Insurance Companies In Indonesia Research Articles

Factors Affecting the Asset Growth of Indonesian Shaaria Life Insurance Companies

AbstractPurpose – This study aims to provide an overview and analysis of how premiums, claims, and investment results have affected asset growth in Indonesian Sharia life insurance companies from 2015 to 2020.Methodology - In this work, quantitative causality methodologies were used as the research methodology. The Financial Services Authority-registered Sharia life insurance company serves as the study's population (FSA). The method used for sampling in research is by purposive sampling with the number of samples as many as eleven Sharia life insurance companies in Indonesia for 6 years of research.Findings - The dependent variables in this study are asset growth and independent variables in this research are premiums, claims and investment returns. The results showed that premiums affect the growth of assets in the negative direction, claims affect the growth of assets in the negative direction and investment returns positively affect the growth of assets.Keywords: Premiums, Claims, Investment Results and Asset Growth

ANALISIS AGEN TURNOVER,TARGET PENJUALA DAN REALISASINYA PADA PT ASURANSI JIWA CENTRAL ASIA PERWAKILAN MALANG

Indonesia community in general has not constituted community which is insurance minded.In community that has not been insurance minded it almost never exists one who with his own awereness comes to the insurance office to buy life insurance polis,so that insurance companies in Indonesia badly need those persons who are skilled and ready for use to give understanding of the benefit of life insurance and at one to invite then to buy life insurance policy.Thus the company will be faced to a problem if agents who are skilled and ready for use mentioned exit from the company.
 In conformity with above problem,so this study takes the title ANALISIS OF THE AGENT TURNOVER,SELLING TARGET AND IS REALIZATION IN PT ASURANSI JIWA CENTRAL ASIA RAYA MALANG REPRESENTATIVE.This study aims to know and analize the level of agent turnover in PT Asuransi Jiwa Central Asia Raya Malang Representative and its influence on the realization of mean selling and also to know and analyze there is meaningful difference or not between the mean selling target and mean selling realization.
 The submitted hypothesis in this study namely:
 
 Agent turnover at PT Asuransi Jiwa Central Asia Raya Malang Representative is still high
 Agent turnover has meaningful negative effwct on the mean selling realization.
 It occurs meaningful difference between mean selling target and the mean selling realization. For analyzing the problem meantioned to be used labour turnover 
 
 formula,simple linear regression,correlation analysis,ABC formula and t test.Data which is used is data from the year 1985 up to the year 1989.
 Based on the study result and test carried out it may be concluded as following:
 
 The agent turnover which occurred in PT Asuransi Jiwa Central Asia Raya company Malang Representative is still high,this case per annum as large 51,129 percent,which means larger than its standard agent turnover as large as 40 percent. 
 The magnitude of agent turnover has meaningful negative effect on the Realization of mean policy selling and the realization of mean sum assured selling.Thus if the magnitud of agent turnover declines then the magnitude of mean policy selling realization and the magnitude of mean sum assured selling realization improve.
 Based on the statistical test,to occur meaningful difference between mean Policy selling target and the mean policy selling realization,likewise for the sum assured it occurs meaningful difference between mean selling target and mean selling realization.
 
 Based on the study result and test mentioned above it may be implicated that for improving the mean selling realization it can be carried out by reducing the magnitude of agent turnover,namely by improving the direction,attention and motivation,raising the commision and its incentive to those agent who have not been able to reach selling target and giving extra bonus to those agents who can reach selling target,that is adjusted to the company ability

Endri Juniyanto The Effect of Contributions Income, Claims Expense and Investments Return on Asset Growth in Sharia Insurance Companies (Islamic General and Life Insurance Company 2016-2020 Period)

This research is important to do considering the assets of the insurance company to finance the existing performance in the insurance. This research was conducted based on the statistics of Islamic insurance companies in Indonesia in the last 3 years (2016 – 2020). By using a sampling technique using purposive sampling, the final sample is 13 samples of companies with a total of 65 samples of observation. Data analysis using multiple linear regression test. The results of the study indicate that: (1) Contribution Income has a positive effect on the growth of Islamic insurance assets. (2) Claims Expense to harm the growth of Islamic insurance assets. (3) Investment Return harms the growth of Islamic insurance assets.

