I

NSURANCE
TECHNOLOGY
Accor
dingtovari
oussources ,i
ncl
udingf
rom OJ K,insurancepenetr
ati
onin
I
ndonesiai
sv er
ylow,l
es sthan2-3% ofthetotalpopulati
on.However,gl
obal
i
nvest
orspercei
vescurrentlandscapeasanoppor tunit
y,becauseof
I
ndonesia’
scurr
entst
ate:(1)5%+annual economicgr owth,(
2)alarge
popul
ati
on,and(3)i
ncreasingnumberofmi ddlec l
asses.

Howtoincr
easethepenet r
ati
on?Innov ati
onisthekey.Thisyoungpopulat
ion
i
sadapti
vetot
echnology.Wi t
hhighpenet rat
ionofmobilephone,t
echnol
ogy
wi
ll
playabigrol
einhelpinghigherinsurancepenetr
ation,commonlyknown
asi
nsurt
ech(i
nsurancetechnology)
.

Asdepi ctedint heFintechReport2018,therear

ef ourl
ocalInsurt
ech
plat
formsal readyr egi
steredatOJK.Theyar eAsuransi
88,As ur
ansiku,
Futuready ,andPr emiro.Thenumberk eepsincr
eas i
ngastradit
ionali
nsur
ance
compani ess eet echnologyasaprominentmedium toincr
eas etheproduct
qualit
y(i
nc l
udingenhanc ingKYCprocess es)
,whil
ehelpi
ngr eachingnew
customer s.

Wit
ht hi
srepor
t,DSResear
chwouldli
ket
oexplor
einsur
tech’
sproduct
awarenesstohel
pprovi
deinsi
ghtt
othei
ndust
ryaboutt
hec ur
rentmarket
.

1
“
Fint
echRepor
t2018”f
rom ht
tp:
//
dai
l
ysoci
al.
id/
resear
ch
Ther esearchmethodi sas ci
entif
icwayoffindingandobt ai
ningdata.Itisl
inkedwit
h
t
hepr ocedur einconduct
ingr esearchanditstechni
calprocess.Inthi
sr eport
,
DSRes ear chusesaquant i
tati
vemet hod.Thedat aobt
aineddi r
ectlyf
rom respondents
i
st r
anslatedintoarepresentati
veanddes cri
ptiveexpl
anat i
on.I
tc omeswi t
htables,
graphics,ordiagr
amst omak eiteas i
ertoread.

Processesinthisresear chareasfol
lows :
1.Ex plor
e,formulate,anddet er
minet heissues
2.For m aresearchmodel andresearchparamet er
s
3.Det ermi
net heins t
rumentofdatac oll
ect
ion
4.Col l
ectdatafrom ther esul
ts
5.Pr ocessandanal yz i
ngdata
6.Cr eatearepor t

Est
abl
ishi
ng Col
lect
ing Publ
ishi
ng
par
ameter
s dat
a r
epor
t

Expl
or i
ngc ur
rent Choosingdat
a Analyzi
ng
r
elevanti
ssues col
l
ecti
onmodels dat
a

Fur
therr
esear
chf
rom DSResear
ch:ht
tps:
//
dai
l
ysoci
al.
id/
resear
ch
Thesurveywasc onduct
edbymul t
istagerandom sampl
i
ngwit
hamarginofer
rorof
under3%.Ituses2004respondent
s .Inthi
ss ur
vey
,DSResear
chpar
tnerswi
thJAKPAT
Mobil
eSurvey.

Thef
oll
owi
ngar
ethedemogr
aphi
csoft
her
espondent
s.

1.Gender 2.Locat
ion Out
sideof
Java

Java

3.Mont
hlySpendi
ng*

>Rp7,
5mi
l
li
on

Rp5,
1mi
l
li
on-Rp7,
5mi
l
li
on

Rp3,
1mi
l
li
on-Rp5mi
l
li
on

Rp2,
1mi
l
li
on-Rp3mi
l
li
on

Rp1,
1mi
l
li
on-Rp2mi
l
li
on

<Rp1mi
l
li
on

0.
00% 5.
00% 10.
00% 15.
00% 20.
00% 25.
00% 30.
00% 35.
00%
SURVEY
FI
NDINGS.
Thi
ssect
ionai
mst
ounder
standt
hepopul
ari
tyofi
nsur
ancepr
oduct
sinI
ndonesi
a.

