Insurance Companies In Indonesia Research Articles

From readiness to excellence: The role of digital enablement and innovation in life insurance performance

With digital transformation becoming a key focus for businesses globally, the Indonesian life insurance industry faces increasing pressure to adopt digital strategies to remain competitive. This study examines the relationships between technology adoption readiness, digital enablement, and life insurance performance and explores the moderating effect of innovation capability. A quantitative approach was employed, gathering data through a structured questionnaire distributed to senior executives from 43 life insurance companies in Indonesia. Using Structural Equation Modeling (SEM) with SmartPLS, the analysis reveals that digital enablement significantly enhances life insurance performance, driven by the readiness of companies to adopt technology. However, the moderating role of innovation capability was found to be less impactful, suggesting that innovation contributes to performance but does not substantially influence the relationship between digital enablement and life insurance performance. These findings provide valuable insights for life insurance companies in Indonesia, highlighting the importance of investing in technology adoption and digital integration while continuing to develop innovation capabilities to stay competitive in a rapidly evolving digital landscape.

Factors afffecting on the growth assets of sharia life insurance companies in Indonesia

Purpose - The objective of this research is to present a summary and examination of the impact of investment returns, claims, and premiums on asset growth in Indonesian sharia life insurance firms from 2018 to 2022.Method - This study uses quantitative methods. The study's population consists of sharia life insurance companies that are registered with the OJK, and its sample consists of seven such companies that provide complete financial reports through 2022. Panel data analysis is the data analysis technique employed in this study, and the Common Effect Model (CEM) was selected using eviws 10.Result - This study provides evidence that premiums and claims have a detrimental effect on Indonesian Islamicic life insurance businesses' asset growth. Low premiums and high claims inhibit asset growth. On the other hand, investment returns have a positive effect, because Islamicic insurance companies gain opportunities for asset growth from investments in various sectors. Therefore, claim management and optimization of investment returns are very important to encourage the growth of company assets.Implication - These findings have implications from the results of this investigation, which show that a company is better and can be considered healthy if its assets are larger.Originality - This study is the first to employ profit-sharing finance as an intervening variable.

Environmental, Social, and Governance (ESG): Roles and Strategies to Improve the Performance of the Indonesian Insurance Industry

The objective of this research is to understand the role of environmental, social, and governance (ESG) in improving the financial performance of insurance companies in Indonesia. A qualitative, library study method was employed, Research results show (1) the role of ESG as definers of competitive advantage, in improving performance, and guaranteeing the sustainability of the company in the future; and (2) the strategy of insurance companies in Indonesia with respect to ESG is to run business with sustainable financial principles and create environmental-based service products. The implications of this study are that the application of ESG principles to insurance companies in Indonesia is expected to drive government programs to implement sustainable development governance (SDGs) in sustainable finance. The novelty of this research is its emphasis on environmentally-based sustainable financial principles. Keywords: social and environmental governance, roles, strategies, performance, insurance

The Effect of Workplace Facilities, Workload Management, and Job Flexibility on Employee Job Satisfaction in Insurance Companies in Indonesia

This study investigates the effect of workplace facilities, workload management, and job flexibility on employee job satisfaction in insurance companies in Indonesia. A quantitative research approach was employed, involving 75 respondents from various insurance firms. Data were collected using a structured questionnaire based on a 5-point Likert scale and analyzed using SPSS version 26. Pearson correlation and multiple regression analysis were used to assess the relationships between the variables. The results show that all three independent variables—workplace facilities, workload management, and job flexibility—have a significant positive effect on employee job satisfaction. Among them, workplace facilities had the strongest influence, followed by job flexibility and workload management. The model explained 60.3% of the variance in job satisfaction, highlighting the critical role these factors play in enhancing employee morale and retention. The findings provide practical insights for insurance companies to improve job satisfaction by focusing on creating supportive work environments, managing workloads effectively, and offering flexible work arrangements.