Analisa Yuridis Penerapan Good Corporate Governance Pada Usaha Asuransi Mutual (Studi Terhadap Asuransi Jiwa Bersama Bumiputera 1912)

This study aims to identify and analyses the regulation and implementation of Good Corporate Governance or good corporate governance for mutual insurance companies in Indonesia. And to find out what the responsibilities of the statutory manager appointed by the OJK that are to restructure AJB Bumiputera towards the application of good corporate governance principles. This research was conducted using a normative juridical approach because it uses library materials as the main material, namely primary legal materials consisting of basic norms or rules, provisions of laws and regulations relating to the principles of Good Corporate Governance, especially in insurance companies. The results show that the application of the principles of Good Corporate Governance at AJB Bumiputera has been carried out in accordance with the company's articles of association, but it is still not optimal and adequate due to the absence of regulations that specifically regulate the Mutual Insurance Business in Indonesia. The statutory manager's responsibility for implementing the principles of good corporate governance has been carried out with maximum efforts, although it has not been in line with expectations. Because until now, AJB Bumiputera has not been able to make payment of claims that are due to policyholders, which is a violation of the principles of fairness.

Does Profitability and Firm Size Matter in Explaining the Value of Insurance Companies During the Pandemic?

This study aims to determine the effect of company profitability and company size on the value of insurance companies in Indonesia before and during the pandemic. It involves 14 insurance companies listed in the Indonesia Stock Exchange as the research sample. Secondary data related to return on assets as a proxy for profitability, total assets for firm size, and price to book value as a proxy for firm value were documented from companies' annual reports from 2018 to 2021. Using multiple regression analysis as the primary data analysis, the results of this study indicate that profitability and firm size do not positively affect the value of insurance companies listed on the Indonesia Stock Exchange. This study also reports that the regression model proposed by this study has a stronger predictive value during the pandemic than before.

Measuring Financial Efficiency of Insurance Companies in Indonesia Using Stochastic Frontier Analysis Approach

This paper aims to analyze the efficiency value and compare the efficiency ratio between sharia insurance and conventional insurance companies, both life insurance and general insurance in Indonesia, for 2018-2020. The research applies the Stochastic Frontier Analysis (SFA) method, which uses total capital and expenses as input variables, and total income as output variables. The efficiency values of Islamic and conventional insurance companies' results were compared using an independent sample t-test statistical test. The population of this research is all Islamic and conventional insurance companies listed on the website of the Financial Services Authority (OJK). The sample used is 19 sharia insurance companies (15 life insurance companies and four general insurance companies). The sample of conventional insurance is 23 companies (22 life insurance companies and one general insurance company). The results showed that the efficiency value of Islamic insurance companies (0.6549) was 0.0697 lower than conventional insurance (0.7246). It can be concluded that the efficiency of conventional insurance is better than Islamic insurance. Islamic insurance management capabilities are lower than conventional insurance companies’ management capabilities.

Unit Link Application Quality Analysis Using ISO 25010 . Method (Case Study of PT Asuransi Jiwasraya Persero)

Abstract : PT Asuransi Jiwasraya Persero is a state-owned insurance company that is the largest local insurance company in Indonesia. PT Asuransi Jiwasraya has many products for individuals and groups. Jiwasraya's product management uses the Unit Link application, which is a web-based application that is used to facilitate the management of product transactions at Jiwasraya. Research on the analysis of Unit Link application quality aims to determine the quality of the application, using ISO 25010 which is a standard for software with eight characteristics, including functional suitability, performance efficiency, compatibility, usability, portability, and security. Determination of weights using the Analytical Hierarchy Process (AHP) method with the testing methods used are blackbox testing, questionnaires, observation and stress testing. The unit link application test got a score of 4.196 with a good category and the research results can help to determine the quality of the Unit Link application.
 Keywords: ISO 25010, Quality, Application, User Satisfaction, Unit Link

Contextualizing the Universe of PSAK 74 [IFRS 17] in Indonesia and Insurance Industry Vigilance Through the Cosmology of “Yoga Kshema”

This research aims to answer two main questions about the impacts of implementing IFRS 17 on the insurance industry in Indonesia, and the readiness of the industry to implement the latest insurance accounting standard. This study employed the qualitative research inquiry using an interpretive paradigm. The data in this study were sourced from the results of an extensive literature study to synthesize knowledge related to the implementation of IFRS 17 in Indonesia. Several interviews were conducted with academics and insurance practitioners to validate the knowledge. The collected data were analyzed by utilizing the case study analysis procedure. The results of the analysis are used to be conceptually implemented in one of the leading insurance companies in Indonesia. This study concludes that the insurance sector in Indonesia has experienced a major obstacle related to the competence of accountants during the preparation of IFRS 17 implementation. In addition, a major overhaul of the company's accounting information system is necessary to meet all the IFRS 17 requirements. This research contributes to providing insightful knowledge for the Indonesian insurance industry regarding crucial changes in the company's financial reporting system as a result of IFRS 17 implementation.

