The Chartered Insurance Institute highlighted the opportunity Indonesia’s ‘Insurance Gap’ presents to the insurance profession in Indonesia, if it can build greater capacity and awareness.
Data from Indonesia’s Financial Services Authority (OJK) has shown that the greatest challenge within the insurance profession in Indonesia lies in the lack of awareness regarding the sector amongst the Indonesian public. According to the data, only 15-16 people in every 100 Indonesians are familiar with the profession and only 12 people make use of its services. Other challenges are low product innovation and lack of ability to attract millennials into the sector.
However, the Chartered Insurance Institute (CII) sees these challenges as opportunities for growth. As one of the sponsors of the 2018 Insurance Innovators conference – that was held in Jakarta last month – the CII is providing a platform for the sector to discuss and explore innovative approaches, and new technologies, to improve engagement and interaction with consumers in the future.
“The opportunity for the insurance sector to blossom in Indonesia and to serve consumers is ripe but capacity needs to be built with professional knowledge and competency to make the most of it. Our goal is to help unlock that potential by offering a broad range of learning modules to help develop talent within organisations,” said CII Regional Manager Helen Roberts during the event.
Takaful proposition
One good example of CII tailoring propositions to local markets is the launch of its Takaful Proposition, which leads to the achievement of an internationally recognised certificate. Students taking the Takaful unit will gain further credit, thereby only needing to sit one additional module (from the usual three).
“These learning modules will help produce well-prepared graduates who can enter the insurance sector with great confidence and make the most of their abilities. We hope this will help insurance practitioners and corporates improve customer engagement and therefore boost growth in the Indonesia market,” said Ms Roberts.
In addition, the CII’s Insurance Assess offers organisations the ability to understand technical competences, as well as identify any learning gaps, by using its technical e-learning platform to build staff knowledge across the insurance and financial sectors.
The CII operates in 150 countries with 125,000 members. Its senior management team works with governments and regulators to roadmap the best practices within the sector. They also work closely with other key stakeholders in the profession and talent managers to prepare, attract and retain the professionals of the future. A