Ongko Group launches life insurance company<\/p>\n
JAKARTA (JP): The Ongko Group yesterday launched the operation
\nof its new venture, PT Ongko Life Insurance, under a technical
\nassistance arrangement with the united Kingdom-based insurance
\nfirm Legal & General.<\/p>\n
\"The agreement with Legal & General will help ensure Ongko's
\nefforts to provide the protection and security that Indonesians
\nneed as the country progresses forward,\" the group's president,
\nIrjanto Ongko, told journalists yesterday.<\/p>\n
Ongko Life's president, Viven Setiabudi, said that the newly-
\nestablished company has an authorized capital of Rp 2 billion
\n(US$849,834) and a paid-up capital of Rp 10 billion.<\/p>\n
\"We have already established five branches in Jakarta with 70
\nsales agents,\" Viven said.<\/p>\n
Viven, who used to be an executive of the publicly-listed PT
\nLippo Life, of the Lippo Group, said that her company will make
\nuse of the Ongko Group's nationwide financial distribution
\nnetwork and will operate a computerized service system, known as
\nthe Life 400 system.<\/p>\n
The Life 400 system, which has been used by other companies
\nlike Lippo Life and Panin Life, according to Viven, allows the
\ncompany to fast track new product developments.<\/p>\n
Commenting on its distribution strength, Irjanto said that the
\nOngko Group's bank, Bank Umum Nasional, currently has 113
\nbranches with total assets of Rp 6.5 trillion. The group also
\noperates a finance company, PT Bunas Finance.<\/p>\n
Viven said that the management has proposed launching three
\npolicies -- for scholarship savings, for multi purpose insurance
\nand for whole life insurance.<\/p>\n
Meanwhile, Legal & General's business director, Peter Smyth,
\nsaid that his company has noticed the potential life insurance
\nmarket in Indonesia but said that it needs a more conducive legal
\nenvironment to grow in Indonesia.<\/p>\n
An insurance regulation, for example, stipulates that any
\nnewly-established life insurance company should wait for two
\nyears after its establishment to set up a joint venture with
\nforeign partners. (alo)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ongko-group-launches-life-insurance-company-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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