Q:Haveyoueverusedi
nsur
ancepr
oduct
s?(
n=2004)

Fort
hosewhocl
aimt
ousei
nsur
ancepr
oduct
s:

Q:Whati
nsur
ancepr
oduct
sdoyouuse?(
n=1296)

Pr
oper
ty

Aut
omot
i
ve

Li
f
e

Heal
th
Ot
her
s Educat
ion
Healt
hinsurancepr
oductconsumersare“enf
orced”byt
hepart
ici
pat
ioni
n
gover
nment -
ownedBPJSKes ehatanscheme.Thes imi
l
arpr
ogram,i
ns mal
l
er
scal
e,isbeginni
ngt
oapplyineducati
onsegment .

Fort
hosewhocl
aim donotusei
nsur
ancepr
oduct
s:

Whyaren'
tyouint
erestedi
n
i
nsur
anceproduct
s?( n=708)

Don'
tknow Thepri
ceist
oo
how t
oobtai
nit expensi
ve

Don'
tunderst
and
t
heproduct

Prohi
bit
edby
rel
igi
on

Won’t
comment
I
tisi
mpor tanttounder
standconsumerevaluati
onsofi
nsur
ancepr
oductsand
ser
vicesthathavebeens ubscr
ibed.Theseinsi
ght
scanbeusedtounderst
andt
he
gaptoinnov at
e.

Theinsur
anceservi
cethatIusehas Thetermsandconditi
onsofthe
asimpleprocessonregi
str
ati
onand i
nsuranceproductt
hatIuseareeasy
cl
aim.(n=1296) tounderst
and.(n=1296)

St
rongl
yAgr
ee 18.
44% St
rongl
yAgr
ee 18.
90%
Agr
ee 50.
62% Agr
ee 53.
40%

Neut
ral 25.
23% Neut
ral 22.
76%

Di
sagr
ee 2.
39% Di
sagr
ee 1.
93%

St
rongl
yDi
sagr
ee 3.
32% St
rongl
yDi
sagr
ee 3.
01%

Theinsuranceser
vicet
hatIusehas Theinsur
ancepr
oductt
hatIuse
responsi
vecustomerservi
ce. al
readymetmyneeds.(
n=1296)
(n=1296)

St
rongl
yAgr
ee 18.
52% St
rongl
yAgr
ee 17.
67%
Agr
ee 46.
06% Agr
ee 48.
53%

Neut
ral 29.
86% Neut
ral 28.
09%

Di
sagr
ee 2.
55% Di
sagr
ee 3.
09%

St
rongl
yDi
sagr
ee 3.
01% St
rongl
yDi
sagr
ee 2.
62%
 Thei
nsur
ancepr
oductt
hatIuseal
readymetmyneeds.(
n=1296)

St
rongl
yAgr
ee 15.
74% Di
sagr
ee 2.
16%
Agr
ee 42.
75% St
rongl
yDi
sagr
ee 2.
93%
Neut
ral 36.
42%

I
ngener
al,consumer
sshowal
evelofsat
isf
act
ionwi
tht
hepr
oduct
sandser
vicest
hat
t
heyar
eus i
ng.

Whiletr
adit
ionali
nsur
ancecompaniesandconsumersaremos t
lyst
il
lusi
ng
conventi
onalwayonac qui
ri
ngcust
omersandsell
ingproduct
s,mostarestar
ti
ngt
osee
digi
tal
transf
ormati
onasav i
abl
emet hodt
ogoforward.

Accor
dingtoareportbyDeloite2,manyi
t ns ur
ancecompaniesintheUni t
edStatesare
cur
rent
lyadopti
ngSaaS( SoftwareasaServ i
ces)t
osupportproduct
ivi
ty
.Inas urvey
(Oct
ober2018),25.
8% ofinsurancecompanieshaveut
il
izedthedigi
talcl
aims yst
em,
21% useafrauddetect
ionsystem,and24.2% useamar ket
ingorCRM pl at
for
m.

2
“
2019I
nsur
anceOut
look”byDel
oit
te
PART2
From ac ustomer’
spointofvi
ew,Insurt
ech(i
nsur ancetechnology)isdefi
nedasa
digit
alpl
at f
ormthatpr
ovidesaccesstoinsur
anc es er
vices,e.g:aggregat
or,
mar ket
placeservi
ce,i
nformat
ionsy st
ems,andonl inecl
aimf eatures.Thedefi
nit
ion
refer
stot hetypeofservi
cesthatcurr
entl
yexisti
nI ndones i
a.

