Being professional: A keys to success<\/p>\n
Being selective in determining a market segment, and
\nprofessional in assessing a risk, are characteristics that should
\nbe applied to the market strategy of insurance companies in
\nIndonesia. If these are not followed, an insurance company may be
\nhaving a difficult time competing effectively.<\/p>\n
Joseph Kristanto Tan, President Director of PT Asuransi CIGNA
\nIndonesia (CIGNA), incorporated in 1986, said that committing to
\nsuch a strategy through the years has made CIGNA one of the
\nhealthiest insurance companies in the market. \"As a multinational
\ncompany, we can utilize our worldwide capacity and resources to
\nsupport our business strategy,\" he said.<\/p>\n
There are two basic insurance product lines provided by CIGNA:
\nProperty & Casualty (P&C), such as for fire insurance, marine
\ncargo, third-party liability, etc.; and Accident & Health (A&H),
\nsuch as for hospital care, accidental death, etc.<\/p>\n
With regard to the current economic situation, he admitted
\nthat it has impacted CIGNA's business, as it has other
\nbusinesses. \"Our business is slower than normal, and the number
\nof policy cancellations has increased, especially U.S. dollar
\npolicies.<\/p>\n
\"However, we are confident that we will survive this crisis
\nand achieve improved results this year.\"<\/p>\n
This will be achieved by, inter alia, servicing policyholders
\nbetter and securing assets by being conservative in investing
\nfunds, he said.<\/p>\n
There is a general perception in society on how difficult it
\nis for a policyholder to process an insurance claim, and Joseph
\nadmitted that such a perception does exist, adding that there
\nare, in fact, many reasons behind this problem.<\/p>\n
One common problem is inadequate or incomplete documentation.
\n\"People need to understand that an insurance company must get
\ncomplete documentation before it is able to make a decision
\nwhether a claim is legitimate,\" Joseph said. \"The other problem
\nis that sometimes, people buy insurance without knowing what the
\ncoverage is exactly.<\/p>\n
\"Therefore, if a policyholder files a claim which turns out to
\nbe an event that is not under coverage, this will create an issue
\nbecause the policyholder will think that the insurance company is
\ntrying to get out of paying the claim.\"<\/p>\n
Accordingly, he believed, policyholders must have an
\nunderstanding of what their insurance coverage is, and have
\ncomplete documentation if they want to get their claims settled
\nquickly.<\/p>\n
Other important issues which need to get special attention
\nfrom CIGNA are market the opportunities and challenges for the
\ninsurance industry in facing the globalization era. As a
\nmultinational company, CIGNA is ready to compete in the tight
\ninsurance marketplace.<\/p>\n
\"We must prepared ourselves to face the open market,\" said
\nJoseph. But, he also hoped that the local\/national insurance
\ncompanies will also prepare themselves, as this time is getting
\ncloser.<\/p>\n
Concerning the Insurance Council of Indonesia, Joseph said
\nthat there was still a lot that could be done by the council to
\nsupport Indonesia's insurance industry.<\/p>\n
He would like to make one suggestion: \"The council is managed
\nby people within the industry, that is, people who have to take
\ncare of their own companies before they can spend time on council
\nbusiness. This creates some constraints.<\/p>\n
\"Accordingly, as in developed countries, it would be ideal if
\nthe council is managed by people who dedicate 100 percent of
\ntheir time to the development of the insurance industry. This
\nwill make the council more proactive in accommodating its
\nmembers' needs.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/being-professional-a-keys-to-success-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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