Emotional Intelligence in Insurance Leaders For Managing Business Communication with Generation Z

Modern business landscape, including the insurance industry, demands effective leadership to navigate the complex interpersonal dynamics, especially when working with Gen Z as the newest generation that enters the workplace. Gen Z employees, with their unique expectations and communication styles, seek leaders who offer transparency, authenticity, and emotional connection. This study explores the significant role of emotional intelligence (EI) in achieving leadership success within insurance companies. Emotional intelligence is increasingly recognized as a key factor in leadership effectiveness, influencing how leaders build relationships, make strategic decisions, and inspire their teams. Given the competitive nature of the insurance industry and its technological advancements, leaders must adeptly manage a multigenerational workforce and adapt to new challenges. This qualitative research explores how insurance leaders utilize EI to engage Generation Z, who prioritize diversity, collaboration, and flexible leadership. By understanding Generation Z's unique communication preferences, emotionally intelligent leaders enhance organizational performance and employee satisfaction. Drawing on current literature and interviews with leaders from an insurance company in Indonesia, this study finds that leaders with high emotional intelligence significantly boost employee engagement, satisfaction, and productivity. The findings emphasize the importance of integrating emotional intelligence into leadership practices to ensure resilience and competitiveness in the market, benefiting organizations by bridging generational gaps and empowering Gen Z employees.

Analisis Kinerja Perusahaan Asuransi Umum Nasional dan Perusahaan Asuransi Umum Patungan di Indonesia

This analysis reflects the performance of National General Insurance Companies and Joint Venture General Insurance Companies in Indonesia. This allows this mapping to be used as a tool to analyze and control the performance of National General Insurance Companies and Joint Venture General Insurance Companies in Indonesia. So based on the above we will raise the research title "Performance Analysis of National General Insurance Companies and Joint Venture General Insurance Companies in Indonesia," This research aims; To find out the performance of National General Insurance Companies, to find out the performance of general insurance companies and joint venture general insurance companies in Indonesia, and to find out the differences in the performance of national general insurance companies and joint venture general insurance companies in Indonesia. This research method is quantitative descriptive. The conclusions are 1) Asset performance, equity performance, debt performance, revenue performance, cost performance, profit and loss performance, investment performance, technical reserve performance of joint venture general insurance companies have a tendency to increase from 2018 - 2022, while investment performance / technical reserves (%) Joint General Insurance has a downward trend from year to year from 2018 - 2022, 2.a) Asset Performance, Equity Performance, Debt Performance, Income Performance, Investment Performance, and Technical Reserve Performance of national general insurance has an upward trend from year to year 2018 - 2022, 2.b) but the performance of national general insurance costs has a tendency to fall from year to year from 2018 - 2022 then rises and then falls at the end of 2022, while the profit and loss performance of national general insurance has a tendency to be unstable from year to year from 2018 - 2022 with an upward trend, and Investment Performance / Technical Reserves (%) of national general insurance has a downward trend from 2018 - 2022, 3) The differences in the performance of National General Insurance Companies and Joint Venture General Insurance Companies in Indonesia are as follows; 1). Joint Venture General Insurance has better performance than national general insurance companies in; Asset performance, debt performance, cost performance, and investment performance / technical reserves (%), and 2) National General Insurance has better performance than joint venture general insurance companies from 2018 - 2022 in; Equity performance, income performance, profit and loss performance, investment performance, and technical reserve performance.

Perkembangan Asuransi Syariah di Indonesia Ditinjau dari Pertumbuhan Eksponensial

The purpose of this study is to determine the six exponential processes experienced by Islamic insurance companies in Indonesia. The research method used is qualitative method. This research uses a literature approach sourced from books, journals and articles that are in accordance with the topic and focus of the research. The literature study method is used in this research to find scientific and theoretical studies. The analysis technique used uses the concept of exponential growth which consists of six stages. The results of this study show that sharia insurance in Indonesia has gone through exponential stages similar to technological developments in other industries. Six stages such as digitalization, deception, disruption, dematerialization, demonetization and democratization have adopted technology and found new ways to integrate those innovations into the business, allowing to increase efficiency, lower costs, and provide added value to customers. PT Asuransi Jasindo Syariah is one of the sharia insurance companies in Indonesia that shows a significant increase to reach the democratization stage, because it is not only a sharia insurance application, but there are many choices of features other than insurance such as several Islamic articles, sadaqah features and the implementation of cash waqf.