The Efficiency of Islamic General Insurance Using Data Envelopment Analysis (DEA)


 Purpose – The purpose of this study is to analyze the efficiency level of sharia general insurance in Indonesia.
 Methodology/approach – This study uses the Data Envelopment Analysis (DEA) method with output orientation. The objects in this study were 8 general insurance companies in Indonesia during the 2015-2020 period. The variables used consist of input variables (total assets, capital/equity, operating expenses, claim payments) and output variables (investment income, tabarru' funds, profit).
 Findings – There are three Sharia General Insurance Companies in efficient condition during the study period, namely Allianz Utama Indonesia Insurance, Sinar Mas Insurance, and Bumiputeramuda General Insurance. In addition, there were five companies in an inefficient condition during the study period, namely PT Asuransi Bringin Sejahtera Artamakmur, PT Asuransi Ramayana, PT Asuransi Staco Mandiri, PT Asuransi Umum Mega, and PT Asuransi Wahana Tata.
 Novelty/value – The contribution of this research is to provide an efficiency analysis of Sharia General Insurance companies in Indonesia using several inputs and outputs. Keywords Efficiency, Islamic Insurance, Data Envelopment Analysis (DEA).

Pertanggungjawaban Perusahaan Asuransi Terhadap Pemegang Polis Yang Mengalami Status Polis Lapse (Kehilangan) Akibat Kelalaian Agen Dalam Pembayaran Angsuran Premi (Studi Kasus Putusan No.320/Pdt.G/2019/PN Mdn)

In Insurance there is an insurance agreement, explained in the Civil Code: there is an "agreement" which is a condition that must be fulfilled for an agreement to be valid, an insurance agreement will form a legal relationship that is reflected in the agreement, an agreement that regulates terms and obligations, the importance of insurance in its development to advance the development of insurance. Paying premiums is not on time, so the insurance claim submitted is rejected by the company, because it is already in a state of lapse. Not paying is not the insured's fault, but the agent's fault for not depositing the premium to the company. This study aims to determine how agents are arranged in insurance companies in Indonesia and how are insurance companies accountable to customers who experience policy lapse due to agent negligence in paying premiums (Decision No.320.G/2019/PN Mdn). The research method of this thesis was carried out based on reading sources, laws, books, internet, journals, field research, directly conducting research to the Medan District Court with interviews. The results of the study explain that the defendant (PT. Prudential life Assurance) is completely irresponsible and there is no good faith towards the plaintiff (yurnawilis) claiming the insured late. Ambun Sari (the plaintiff's biological mother), the case was also declared obscuur libel (blurred) posita and the plaintiff's petitum are not related, it does not mean that the defendant is not responsible for the insurance claim.

Creative Behavior Mediates Learning Orientation, Knowledge Sharing, Motivation on Insurance (Study on 15 Big Insurance Companies in Indonesia)

The purpose of this research is to test and analyze the factors that affect the performance of insurance agents in this case insurance agents who are members of the Indonesian Life Insurance Association (AAJI) which are included in the 15 (fifteen) major insurance companies in Indonesia. This type of research is fundamental research or basic research, aiming to participate in the development of science. The method used is quantitative method with a total sample of 220 insurance agents. The analytical technique used in this research is SEM AMOS. The results showed that learning orientation had a significant effect on creative behavior, learning orientation had a significant effect on insurance agent performance, knowledge sharing had a significant effect on creative behavior, knowledge sharing had a significant effect on insurance agent performance, motivation had a significant effect on creative behavior, motivation had a significant effect on performance insurance agents, and creative behavior has a significant effect on the performance of insurance agents.

Faktor Determinan Perolehan Surplus (Defisit) Underwriting Dana Tabarru’ Pada Asuransi Jiwa Syariah

This study aims to determine the internal factors and macroeconomic factors that affect the underwriting surplus (deficit) of tabarru' funds in Islamic life insurance companies in Indonesia. Internal factors used are contributions, investment returns, and claims. And macroeconomic factors used are inflation and Gross Domestic Product (GDP). The research sample was taken by purposive sampling technique, namely as many as 20 sharia life insurance companies. The observation period begins in 2017 and ends in 2020. The analytical method used is panel data regression analysis which is processed using Eviews 10. Based on the panel data regression test results show that simultaneously contributions, investment returns, claims, inflation and GDP have a significant effect on the underwriting surplus (deficit) of tabarru' funds in sharia life insurance companies in Indonesia for the period 2017-2020. Partially shows that contributions, investment returns, claims and GDP have a significant effect on the underwriting surplus (deficit) of tabarru' funds in Islamic life insurance companies in Indonesia for the period 2017-2020. Meanwhile, inflation has no significant effect on the underwriting surplus (deficit) of tabarru' funds in Islamic life insurance companies in Indonesia for the period 2017-2020.

