OJK releases roadmap for Indonesia’s insurance sector, focuses on four key pillars

The roadmap pushes for insurers to prioritise integrity, safeguard consumers and public interests, and bolster national economic growth.

The Indonesia Financial Services Authority (OJK) recently unveiled its 2023-2027 Roadmap for Enhancing the Insurance Industry. This collaborative effort involves the Insurance Council of Indonesia (DAI) and various stakeholders in the insurance sector.

The roadmap focuses on four key pillars: fortifying resilience and competitiveness, nurturing critical aspects of the insurance ecosystem, expediting digital transformation, and reinforcing regulatory oversight and licensing. 

The implementation unfolds in three phases: strengthening the foundation, consolidating and building momentum, and aligning for growth.

The primary goal of this roadmap is to establish a robust and efficient insurance industry that prioritizes integrity, safeguards consumers and public interests, and bolsters national economic growth.

This initiative represents a collective effort involving government bodies, associations, industry players, and society. 

The shared vision is to create a secure, efficient, integrity-based insurance sector that enhances consumer and community protection while fostering economic growth through market expansion, increased inclusion, and financial stability.

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Over the next five years, all insurance stakeholders are committed to taking strategic actions to reinforce their role in instilling a sense of security and trust among the public. 

The roadmap provides a clear vision for Indonesia's insurance industry by summarising collaborative strategic programs.

These measures encompass enhancing capital, ensuring industry sustainability, improving governance, and instilling trust in the financial services sector, aiming to provide better protection for the industry and society and boost public confidence. 

The roadmap also encourages the growth of sharia-compliant insurance companies, promoting inclusivity.

Recognising the dynamic nature of the insurance industry, the roadmap remains adaptable to internal and external changes.

Adjustments will be made as needed to ensure its relevance and responsiveness, the OJK emphasised. Successful implementation relies on coordination and collaboration among stakeholders, with ongoing monitoring and evaluation of the strategic programs.