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As is known, the Insurance Law No. 40/2014 article 16 states that each controlling shareholder (PSP) can only control one life insurance company, general insurance company, or reinsurance company both conventional and sharia. However, this provision does not apply to the controlling shareholder who is the government or the Republic of Indonesia. Health Insurance Protection Companies With Unit Linked Commonwealth Life are required to merge if there is a similar insurance company that becomes a sister company in the conglomerate group no later than 2017. He gave an example of the merger process between PT Asuransi Multi Arta Guna Tbk (Mag Insurance) and PT Panin Insurance (Panin Insurance) which is part of the Panin Group conglomerate. In the process, Ahmad said one of the parties returned the permit after the merger was carried out.
Currently, his party is discussing the best scheme in terms of the single presence policy with the consideration of a number of companies affected by the regulation. “We ask for input first because each has an adjustment pattern in this rule. We will study whether mergers or forming grandchildren are more likely for the company, then we will push them,” he said. Lin Waty has been in the Health Insurance Coverage Industry with Unit Link Commonwealth Life since 1994. Elin has worked in several insurance companies in the last two decades. His career started in 1994 at MLC Life. Eight years later, Elin moved to PT Asuransi Cigna. In 2008, he moved to PT AIA Financial Indonesia. “I started my career at PT Sun Life Indonesia in May 2013 as Chief Distribution Officer,” said Elin when met by SWA Online at Menara Sun Life, Jakarta, on Tuesday (29/9).
His responsibility is to implement a sound distribution strategy to support Sun Life Indonesia’s business growth. He also has to develop the company’s newest business, Health Insurance Protection With Unit Linked Commonwealth Life, one of which is sharia insurance. Previously, according to Elin, sharia insurance products were only sold by conventional agents. Elin also made a breakthrough to develop his new business by forming a sharia insurance agent which started in July 2014. Then, he designed a distribution channel. How to strengthen the number of sharia insurance agents as marketing personnel. “I did it from zero, I increased my sharia insurance agent from zero to now reaching 1,000 agents,” said the 1990 graduate of the Faculty of Economics from the Faculty of Economics, Atmajaya Catholic University, Jakarta. The total number of insurance agents in Sun Life Indonesia, including conventional agents, is 9,500 agents spread across 56 cities. He said he would multiply his insurance agents, including sharia agents.
He also said that he was the initiator of a number of sharia insurance products, including Brilliance Hasanah Sejahtera and Briliance Hasanah Protection Plus. He said his company in July this year launched Brilliance Amanah, a sharia unit link product. This product prepares financial plans and provides protection for customers. Health Insurance Protection With Unit Link Commonwealth Life to go on pilgrimage to Mecca. The product, Elin claimed, received a positive response from customers. With this role, Elin has made an important contribution to the success of his company by working on potential business gaps. “The potential for Islamic insurance is enormous,” he added. He also develops agency power and strengthens the company’s brand and market share. “Market share in 2013 was 1.3%, while in 2015 it was 2.5%,” said the mother of two. Elin oversees the distribution channel of the first sharia special agency at Sun Life Indonesia. This company can be said as a life insurance company that wants to open a special sharia unit.
As a result, Elin is considered an intellectual actor behind the success of Sun Life Indonesia in developing sharia insurance. “We are serious about working on the sharia market,” he said. This seriousness is reflected in the award given by the Global Banking and Finance Review Award to Sun Life Indonesia as the Best Sharia Life Insurance Provider in Indonesia 2015. In order to capture the potential of the sharia market, Elin established an internal training institution that specifically trains sharia insurance agents. Her name is Salma Institute. Now, Elin is listed as an Indonesian who became the first leader in Health Insurance Protection with Unit Linked Commonwealth Life. She is also the only woman to lead an insurance company known as Sun Life Indonesia. This means that Elin’s achievement has made history as long as Sun Life Indonesia has operated in this country since 1995. He was appointed as President Director of Sun Life Indonesia as of 17 September 2015 to replace the previous position holder, namely Eddy Belmans who has a Belgian passport.
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Kevin Strain, President of Sun Financial Asia, has no doubts about Elin’s capacity to lead Sun Life Indonesia. “I believe Elin is the right leader to take the business forward in line with our main strategy of building agency and bancassurance,” said Kevin. “Sun Life from the start saw me as a successor figure and this trust is very proud because for 20 years at Sun Life Indonesia in Indonesia I was the first local president director because this position is usually held by expatriates,” he added. According to Elin, multinational companies in Indonesia should be led by local professionals because they know more about the culture, character and market map. For him, the moral responsibility he bears is enormous because he carries the name of Indonesia. “I will try my best to carry out this task with trust,” said the woman who likes to read this novel.
As the captain of a multinational company, Elin is now facing business challenges due to the economic slowdown that has affected the financial market. He said that macroeconomic data in the second quarter of 2015 was still better than the economic crisis in 1998 and 2008. Economic growth, for example, was still positive at 4.67% in the second quarter of this year. This figure is still better than the economic conditions in the two periods. “In 1998, our economy was minus 1.31% and 2008 was at 4.12%,” he said. The stock market is currently also shrinking, but Elin believes the market will bounce back into the positive zone.
He asserted that he is very confident in running the company’s business and conquering business challenges. Therefore, he encourages his insurance agents to urge unit link insurance customers to buy (top up) because when the market is corrected, the price of shares is discounted so that the price is relatively cheap. “So, I’m sure customers will not panic,” he said.
Going forward, he seeks to boost business growth and provide integrated customer services. The goal is to facilitate customer investment targets and smooth the pace of the company’s business. The company’s total managed funds in the second quarter of 2015 reached Rp 6.15 trillion. He also seeks to strengthen his agency and productivity. The contribution of sales of his products through agents is 65%. The remaining 35% comes from partnerships with banks.
To that end, Elin projects the marketing reach in cities at the district level. “Or working on the sharia market in cities where the population is predominantly non-Muslim. We have tried it in Bali and Medan and received a good response from customers,” he said. But, said Elin, Sun Life Indonesia did not abandon conventional and unit-linked insurance. Elin wants his company in 2018 to become a major player through multi distribution channels, such as through agents and telemarketing. Then, added Elin, developing his company’s insurance agent as a credible and professional insurance marketer. Currently, there are 12 sharia insurance marketing offices. “But by the end of the year, there will be an additional 23 units,” he said.
Sun Life Indonesia is a subsidiary company Health Insurance Coverage With Unit Link Commonwealth Life, an international financial services company l headquartered in Canada. Sun Life Financial is listed on the Toronto, New York and Philippines stock exchanges, with the stock code SLF. Because of this, Elin has not been able to provide further details regarding Sun Life Indonesia’s business targets. Sun Life Indonesia’s total premium income in the second quarter of this year was Rp 532.7 billion, or grew 23 percent compared to the previous quarter. Meanwhile, the company’s risk-based (conventional) capital is 664% and sharia 122%, exceeding the government requirement of 120%. As of the second quarter, Sun Life’s sharia premium contribution was 13 percent of the total premium income of Rp 532.7 billion. The company is aiming to increase its sharia premium portion to 25%. Elin said that his party will launch three sharia products in 2016. “The first product will be launched in January 2016, the second in March, and the third in June 2016,” he explained. The categories of the three newest sharia products consist of traditional insurance and unit links.