Focusing on Consumer-Oriented Innovations, Zurich Indonesia recorded strong results across business lines
Jakarta, 25 May 2023 – Zurich Indonesia recorded a positive performance in 2022, supported by the increasing public awareness of health protection following the Covid-19 pandemic, the positive growth of general insurance, and the continued focus from sharia general insurance. These achievements have encouraged Zurich Indonesia to continuously develop customer- focused products and innovations.
In a conference attended by the CEOs of the Zurich Indonesia operating businesses, Country Manager Zurich Indonesia, Chris Bendl, explained, “Zurich's business growth is the result of the company's commitment to providing the best customer-oriented products and services. We are most pleased that as a business we helped our customers by paying out around IDR 1.3 trillion in claims payments to them during 2022.”
In 2022, Zurich Indonesia’s public sector managed to record an increase in consolidate profit of 10% compared to the previous year. This was supported by a growth in gross premiums of 3% in the conventional business and a gross contribution growth of more than 40% in the sharia business. In the life insurance sector, Zurich Indonesia recorded growth from the previous year in gross premium income of 4.3% with claims and benefits payments increased by 4.6%; and recorded its first profit since the beginning of the operation.”
President Director of PT Zurich Asuransi Indonesia Tbk, Edhi Tjahja Negara, added, “Customer understanding and a focus on technology are at the heart of what we do. In 2022, we conducted a customer mapping study as the foundation for suitable product development and we are also pleased with the launch of our new digital insurance platform more recently, making it easier for us to build and distribute products to our customers and intermediaries.”
In addition to digitalization, Zurich Indonesia expanded its penetration by introducing various products to reach more customer segments. In 2023, Zurich Indonesia has already launched a number of new life and health products with a more accessible level of premium payment, including Zurich Optimal Health Assurance (ZOHA).
Hilman Simanjuntak, President Director PT Zurich General Takaful Indonesia, added that, “Among the new products, the key innovation which we are continuing to develop in sharia is parametric weather index insurance in order to safeguard farmers from the risks of climate change. We have so far protected more than 1.500 coffee farmers in Aceh.”
The Sharia business from Zurich executed the first spin-off in Indonesia, which provided an opportunity for the company to maintain its number one position in shariah market, especially in providing insurance to the recovering travel industry in Indonesia.
Amid the company’s business activities, Zurich Indonesia has continued its commitment to implement sustainability principles as well as engaging in various social responsibility initiatives. This included the Zurich Entrepreneurship Program, which focuses on education - empowering 9000 SMA/SMK students and 50 schools across Indonesia.
Mr Bendl concluded, “We are very optimistic about our continued growth this year.”