SOE Insurance Holding, IFG, aims for market leader position
JAKARTA. Indonesia Financial Group (IFG), a holding of state-owned enterprises (SOEs) in the fields of insurance, guarantee and investment, targets to become market leaders in the general insurance industry. Meanwhile, the position of general insurance market leaders is currently held by 4 private insurance companies and one subsidiary of Pertamina.
IFG President Director Hexana Tri Sasongko said there are three main initiatives being pursued by the holding this year to realize this initiative. The first target is to increase the market share of the general insurance business and become the number one market leader in the targeted business line. "This can be achieved by relying on synergies between holding members, which currently has positioned IFG as the largest non-life insurance company in Indonesia," Hexana said.
Currently, IFG consists of PT Asuransi Kerugian Jasa Raharja (Jasa Raharja), PT Jaminan Kredit Indonesia (Jamkrindo), PT Asuransi Kredit Indonesia (Askrindo), PT Asuransi Jasa Indonesia (Jasindo), PT Asuransi Jiwa IFG (IFG Life), PT Bahana Sekuritas, PT Bahana TCW Investment Management, PT Bahana Artha Ventura, PT Bahana Kapital Investa and PT Grahaniaga Tatautama. In addition, IFG also has a number of subsidiaries in insurance and guarantee, including PT Askrindo Syariah, PT Penjaminan Jamkrindo Syariah, PT Jasindo Syariah, PT Jasaraharja Putera, PT Mitrasraya Adhijasa, and PT Reasuransi Nasional Indonesia.
Hexana added that the next step prepared in the fourth year of operation as a holding is to ensure a profitable and sustainable business. The holding will set goals related to business model transformation and innovation for all holding members.
"One of the things we are developing and strengthening is the role of insurance companies in the IFG ecosystem that must be able to act as risk manager partners for their partners and customers," said Hexana.
The third initiative is related to utilizing information technology to facilitate customers.
Hexana emphasized that one of the mandates entrusted to IFG since its inception is the handling and rescue of ex-Jiwasraya policyholder customers, which was completed at the end of 2023. Through IFG Life, IFG ensures that the policy transfer process runs smoothly in accordance with the provisions and all customers who have agreed to the transfer get certainty of sustainable benefits.
"The rescue of ex-Jiwasraya policyholder customers is a best practice for IFG in providing certainty of sustainable benefits for customers. Going forward, IFG will continue to oversee the management of the policy in accordance with healthy and sustainable governance, so that IFG Life as a business insurance company can grow, customers benefit, and contribute to the development of the insurance industry," he said. (PP/LM)
