63 / 76
61
august
, 2018
car insurance with extended warranties, services or value
for vehicles produced by our clients, or insurance for any
cancelation risks on transportation tickets or hotel bookings.
In addition, we also support our partners’ revenue streams.
In these areas we have all the necessary services – or direct
services – but also going deeper into providing updated
information on risk, market volatility, or risk shifts.
Essentially, we are providing a holistic solution. We offer
industry solutions, individual solutions, as well as promoting
revenue streams of our partners – here they can also sell
our products and earn insurance commission. We are always
We have to be very flexible.
People will not want to pay for
something they do not need just
because that is included in the
insurance package.
focusing on both the corporate and retail
sector.
Since Indonesia has large consumer base,
the retail sector would be a promising one as
well. In order to maximize our reach in the
Indonesian market, we need to explore more
products that are popular in Indonesia’s
retail sector, such as our development of
travel insurance, liability insurance, shariah-
compliant insurance and more.
In the future, we are also venturing into
becoming a partner for the media industry,
scholars, or other economic associations, by
providing fact sheets on insurance. We have
just started and actually now are working
on this to make it compulsory for all media,
and basically find the required information
on the Indonesian or international
insurance markets.
How does Sompo implement its slogan
“Innovation for Wellbeing” in Indonesia?
First, to really understand this slogan,
we should understand the main pillars
of our mother company in Japan. Aside
from general and life insurance, there is
also nursing care. Sompo Holdings is the
second-largest provider of nursing homes
in Japan.
All of these together is like a theme park,
where we are taking care of all the elements
to protect you, from your assets, life, health
and your needs when you enter an elderly
age. So this means we are taking care of the
wellbeing of our clients from A to Z.
The idea of the theme park is to say that
once our clients enter, they are free to do
whatever they want, choose everything that
is useful and aligned with their needs. Our
clients can obtain any services as part of the
freedom of choice they enjoy.
For us in Indonesia, we do not think the idea of insurance
packages – as it has been practiced until now with the option
of “take it or leave it” – will work in the future.
We have to be very flexible. People will not want to pay
for something they do not need just because that is included
in the insurance package. We see ourselves as a helper, where
we would help our clients to either reinstate their damages,
negotiate, or even choose the right hospital. These are all the
elements of why we are here for our customers, as it is not only
about reimbursing money.
How do you foresee your premium growth in 2018, especially
after it has reached the second semester, in terms of your
portfolio?
Over the past five years, our compound annual growth rate has
been 20 percent, and we are moving to a range of 30 percent
to 40 percent growth if the market is continuing its current
performance this year. We expect to achieve considerably
higher growth in 2018, or even surpass it.
Sompo is usually stronger in the second half of the year.