, Indonesia

Information technology could bolster insurance industry growth: Indonesian regulator

The industry has grown by 8.67% annually for the past five years.

The optimal utilisation of information technology development can further bolster the growth of the insurance industry according to the chief executive of non-bank finance industry supervisor at the Financial Services Authority (OJK), Riswinandi Idris.

This comment comes after Idris reported that the industry clocked a growth of 8.67% year-on-year (YoY) in the past five years.

"Within the pandemic-to-endemic transition period, we also observed a promising prospect that this industry can reach pre-pandemic growth level," Idris said during a webinar on building trust in the life insurance industry.

Idris said that the utilisation of information technology can open broader financial access more intensively whilst helping financial service businesses to provide services more effectively and efficiently without being hindered by the geographical issues of Indonesia’s expanding territory.

Mainly, information technology can be used to bolster insurance inclusion, which only reached 78.19% in 2019.

He said that information technology can be used to bolster insurance inclusion, which only reached 76.19% in 2019.

"In line with the industry's main nature that provides accountability service over risks that happen in the future, the customer's trust is an important capital that should be well taken care of," Idris added.

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