," said Sumarjono. with the issuance of the Indonesian Morbidity Table I specifically for Critical Diseases, it is hoped that all life insurance industry players can use this table in order to create product innovations that can suit the needs of Indonesian people.