Customer Churn Prediction for Life Insurance Using Binary Logistic Regression

One of a major problem for many industries including life insurance is customer churn. Because insurance contracts are often renewed every year, insurance businesses have a much harder time retaining customers than other businesses. The main objective of this research is to mitigate expected customer loss and retain potentially lost customers by increasing incentive product and service offerings on behalf of PT. XYZ Insurance, one of the life insurance companies in Indonesia which was founded in 2008. With a total of 123,982 policyholder data were included in the data set for this research, which covers a one-year data period as of December 2022. These data include details about the insurance holder, age of the insured, payment frequency, tenor, premium, and the product chosen by the policyholder of customers at PT. XYZ Insurance. In this research, the data is processed based on binary logistic regression in SPSS, where the data is processed in such a way as to produce output that meets the researchers' expectations. From the results of this research, there are around 16,951 insurance customers who have the potential to churn customers. So, company must implement customized value propositions based on research findings to help retain customers and reduce churn rates effectively in the competitive insurance market. Then the results of this research can also be used to target identified customers in marketing campaigns aimed at reducing churn rates while increasing profitability

Manajemen Strategi Pemasaran Produk Manulife Saving Protector pada PT Asuransi Jiwa Manulife Surabaya Pusat

One of the best insurance companies in Indonesia is PT Asuransi Jiwa Manulife Indonesia, a financial services provider from Canada that operates in Asia, Canada and the United States. Headquartered in Toronto, Canada, Manulife has been serving customers for more than 155 years. Manulife is traded under the symbol ‘MFC’ on the Toronto, New York and Philippine stock exchanges, and under the symbol ‘945’ in Hong Kong. Manulife Indonesia has offered a variety of financial services including life insurance, accident and health insurance, investment services and pension funds to individual customers and business actors in Indonesia. Manulife Indonesia has served more than 2 million customers in Indonesia through a network of more than 11,000 employees and professional agents spread across 30 marketing offices. Given the increasing market potential in Indonesia, many insurance companies, both local and foreign, are trying to reach the market in Indonesia. In order for the company to be able to compete with other insurance companies, a sales strategy and product are needed that can attract the interest of its customers. One of the most popular products owned by PT AJ Manulife Indonesia is Manulife Saving Protector, which is the only individual dual-purpose life insurance product (endowment) that can provide Insurance Money of up to IDR 1.5 billion without having to undergo a medical examination first. The insurance industry in 2023 is projected to increase along with improving economic conditions in Indonesia. However, the level of public distrust can hinder the development of this industry. This causes many people to tend to delay opening an insurance policy.

The Influence Of Transformational Leadership, Job Satisfaction And Flexible Working Arrangement On Turnover Intention In X Life Insurance Company In Indonesia

This research aims to find out how transformational leadership, job satisfaction and flexible working arrangements influence turnover intention at Life Insurance Company X in Indonesia. This research uses quantitative research methods and explanatory research, involving 100 employees as samples who are marketing agents at Life Insurance Company X in Indonesia. This research uses a purposive sampling technique. In collecting data, this research used questionnaire distribution. The results of this research show that transformational leadership, job satisfaction and flexible working arrangements have a significant effect on Turnover Intention at X Life Insurance Company in Indonesia. transformational leadership, job satisfaction and flexible working arrangements have a proportion of influence on Turnover Intention of 94.8% while the remaining 5.2% is influenced by other variables that are not in the research model. To reduce turnover intention, transformational leadership, job satisfaction and flexible working arrangements need to be managed and realized well

A Study of the Implementation of PSAK 74 on Firm's Value of Insurance Companies in Indonesia

Firm’s value plays an important role for both company management and investors in investment decisions. Often, net profit or revenue is closely related to the creation of firm’s value. This research examines whether the application of the Pernyataan Standar Akuntansi Keuangan (PSAK) or Indonesian Financial Accounting Standards Board 74 affects company value as measured using Tobin’s Q. Standards for insurance company contracts have changed based on the adoption of IFRS 17, and are still being prepared and conducted in-depth studies. This research uses a quantitative approach with panel data regression testing using STATA. Data was collected in the form of secondary data on insurance companies listed on the Indonesia Stock Exchange from 2012 to 2022, using a purposive sampling method. The results of the research show that operational profit (loss) from the new face of insurance company financial reports has a positive effect, while insurance company investment profit (loss) has a negative effect on company value. This research expands the study of the implications of implementing PSAK 74 for insurance companies in the future.

