Insurance for the New Possible was joined by Ivan Kusuma, Head of Investment and Insurance at DANA ID, and JP Ellis, Strategy and Digital Transformation leader at Chubb.
Some of the insights they shared included:
- Indonesians are used to buying in small units. For financial services, bite-sized insurance and investments reduce friction and perceived risk.
- Indonesia’s financial inclusion outpaces its financial literacy, but not by much. The existing gap mandates experience-led education.
- DANA created trust by solving basic, money-related issues like digital top-ups, easy money transfers particularly in places that traditional banks do not reach.
- While headline insurance growth looks modest at a macro level measured by premium value, but policy sales are seeing explosive growth.
- The future of insurance sales in Indonesia is inside digital ecosystems. Acquisition costs are near-zero incrementally and targeting is can be very precise.
- Indonesians are used to buying in small units. For financial services, bite-sized insurance and investments reduce friction and perceived risk.
- Indonesia’s financial inclusion outpaces its financial literacy, but not by much. The existing gap mandates experience-led education.
- DANA created trust by solving basic, money-related issues like digital top-ups, easy money transfers particularly in places that traditional banks do not reach.
- While headline insurance growth looks modest at a macro level measured by premium value, but policy sales are seeing explosive growth.
- The future of insurance sales in Indonesia is inside digital ecosystems. Acquisition costs are near-zero incrementally and targeting is can be very precise.
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