Leverage, Product Diversification, and Performance of Life Insurance Companies in Indonesia

The insurance sector is often faced with dynamic economic changes. Product adjustments to new policies and the availability of funding for the company's operational activities are crucial. This study aims to observe the effect of leverage on the financial performance of life insurance companies and examine the moderation of product diversification on the relationship of leverage to the financial performance of life insurance companies. The study also aims to confirm the pecking-order theory related leverage funding and the synergistic- effect theory about diversification product strategy. Firm-size variables and dummy periods are used as control variables. Leverage is proxied by the ratio of total debt to total equity, product diversification uses the Herfindahl index, and financial performance is proxied by return on equity. The research sample are 25 life insurance companies in Indonesia registered with the Financial Services Authority (OJK) and have published financial reports for the period of 2016 to 2020. The data analysis method uses panel regression analysis with the estimation approach of the Chow Test, the Hausman Test, the Lagrange Multiplier Test, and the moderated regression analysis. The results show that leverage has a significant negative effect on the performance of life insurance companies, and product diversification significantly strengthens the effect of leverage on the performance of life insurance companies. Firm size has a significant positive effect, while the dummy period variable has no significant effect on the performance of life insurance companies. Company with high or low leverage, both must be able to see the potential and current market risks then adjust policies. For both creditors and investor can take advantage of information to provide funding and investment on the relationship between the use of leverage and the life insurance company's product diversification strategy. Finally, the regulatory authorities of the insurance sector present as controllers of life insurance companies in serving their customers.JEL: G2, G22, M11

OVERCONFIDENCE CEO PADA PERUSAHAAN EFEK DAN ASURANSI TAHUN 2014-2018 DI BURSA EFEK INDONESIA

The purpose of this study was to determine the effect of CEO Overconfidence on Securities Companies and Insurance Companies in Indonesia. The population of this research is Securities Companies and Insurance Companies, which are 27 companies consisting of 12 Securities Companies and 15 Insurance Companies. This research was conducted by examining data in the 2014-2018 period with a total sample of 135 samples. The analysis technique used is the Crosstabulation Test, Descriptive Analysis of the Different Tests with Independent-Sample T Test, Descriptive Analysis of the Different Tests with One-Way ANOVA. Crosstabulation Test Results stated that in 2014 the number of companies that overconfidated amounted to 25 companies, in 2015 the number of companies that overconfidzed amounted to 24 companies, in 2016 the number of companies overconfidensed amounted to 22 companies, in 2017 the number of companies that overconfidzed amounted to 19 companies, and in 2018 the number of companies that overconfidated amounted to 27 companies, the results of the Descriptive Analysis Test Different Tests with Independent-Sample T Test states that the condition of the Yield and DER ratio of Insurance Companies is higher than that of Securities Companies this can be seen from the absolute value on average, while for Asset Growth and Sales Growth, Securities Companies are higher. Descriptive Analysis of the Test Results with One-Way ANOVA states that the Yield value varies between years (2014,2015,2016,2017,2018) while the others are not different. This can be seen from the significance value, sig. Yields are below 0.05 while others are above them

MISREPRESENTATION SEBAGAI FRAUD DALAM PERKARA KONTRAK ASURANSI YANG DILAKUKAN PENANGGUNG

Insurance companies in Indonesia are currently trapped in the stigma of seeking the highest premiums. Many agents do not work according to standards and do not explain in detail the insured party’s rights and obligations. This study aims to determine the meaning of misrepresentation and forms of misrepresentation made by the insurer in an insurance contract case based on court decisions. This normative juridical approach uses content analysis method. The results showed that the insurer failed to provide correct information about the importance of medical check-ups about life insurance, failed to explain the relationship between honesty in disclosing material circumstances with the risk of cancellation of the policy or the consequences of an insurance claim being rejected, failed to present the correct information to policyholders and gives the impression that insurance claims can be made easily, only with a photocopy of the receipt for payment of hospital fees, and the failed to present correct information that the policy can only be closed to other people if the prospective insured has a birth certificate and cannot be replaced by a statement only.