The Effect of Over-Confidence on Jiwasraya's 2017-2020 Payment Defaults

Overconfidence is a term that refers to the human tendency to estimate their abilities, knowledge, or results with more confidence than they should. PT. Jiwasraya Insurance (Persero), the oldest insurance company in Indonesia which is owned by BUMN, was declared to have failed to pay its customers' policies in 2020. This failure to pay was caused by errors in managing customer funds, namely by collecting funds for JS Products. Saving Plan and investing with customer funds in high risk stocks. The purpose of this research is to find out why Jiwasraya experienced payment failure. Therefore, the variable prices of high-risk shares purchased by companies from 2017 to 2020 is used as a secondary variable. Secondary data was obtained from the Indonesian Stock Exchange and the Financial Services Authority. This study uses. Vector Auto regressive (VAR) analysis technique with Stata/IC 15.0 software. The research results show that it is the Jiwasraya company's share price that influences Jiwasraya's shares in the short term. In the long term, it shows that the share price of Semen Baturaja does not have a significant effect on Jiwasraya's share price. Meanwhile, the share price of the West Java Development Bank has a significant negative effect on Jiwasraya's share price. Then, PP Properti's share price has a significant positive effect on Jiwasraya's share price. The results of this research can be used as consideration for companies and investors in making investment decisions so as not to take high-risk actions because of too high self-confidence.

The Importance of Psychological Factors, E-Service Quality, and Perceived Value in Maintaining Indonesia Life Insurance Customer Loyalty

Insurance customers in Indonesia are motivated and attach importance to the quality of electronic services and the perceived value exceeds the expected value. Therefore, this paper aims to examine the influence of psychological factors, electronic service quality, and perceived value on customer loyalty of life insurance companies in Indonesia. Through a literature review, a hypothesis was developed by exploring previous research related to the impact of psychological factors, electronic service quality, and perceived value on customer loyalty. The survey was conducted on 165 life insurance customers in Indonesia. The collected data was analyzed using Structural Equation Modeling (SEM). The validity and reliability of the measurements were confirmed before testing the research hypotheses. The results of the study reveal that psychological factors, electronic service quality, and perceived value influence customer loyalty of life insurance companies in Indonesia.

Effect of Managerial Competency and Corporate Governance on the Performance of Indonesian Life Insurance

The success of insurance companies in general and in Indonesia depends on the performance of the company's executives and board of directors. The aim of this research is to analyze the influence of managerial competence and independent commissioners on the performance of insurance companies in Indonesia. The number of life insurance companies in this research sample was 22 companies from 2018 to 2022, so the total research data was 110. After removing 10 outlier data, the final data analyzed was 100. This research models the relationship between managerial competence, the proportion of independent board of directors and the performance of life insurance companies. The results of this research show that managerial competence and the proportion of independent directors, which are proxies for governance, have a significant and positive relationship to the performance of insurance companies in Indonesia, both partially and simultaneously. Manager competency and corporate governance mechanisms have improved company performance.

The Importance of Psychological Factors, E-Service Quality, and Perceived Value in Maintaining Indonesia Life Insurance Customer Loyalty

Insurance customers in Indonesia are motivated and attach importance to the quality of electronic services and the perceived value exceeds the expected value. Therefore, this paper aims to examine the influence of psychological factors, electronic service quality, and perceived value on customer loyalty of life insurance companies in Indonesia. Through a literature review, a hypothesis was developed by exploring previous research related to the impact of psychological factors, electronic service quality, and perceived value on customer loyalty. The survey was conducted on 165 life insurance customers in Indonesia. The collected data was analyzed using Structural Equation Modeling (SEM). The validity and reliability of the measurements were confirmed before testing the research hypotheses. The results of the study reveal that psychological factors, electronic service quality, and perceived value influence customer loyalty of life insurance companies in Indonesia.

