OJK: Insurance Industry Actors Need To Continue To Innovate Products

Deputy Commissioner for Insurance Supervision, Guarantee, and Retirement Fund of the Financial Services Authority (OJK) Iwan Pasila. (Photo: Doc. Antara)

JAKARTA - Deputy Commissioner for Insurance Supervision, Guarantee, and Retirement Fund of the Financial Services Authority (OJK) Iwan Pasila said that insurance industry players need to continue to innovate their products.

"We must start digging up customer needs by preparing innovative products but still be able to mitigate the risks that occur if economic conditions continue to fluctuate in the future," said Iwan in the Indonesia Financial Sector Outlook 2024 in Jakarta, quoted from Antara, Friday 24 November.

Innovation is also needed to anticipate climate change and changes in protection preferences that people want.

In addition, to be able to continue to develop, according to him, insurance companies need to ensure that customers get assistance at every risk they face throughout their lives.

"With the development of digital technology, customers should be able to communicate with our companies at any time to ensure that they get certainty about coverage and services to them," he said.

Insurance companies also need to take advantage of the development of digital technology not only to streamline services but also to other business processes, by utilizing artificial intelligence and large data analysis.

"Now what is happening is that development is carried out to streamline operational activities. In the future, in carrying out other activities, such as resolving claims, this should also be able to take advantage of AI," he said.

To support the development of the insurance sector, OJK has launched a roadmap for the development and strengthening of the insurance industry 2023-3037.

In the first phase of the roadmap, OJK just focuses on restoring public trust in the insurance industry.

"We also continue to strengthen the 3 layers of supervision of the insurance industry, develop human resources (HR) in the insurance industry, and strengthen consumer protection," he said.