Bancassurance in Indonesia: Life, Non-Life and Creditor Insurance is a study and related PartnerBASE™ dataset examining the provision of life, non-life and creditor insurance by banks and other lending institutions in Indonesia.
Drawing on the results of a survey of 66 banking entities in Indonesia, the study verifies the percentage of organisations investigated that distribute each of the following 13 types of insurance: accident insurance, creditor insurance related to consumer finance, creditor insurance related to credit cards, creditor insurance related to mortgages, critical illness insurance, health / hospital cash plans, household insurance, income protection insurance, investment-related life insurance, medical expenses insurance, personal motor insurance, retirement savings, and risk life insurance.
For those banking entities that are active in one or more of these fields, the reports ascertain the operating models that they use to source the type of insurance in question (e.g. external, joint venture or captive underwriters) and the identity of the specific providers used. This information is then displayed in terms of the weighted share of partnerships of these providers, which takes into account the number of retail customers of the partner banking entities, thus highlighting those insurance companies that hold the distribution relationships that offer the most potential.
You may be able to use this report, plus the PartnerBASE™ dataset and market data annexes that accompany it, in one or more of the following ways:
- gain access to a source of information that provides a comprehensive overview of the provision of personal insurance products by all significant banking entities in Indonesia;
- identify partnership opportunities for the same personal insurance products that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative;
- understand which underwriters and other product providers have been successful in establishing distribution relationships with the most important banking entities in Indonesia;
- assess how the evolving regulatory environment may open up or block opportunities for your organisation to sell through the bank distribution channel;
- appreciate the magnitude of the opportunity to sell personal insurance products through banks and other lending institutions in Indonesia.
Overall, in a market in which bancassurance claims a distribution share of over 40% in life insurance and over 10% in non-life insurance, across the 66 banks and other lending institutions researched in Indonesia, Finaccord’s research identified 277 bancassurance distribution initiatives for the various types of insurance investigated.
Table of Contents
0.0 EXECUTIVE SUMMARY
What is this report about?
Distribution partnerships with banks and other lending institutions constitute the focus of this report
Bancassurance has become the most important distribution channel for Life, Non-Life and Creditor insurance in Indonesia
Survey of banks and other lending institutions
Investment-related life insurance
Risk life insurance
Critical illness insurance
Income protection insurance
Health / hospital cash plans
Medical expenses insurance
Personal motor insurance
Mortgages, consumer finance and credit cards
Weighted provider share of partnerships
Abbreviations and exchange rates
PartnerBASE™ and market data annexe
2.0 MARKET BACKGROUND
Banks and other lending institutions covered
Indonesia's economy benefits from a young population and rapid urbanisation...
... and has tended to recover swiftly from economic crises...
…meaning that it is now well-positioned for further growth
Indonesia occupies a lowly position in the World Bank's Ease of Doing Business Index
Introduction to the banking sector
In terms of its total number of retail customers, Bank Rakyat Indonesia is the country's largest bank...
…although Bank Tabungan Negara is the largest competitor in the mortgage lending sector
Four of the top 15 banking institutions are state-owned
A number of banking entities with foreign parents are active in the market...
... and there have been several important bank mergers in recent years
Introduction to bancassurance
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Life, Non-Life and Creditor insurance in Indonesia