Themed 'Brokers 4.0: Getting Future Ready for the Next Decade', the 13th Asia Insurance Brokers' Summit kicked off in Jakarta, Indonesia, on 24 April 2025.
In his welcome address, Association of Indonesian Insurance and Reinsurance Brokers chairman Yulius Bhayangkara noted that when (re)insurance brokers worked together and shared ideas and information, they would be able to enhance capability and better anticipate understand what is happening in the world today, in order to serve clients more effectively.
Said Mr Yulius, “We know that (there is) a lot of uncertainty in the economy today … but when we work together [and share failures and successes], I believe it will strengthen Indonesia.”
He also indicated a shift in the broking industry, away from just being what he terms “transactional brokers”.
“We are going to enhance our capability to become (a) consultative group,” he said.
“So, we [will not only sell] the product … but [also be a] solutions provider for all stakeholders, including regulators, insurers and reinsurers.”
Igniting a transformation
According to Otoritas Jasa Keuangan (OJK) chief executive of insurance, surety and pension fund supervision Ogi Prastomiyono, the insurance industry is “a bit behind”.
“This year, we would like to transform. But we cannot transform [alone],” said Mr Ogi. “We have to [include] associations, players and insurance [providers].”
To that end, he touched on the numerous initiatives from the Indonesian government, including a long-term plan to grow insurer assets over the coming five years, as well as a new regulation the OJK issued to strengthen risk management and industry governance.
Mr Ogi also highlighted some areas he hoped to improve in the (re)insurance brokerage segment, such as how brokers could be leveraged in the market more efficiently, with the use of technology and innovation, as well as ensuring a combination of human resources and information delivery.
Statistics from the OJK show that as of December 2024, assets of (re)insurance brokers in Indonesia have reached INR21.34tn ($1.3bn). There are also 150 insurance brokers and 41 reinsurance brokers in the country.
The 13th Asia Insurance Brokers' Summit, organised by Asia Insurance Review, is being held in Jakarta, Indonesia, from 24 to 25 April 2025.