Q:Ar
eyouf
ami
li
arwi
tht
het
erm“i
nsur
tech”?(
n=1296)

Fort
hosewhocl
aimt
oknowabouti
nsur
tech:

What
’syourunder
standi
ngabouti
nsur
tech?(
n=900)

(
1)Onl
i
nei
nsur
ancer
egi
str
ati
onser
vice. 25.
44%

(
2)Onl
i
nei
nsur
ancecl
aim ser
vices. 21.
78%

(
3)I
nsur
anceser
vicei
nfor
mat
ionsi
te. 7.
33%

St
atement
s1,2and3ar
ecor
rect
. 45.
33%

Ot
her 0.
11%

Somee- commer ceandf int

echs ervi
c esi
nIndonesi
aalsoac c
ommodat eonli
ne
i
ns ur
anceservi
c es.Tokopedia,forex ampl
e,hasaspec i
alport
alforinsur
ance
pr
oduc t
sands ervices3,t
hatc overshealt
h,aut
omotive,andmicroinsur
ance
pr
oduc t
.Theyc oll
aboratewithtradit
ionali
nsur
ancecompaniesthathasOJ K’
s
l
icense.

3
Tokopedi
a’
sinsur
ancepor
tal
:ht
tps:
//
www.
tokopedi
a.com/
asur
ansi
Fort
hosewhoarenot
f
amil
iarwi
t
hinsur
tech:

Q:Areyoufamil
iarwi
ththet
erm
“i
nsurt
ech”?(n=1296)
By2018,t hestudyoftheins urt
echbusi
nessmodel conti
nuestobeex pl
oredbyt
he
authorit
i
es.AsosiasiPerusahaanPial
angAs uransidanReas uransiI
ndonesi
a
(Apari)i
sestabl
ishedtoov erseethecompanies,i
nc l
udinghelpi
ngregulat
orsi
n
draft
ingrel
evantrules.

Q:Fr
om t
hef
oll
owi
ngpl
atf
orm,whi
chonear
eyouf
ami
li
arwi
th?(
n=900)

Accordingtot hes urvey,As ur

ansiku(htt
ps :
//
asurans i
ku.i
d)isthemostpopular
onli
nei nsur
anc es ervice.It
’saninsurancebr okerages ervi
cethathel
psuserstoget
i
nformat i
onandt oregis t
erforinsur
ances ervices.I
tac commodat esf
oursegments,
i
ncludinglif
eins urance,v ehicl
es,proper
ty,andt ravel
.As ur
ans i
kualsopr
ovi
des
onli
nec lai
mf eatures.Thec ompanyhasr egist
eredandobt ai
nedanoperati
onal
permitfrom OJ K.

Ot
herf
ami
l
iarnamesar
eAxaMyPageandAsur
ansi
88.
Soci
almediaandonl i
nenewsmedia
arest
il
lthego-t
oguidancetof
indout
newproductinthemarket
.

Q:How di
dyouf
indoutaboutt
heser
vice?(
n=900)

Soci
al Onl
ine
Media Media

Fr
iends Sear
ch
Ot
her
Engi
ne
Twomainf eaturesininsurtechisbenefi
tedfrom t
echnol
ogyusage.Thefi
rstoneis
t
heinsurancer egi
s t
rati
ons yst
em,us ual
lyfoll
owedbyrecommendationand
compari
sons ervice.Mos tonli
nemar ket
placeaggregat
esproductsf
rom i
nsurance
compani
es .Thes ec ondonei sthecl
aims y st
em.Someplayerprovi
desonli
ne
f
orms,whileothershav eaut omatedthepr ocess
.

