January-April 2018 period, claims and benefits paid by BCA Life increased by 24%
ILLUSTRATION. BCA Life V- Chat
Reporter: Ferrika Sari | Editor: Sofyan Hidayat
KONTAN.CO.ID – JAKARTA. The amount of claim expenses and insurance benefits paid by life insurance companies has increased. This can be seen from the increase in claim and benefit payments at PT Asuransi Jiwa BCA Life, from January to April 2018.
Head of Marketing Communication Department of BCA Life Lely Rahayu Pekih said the company recorded claims and benefits at Rp 37.77 billion, up 24% year on year (yoy).
“Claims and benefits paid amounted to Rp. 37.77 billion, that number is an increase from the same period last year, Rp. 30.52 billion,” Lely told Kontan.co.id, Monday (4/6).
According to him, the increase in claim payments is in line with the increase in the company’s premium income. Moreover, nowadays customers are made easy to process claims more quickly, in just a matter of hours, then the insurance claim process can be paid directly.
As of April 2018, BCA Life has recorded a premium of IDR 239.38 billion. That number is an increase of 85% from the same period last year, namely Rp. 129.69 billion.
“Premiums are growing according to the target we have planned. This is because the Indonesian life insurance market is still very large and in line with the company’s business development, “he said.
The highest claim payment came from group insurance products or employee benefit channels. It is known, this group insurance product also increased rapidly compared to last year.
Premium growth that is in line with the payment of claims and insurance benefits, the solvency ratio shows that the company’s performance is still quite optimal. The solvency ratio is a measure that shows the company’s ability to pay claims is still above the figure required by the Financial Services Authority (OJK), where the solvency ratio until April 2018 was 601.03%, or slightly decreased from last year, 637.62%.
Meanwhile, until the end of 2018, BCA Life is quite optimistic that it can record premiums growing by 30% from last year. This is done by focusing on boosting sales of traditional products through networks such as telemarketing, bancassurance, credit life and corporate solutions.
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