Kajian Teoritis: Mendalami Pemahaman Kasus Korupsi pada PT. Asuransi Jiwasraya (PERSERO) dengan Pendekatan Teori Dasar Fraud

This journal discusses the analysis of corruption cases at PT. Asuransi Jiwasraya (Persero) using a basic fraud theory approach. Jiwasraya, as a well-known insurance company in Indonesia, faced a major scandal related to finance and management. This research delves deeper into the case with a focus on the impacts of fraud both financially and non-financially. In this analysis, the author explores the causes and consequences of corruption practices that occurred in Jiwasraya. The basic fraud theory approach is utilized to understand how fraud can occur and its impacts on the company and society. The findings of this research provide insights into preventive measures that insurance companies and regulators can take to avoid similar scandals in the future. Additionally, this research also raises questions about supervision and legal responsibilities related to this case.

Analysis of the Impact of the Formation of a Holding Company for Private Insurance Companies in Indonesia

Analysis of the Impact of the Formation of a Holding Company for Private Insurance Companies in Indonesia

Analisis Perusahaan Asuransi Syariah Di Indonesia Periode 2019-2022 Dengan Metode DEA (Data Envelopment Analysis)

The growth of sharia insurance from 2019-2022 shows that sharia insurance is still developing in society. However, there will be a decline in 2022 in general insurance and reinsurance on investments and assets which have an important role in running a sharia insurance company. The aim of this research is to determine the level of efficiency of sharia insurance companies in Indonesia for the 2019-2022 period using the DEA method. This research was carried out using quantitative methods where the emphasis is more on data processing, proving hypotheses and using statistical tools to make it easier for researchers to manage data. The data used in this research is Time Series, namely data that has a time series of more than one year on one object or data collected over time on individuals or objects.

Efficiency Analysis of Life Insurance Companies in Indonesia and Malaysia

This study focuses on measuring the performance of life insurance companies in Indonesia and Malaysia. Input oriented Data Envelopment Analysis (DEA) uses panel data to extract the efficiency score of 5 life insurance companies from Indonesia and 5 life insurance companies from Malaysia for the year of 2015-2019. DEA-based Malmquist Total Factor Productivity (TFP) Index used to measure the efficiency change along the study period. This study utilizes asset and operating expenses as input variables, as for output variables, this study utilizes premium and investment income. Based on an efficiency score computed by DEA, most of the life insurance companies in both countries perform efficiently during the study period. However, life insurance companies in Indonesia still perform more efficiently than Malaysian life insurance companies. The results of the Malmquist TFP Index for life insurance companies in both countries show that there is 2.5% improvement in technical efficiency change, 1.5% deterioration in technology efficiency change, 0.6% improvement in pure efficiency change, 1.9% improvement on scale efficiency change, and 0.9% increase in TFP change. It shows that the main reason for TFP increased is due to improvement of technical efficiency change.

Assessment of the Success of Digital Signature and Stamp Implementation in the National Economic Rescue (PEN) Application System at Credit Insurance Companies in Indonesia

Utilization technology in sector industry non-bank finance in Indonesia is increasingly widespread, including in the guarantee credit of state-owned companies. The company uses System Application Guarantee for transaction guarantee credit with produce Certificate Guarantee as proof of approval. The request can be active in the context of the COVID-19 pandemic and the Indonesian government's efforts to implement the company's National Economic Recovery (PEN) program guarantee. Implementation feature sign hand and digital stamp on the System Application PEN underwriting allows provision of document Guarantee Certificate in the form of legal and supportive softcopy restrictions contact physique during a pandemic. Study This aim is to measure the successful implementation features of the success models by Delone and McLean and analyze the connection between variables in research. The benefits cover assessment, evaluation, and strategy-based results evaluation using feature sign hand and digital stamp. Delone and McLean's original model was modified to eliminate variable intention to use. The research was conducted by analyzing the results of questionnaires from 108 officials' user systems throughout Indonesia. Process of data analysis using the method of Partial Least Square with device SMARTPLS software. Research results prove that quality systems will influence the satisfaction of future users who will be influential to benefit clean from the feature sign hand and digital stamp on the System Application PEN Guarante.