Through allocation of total premiums for investment since the first year, as well as extra premium allocation, KEB Hana Bank and Tokio Marine Life Insurance Indonesia offers flexibility in optimization of protection and investment returns
JAKARTA, January 24, 2017 – PT Bank KEB Hana Indonesia (KEB Hana Bank) and PT Tokio Marine Life Insurance Indonesia (TMLI) today announced a strategic partnership in the development of bancssurance distribution through the launch of bancassurance product iPro-Link. This partnership is also one of KEB Hana Bank strategies in servicing its clients. Through the collaboration, all of KEB Hana Bank customers in Indonesia will have access to facilities and ease in obtaining personal protection from a trusted insurance company.
KEB Hana Bank President Director, Martin Lee, said that the partnership with Tokio Marine Life Insurance Indonesia will provide a strategic protection solution and optimal investment. Aside from that, KEB Hana Bank customers will also have alternative options – access to a wide array of financial products and services that are suitable for their risk appetite and varied financial needs. “This is aligned with KEB Hana Bank’s commitment to become the best customer-focused bank in Indonesia through personalized services, product innovation and prudent management, “Martin said.
The strategic partnership between KEB Hana Bank and TMLI chooses the perfect momentum, as the Indonesian economy shows positive growth and the middle-class experiences exponential growth from year to year. The Central Bureau of Statistics (BPS) reported that the Indonesian economy is pegged at 5.02% in Q3 2016. Meanwhile, the national economic growth in the first half of 2016 reached an impressive 5.04%.
PT Tokio Marine Life Insurance Indonesia President Director, Tham Chee Kong, said that the company is highly enthusiastic in welcoming the partnership. “The partnership with KEB Hana Bank as one of the best financial company in Korea is becoming the new milestone for TMLI as a well-established and one of the largest companies in Japan. We have the similarity in targeting our customers and thus, we believe this partnership will also help customers in achieving financial stability and obtaining personal protection,” said Chee Kong.
Meanwhile, insurance growth in Indonesia shows promising prospects every year. As of Q3 2016, Indonesia Life Insurance Association (AAJI) recorded growth in insurance revenue in Indonesia of Rp 158.68 trillion or increase by 78.1% compared to the corresponding period in the previous year. Investment growth also increased by 25.7% to Rp 307.29 trillion compared to the same period in 2015.
Throughout 2015, sales from new businesses through banks saw an increase in terms of new business premiums, wherein a majority of sales from new business through the banks was attributable to unit-linked products with regular premium. Only a handful of insurance companies and banks offer regular premium back-end unit-linked product with 100% premium allocation for investment since the first year. This sets apart TMLI from other similar insurance companies by offering more than 100% premium allocation within the first 7 years or an increase of 1% annually over a 7-year period.
iPro-Link Offers Maximum Protection Flexibility to Indonesians
iPro-Link is a unit-linked life insurance product specially designed to maximize the customer’s alloted investment so that it will yield maximum results. This product also provides flexibility in choosing additional protection through riders. One of the strengths of iPro-Link is no medical checkup required and up to Rp5 billion Sum Assured.
Another advantage of iPro-Link is that the customer will be exempt from acquisition costs and administration fees since the first year. Customer will also be eligible for protection against permanent disability risks up to 70 years of age. Moreover, protection on death risks reaches up to 99 years of age.
Customers will also enjoy other benefits, namely Hospital & Surgery Platinum Series (HSR) – which provide “cash free” admission facility especially for HSR Seluruh Dunia (plus) that can be used in 9 (nine) countries including Singapore, Malaysia, Hong Kong, Taiwan, Australia and some other countries. This unique benefit allows policy holders to perform double claim to Tokio Marine despite prior reimbursement from other insurance policy for their medical bill. Apart from HSR benefit, customers who choose our Critical Illness Early Care Rider will be covered from early, intermediate and advanced stages of critical illness.
KEB Hana Bank Fund Collection and Wealth Management Division Head, Gempur Widansyah said that the partnership is aimed at accruing more fee-based income from the bancassurance business. “This also reflects KEB Hana Bank’s commitment in the consumer banking and wealth management segment to realize the company’s vision to become one of the Top 20 Banks in Indonesia in 2020,” Gempur said.
According to Tokio Marine Life Insurance Indonesia Head of Bancasurrance Astri Lestariningrum, the partnership with KEB Hana will further extend the bank’s reach in socializing the importance of insurance protection as well as significantly expand the bancassurance network in Indonesia. “Expanding the bancassurance distribution channel to reach more Indonesians is one of our priorities, and we are proud to be able to collaborate with KEB Hana,” Astri said.
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