Alliance Bank & Insurance Continuous

Marketing insurance products through a bank or bancassurance, still a mainstay of life insurance industry in collecting premiums, and make the insurance industry are racing to embrace as many banks are able to work together, as well as banks that did little interested to invest in insurance companies .
Cigna Insurance PT Experience proves cooperation with banks have a major impact on the performance of the company life insurance industry, as evidenced in last year's acquisition premiums grew only 4% to Rp 940 billion compared with the previous year, as the company lost five strategic partners in cooperation bancassurance and telemarketing, as partners The more priority to cooperation with their insurance company subsidiaries. This year Cigna premium growth target to 56% since the company has meggandeng three new partners, it has added 24 partners. Christine Setyabudi, President of Cigna Insurance, admits is not easy for an insurance company that is not aligned with the bank for cake memperbutkan existing business, therefore the power of the other distribution channels should be encouraged.

One is the realization of cooperation with PT BNI Life Insurance agreed last month, and is a collaboration among the first life insurance company in Indonesia. The struggle to get the cooperation partners are also experienced by other life insurance companies such as PT Commonwealth Life, which has the same parent company Commonwealth Bank sufficient, but does not have exclusive contracts with the bank.

Director of Alternative Distribution Channels Commonwealth Life Pieter Wattimena said he chose to work with the 10 banks to market a variety of life insurance products that are bandling with bank products. Patterns of cooperation that is not bound to take their children instead give companies greater opportunities for growth.


Besides working with commercial banks and rural banks, MNC Life Assurance Operations Director Novita J Rumngangun, said other allied choices made, as MNC Life leverages the company who are in the same business group, such as the media, securities, asset management, financing and cable television to market its insurance products.
For some banks, the pattern of cooperation between insurance companies and banks was not enough, some banks decided to have the insurance company directly, so the potential to be worked will be greater. Like for example PT AXA Mandiri Financial Services, which is 60% owned by PT Bank Mandiri Tbk, where the insurance product brochures can be easily obtained in bank Mandiri. Munardi Rudy, Director of AXA Mandiri, said it relies marketing channels through financial advisors through bancassurance and telemarketing.
Executive Director of the Life Insurance Association of Indonesia (AAJI) said the insurance industry is the growing interest of the banking industry to go into this business directly, and this will be profitable for the banks, the insurance industry and customers. Banks have broad distribution channels and can be used to reach a wider customer, and customers benefit from one stop service, which is the provision of financial products and insurance products in one place.