Danamon Aetna Life ties global knowledge, local touch
Danamon Aetna Life ties global knowledge, local touch
Aetna made a bold and strategic decision three
decades ago to look farther afield than its established
base in the United States.
The company, already one of the leading insurance
firms in the U.S. after over 100 years in business,
opened 30 years ago a new division, Aetna International
Inc. (AII), to tap the vast growth opportunities in
foreign markets.
This vision paid off and today, AII operates in 14
countries, with 18,000 agents outside of the U.S.
serving more than eight million customers. Its
strategic alliances provide group benefits in more than
68 countries.
Aetna's unending quest to identify the best market
strategies was also evident last year, when the company
merged with U.S. Healthcare, the largest health
management organization in the U.S., to form Aetna U.S.
Healthcare. The move was made to reposition the company
for long-term growth and superior financial management.
Financial analysts were bullish on the merger.
Operating earnings grew from US$124.1 million in the
first quarter of 1996, to $186.8 million at the end of
the first quarter of this year.
Success is ultimately measured in the company's
bottom line. Aetna has US$93 billion in assets and
40,000 employees worldwide.
All predictions are for the company to continue on
its successful path by focusing its business
development on three main business sectors of Aetna
U.S. Healthcare, Aetna Retirement and AII. All are
profitable operations which fill a vital market niche.
AII's future growth prospects appear particularly
outstanding owing to the growing middle class in Asian
countries, including Indonesia. Among AII's offices in
the Asia-Pacific region is PT Danamon Aetna Life
Insurance Company.
PT Danamon Aetna Life was founded in 1995 as a
partnership between Aetna International and the Danamon
Group, one of Indonesia's foremost financial services
companies. In just two short years it has combined
Aetna's vast international insurance experience with
Danamon's peerless knowledge of the Indonesian business
climate.
AII has distinguished itself as a company which has
the highest ethical standards and respect for the
cultures in which it does business. In Indonesia, this
has translated into the company investing time, funding
and people power in developing extensive training
programs for its staff.
The resulting formation of a "service excellence"
culture among Aetna's family of employees and agents
has contributed to the excellent growth of PT Danamon
Aetna Life in its short term of business.
The company operates from the Wisma Danamon Aetna
Life, a new Jakarta landmark office building on Jl.
Sudirman. It employs 200 permanent employees and nearly
450 agents in offering both health and life insurance
policies. In response to its excellent performance, the
company plans to double its nationwide distribution
network from 12 sales offices in 3 cities to 25 offices
in 13 cities.
In all its operations, Aetna emphasizes a willingness
and adaptability to customer needs for insurance
products in this rapidly changing world. The concern is
practical as Aetna seeks to provide insurance products
most suited to modern lifestyles and demands throughout
a customer's life.
PT Danamon Aetna Life's motto for success in
Indonesia has been "We do more for you". This
translates into professionalism on every level of
contact with customers, innovative products tailored to
meet local needs and superior customer service.
There is enormous potential and prospects in
Indonesia's insurance business. In the past three
years, growth in insurance operations has continued
unabated in Indonesia.
Data shows that total life insurance premiums grow
faster than GDP in many emerging markets as people
place a priority on protecting their improved financial
status. This key business indicator is relevant to
Indonesia, where Aetna has experienced strong market
demand based on its ethical approach, innovative and
competitive insurance products and superior customer
service.
Aetna's appreciation of the outstanding performance
of its Indonesian staff was shown with the visit of
Frederick C. Copeland Jr., President and CEO of Aetna
International, to its office on May 23.
Copeland not only expressed a much-deserved "well
done" to employees for their efforts, but also inspired
them for the challenges that lie ahead.
The backbone of Aetna's success is sticking to tried-
and-true formulas of satisfying the customer, and
Copeland chose to quote from company founder, Eliphalet
A. Bulkley.
"For people who are creating a new industrial order,
the exciting appeal of our business is its ability to
safeguard their financial future and that of their
families."
Copeland noted that Bulkley's words remain as
relevant today for Aetna's operations in Indonesia as
when they were first uttered more than 140 years ago.