Q:Haveyoueverusedadigi
tal Q:Haveyoueveruseddigit
al
servi
cetor
egi
sterf
oraninsurance ser
vicest
ocl
aiminsurance?
product
?(n=900) (n=900)

Q:Doyouknow ifinsur
techser
vice Q:Whatpl
atf
orm doyouuse
mustgetper
missionandsupervisi
on t
omaketheprocess?(n=900)
f
rom OJK?(n=791)

Anunder st
andingofOJ K’srolesi
n
l
icensi
ngands uper vi
si
onofi nsur
tech
servi
cesisverylikel
ytoincreaseuser’
s
t
rust.Mostuserswhohav etri
edinsurt
ech
cl
aimtounder standtheroleofthe
author
it
y.
Tothosewhohav eregist
eredorcl
aimedinsur
ancethr
oughdi
git
alchannel
s,weask
abouttheirpr
efer
enc esandexperi
ences.Theaimistoval
i
dat
ec ust
omer
sat
isf
ac t
ionwit
hex i
stingpl
atf
orms.

I
nsurtechmakest
heregi
str
ati
on I
nsurt
echf
eatur
esar
eeasyt
o
processandi
nsur
anceclai
mseasi
er. use.(
n=791)
(n=791)

St
rongl
yAgr
ee 23.
26% St
rongl
yAgr
ee 24.
53%
Agr
ee 52.
21% Agr
ee 50.
32%

Neut
ral 20.
10% Neut
ral 20.
99%

Di
sagr
ee 0.
76% Di
sagr
ee 1.
14%

St
rongl
yDi
sagr
ee 3.
67% St
rongl
yDi
sagr
ee 3.
03%

Theinsurt
echt
hatIusehas Theinsurt
echthatIusehasa
responsi
veser
vices.(
n=791) ful
l-
feat
uredvari
antandmeet
smy
needs.(n=791)

St
rongl
yAgr
ee 22.
00% St
rongl
yAgr
ee 21.
24%
Agr
ee 50.
95% Agr
ee 49.
43%

Neut
ral 22.
38% Neut
ral 25.
41%

Di
sagr
ee 1.
39% Di
sagr
ee 0.
76%

St
rongl
yDi
sagr
ee 3.
29% St
rongl
yDi
sagr
ee 3.
16%

Ir
ecommendi nsur
techt
o
mycoll
eagues.

St
rongl
yAgr
ee 20.
48% Overall
,consumersshowalevel
of
Agr
ee 44.
63% sat
isf
acti
onwi tht
heproduct
sand
ser
v i
cesthattheyar
eus i
ng.
Neut
ral 30.
47%

Di
sagr
ee 1.
52%

St
rongl
yDi
sagr
ee 2.
91%
CON
CLU
SI
ONS
1.While,ingeneral,insurancepenet
rati
onisst
il
llow,cust
omer’
spar t
ici
pat
ioni
n
BPJSKes ehatans chemedr i
veshigherf
amil
iari
tyofinsur
anceproduct
,
especial
lyhealthinsurance(86% of1296respondentswhoclai
mt ousethe
i
nsuranc eproduct).

2.Cust
omerex peri
encewithtradi
t
ionalinsur
anceservi
ces(andinsurance
t
echnol
ogys ervi
ces)iscl
aimedtobegood,i ncl
udingt
her egi
str
ati
onandcl
aim
pr
ocess,underst
andingoftherules,andcustomerser
vice.

3.About69% r
espondent
swhosubscr
ibet
oinsur
anceser
vicesi
sfami
l
iarwi
th
i
nsurt
ech.

4.Asur
ansi
ku(57%)i
sthemostpopul
ari
nsur
techpl
atf
orm,f
oll
owedbyAxa
MyPage(34%)andAsur
ansi
88(29%).
CUSTOMI
ZEDI
NDUSTRY&MARKET

REPORT

DSRESEARCHi sauniqueservi
cethatal
owsyout ocreat
ecustomi
zed,dat
a-dr
iveni
ndust
ry
report
sbyenabl
ingthepurchaseoft
heexactinfor
mat i
onyouneed,st
ret
chi
ngyourbudgetand
broadeni
ngyourper
specti
vespecial
l
yinthetechnologysect
or.

Wepr ovi
deresearchservi
cestai
lor
edtoyourexactchal
l
enge.Whetherit
’
ssurveywor
k,i
n-dept
h
i
nter
viewi
ngorcompr ehensivedeskresear
ch,wehavetheexper
ience,wehavethedat
aandwe
havetheri
ghtpersonneltoyourbusi
nessneed.

CONTACTUSTO KNOW MORE

resear
ch@dai
lysoci
al.
id
 1
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urveywithinr
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ht
tp:
//j
akpat
.net