Implications of Unisex Assumptions in the Analysis of Longevity for Insurance Portfolios in Indonesia

Unisex pricing in insurance policies eliminates the use of gender as a rating factor, and it is increasingly implemented by insurance companies around the world during the last decade. Also known as “gender-neutral” pricing, unisex pricing ensures that insurance premiums for man and woman with the same risk characteristics is the same. This change in pricing method drives us to look into the mortality rate calculations as it is well known that the experience of mortality differs between men and women. This study focuses on longevity risks; therefore, it focuses on the mortality experience in the elderly. This study replicates “Implications of Unisex Assumptions in the Analysis of Longevity for Insurance Portfolios” written by Ornelas et al. using Indonesia’s population data. Five possible scenarios of gender proportion in a portfolio were created and analyzed on the effect of gender proportion on quantifying longevity risks. This study uses Weibull distribution and Value at Risk to quantify the longevity risks. This study found that longevity risk is larger when the number of female policyholders is increased in the gender proportion of a portfolio. Through the findings, we recommend an insurance company in Indonesia to calculate the gender proportion in a portfolio accurately, or they may face a large loss.

Employee Engagement Mediating Self Efficacy and Quality of Work Life on Contact Center’s Burnout

Background: In the industrial revolution 4.0, there was a disruption of technology and innovation that led to major changes across the industrial sector and the service sector. The use of increasingly massive technology in various aspects gave rise to a new form of customer service that is systemized and integrated centrally or also referred to as a contact center (CC). Aim: The objective of this study is to test and analyze the role of employee engagement mediation in the influence of self efficacy and quality of work life (QWL) on burnout in contact centers (CC). Method: This study is a quantitative study with the research subject being a CC employee at one of the life insurance companies in Indonesia with as many as 137 respondents. Data analysis techniques use Structural Equation Modelling (SEM) with the help of AMOS applications. Findings: The results showed that the role of employee engagement in mediating the effect of self-efficacy on burnout was significant.

Determinant of Financial Performance for General Insurance Companies in Indonesia

The study aims to explore the influence of the insurance company’s specific variables and macroeconomic factors on financial performance of general insurance companies in Indonesia. The insurance company’s spesific variables are proxied by the claims ratio, premium growth ratio and risk-based-capital ratio as well as macroeconomic variables by Gross Domestic Products (GDP) and inflation, financial performance are proxied by return on assets and return on equity. The research samples are 35 registered general insurance companies at Financial Services Authority (OJK) for the 2016-2019 periods. The research method is panel data regression analysis with three stages model estimation approach ; Chow-test, Hausman-test and Langrange Multiplier-test to estimate the proper regression model of the Common Effect Model, Fixed Effect Model or Random Effect Model. The most fit regression model analysis to be selected is Random Effect Model. The results shows that the claims ratio affects return on assets and return on equity significantly, the risk-based-capital ratio affects return on assets significantly, but not affects return on equity significantly. While the premium growth ratio, GDP and inflation not affects return on assets and return on equity signficantly.

The Role of the Financial Services Authority in Supervision of Fraud Prevention in Life Insurance Companies in Indonesia

This study aims to provide a monitoring strategy, especially in the field of preventing fraud in life insurance companies in Indonesia. The form of this research is qualitative and follows a normative approach by reviewing the duties, objectives, and authorities of the Financial Services Authority to prevent fraud in life insurance companies. The object of this research is a life insurance company that has been declared bankrupt by the Financial Services Authority, namely PT. Bumi Asih Jaya Life Insurance. The results of this study provide an overview of fraud prevention strategies at life insurance companies in the form of emphasis on supervision through the audit function, especially in the field of direct examination of reports made by life insurance companies and then matched with documents owned by insurance. Supervision must be carried out regularly and consistently.

Pengaruh Kinerja Keuangan Terhadap Financial Distress Perusahaan Asuransi di Indonesia Sebelum dan Saat Pandemi Covid-19

The purpose of the study was to determine the effect of profitability, liquidity, and leverage on financial distress and to determine the financial distress condition of insurance companies on the IDX before and during the pandemic. The sample used purposive sampling method on 15 insurance companies in Indonesia. The test was carried out using multiple linear regression with SPSS 25. The results showed that ROE and CR had no significant effect on financial distress. Meanwhile, DAR has a significant negative effect on firm value. The Z-Score shows that the Harta Aman Pratama Tbk (AHAP) Insurance company experienced financial distress before Covid-19 and was in the gray area category at the time of Covid-19. Meanwhile, Malaca Trust Wuwungan Insurance Tbk (MTWI) is in the gray area category during the Covid-19 period and during the Covid-19 period.
 Keywords: Financial Distress; Profitability; Liquidity; Leverage; Altman Z-Score.