Top 10 Best and Reliable Life Insurance Companies in Indonesia

Life insurance companies thrive in Indonesia as the times progress, insurance companies are also competing in improving their performance and service to attract consumers. Life insurance companies both originating from Indonesia and abroad are always innovating both in terms of service improvement and sophistication of services via online.


Top 10 Life Insurance

Here are the top 10 list of life insurance companies in Indonesia that we have summarized from various sources.

Currently in the data of the Financial Services Authority, the agency responsible for regulating all matters relating to finance, including insurers, has more than 70 insurance companies in Indonesia and is still growing.

The number of insurance companies that exist also make people become confused, the products of which insurance companies should they buy. Therefore, to gain more trust from the community, all these insurance companies are competing to get the best ratings.

there are many criteria used to rank insurance companies. In general, there are 14 criteria used to rank insurance, both general insurance, life insurance and reinsurance, starting from the average asset growth, net profit growth, up to the Risk Based Capital (RBC) of the insurance company.

In addition to the above criteria, the insurance company rating also has many versions used. The most commonly used version is the investor magazine version, which takes some of the criteria from the 14 criteria.

Below is a list of 10 best life insurance companies in Indonesia. List of 10 best life insurance companies I get from comparison by using several sources of information, websites, and other media. These 10 best insurance companies may be different from other versions as they are a combination of various media and information.

These top 10 life insurance companies are not in the order of rank 1 to 10, but I arrange alphabetically to be more objective, because the insurance companies have their respective advantages.

1. AXA Mandiri

Starting from the life insurance business in 2004, AXA Mandiri's success continued with the construction of a general insurance business in 2011. AXA Mandiri is now more complete and strong and continues to focus on providing various solutions to suit customers' needs, both in terms of financial and investment services, as well as protection solutions soul and assets.

AXA in Indonesia is part of AXA Group, one of the largest insurance and asset management companies in the world, with 166,000 employees serving more than 103 million customers in 64 countries. AXA has been recognized by Interbrand as the world's number one insurance brand for eight consecutive years (2009-2016).

2. AIA Financial

PT AIA Financial (AIA) is one of the leading life insurance companies in Indonesia and is a life insurance company registered in and overseen by the Financial Services Authority. AIA in Indonesia is a subsidiary of AIA Group. PT AIA Financial was formerly PT AIG Life which changed its name in 2009.

3. Allianz

Allianz started its business in Indonesia by opening a representative office in 1981. In 1989, Allianz established PT Asuransi Allianz Utama Indonesia, a general insurance company. Subsequently, Allianz entered the life insurance, health and pension business by establishing PT Asuransi Allianz Life Indonesia in 1996

Allianz Indonesia is now supported by over 1,400 employees and more than 20,000 salespeople in more than 100 marketing offices in 53 cities. The strength is supported by a network of banking partners and other distribution partners to serve more than Rp7 million of the insured in Indonesia.

Related Article : Top 10 Biggest Insurance Companies in the World 2018

4. FWD

PT FWD Life Indonesia ("FWD Life") is a joint venture life insurance and part of the FWD Group. In addition to Indonesia, FWD Group has business networks in Hong Kong and Macau, Thailand, Philippines, Singapore, Vietnam and Japan offering life and health insurance, general insurance and employee benefits in some countries. Established in Asia since 2013, FWD is an insurance business line of investment group, Pacific Century Group.

FWD is focused on developing new consumer experiences by delivering easy-to-understand products, backed by cutting-edge digital technology. Through an approach tailored to customer needs, FWD will achieve its vision to become a leading insurance company in the Asia Pacific region that can change the way society views insurance.

5. Cigna

PT Asuransi Cigna (Cigna Indonesia) is a life insurance company registered and supervised by the Financial Services Authority (OJK). Founded in 1990, Cigna Indonesia is a subsidiary of Cigna Corporation, one of the largest healthcare companies in the United States market, headquartered in Bloomfield, Connecticut, also operates internationally in 30 countries, and has approximately 95 million customers worldwide served by approximately 41,000 employees.

Cigna Indonesia has now grown and developed into one of the leading insurance companies in Indonesia with the advantage of providing products and services that reach consumers and business associates directly. At the end of 2016, Cigna Indonesia recorded the achievement of solvency ratio ratio, or RBC (Risk Based Capital) of 637%, well above the government regulation of 120%.

6. Generali

PT Asuransi Jiwa Generali Indonesia is part of Generali Group-a company founded in 1831, in Trieste, Italy. Generali Group is one of the largest life insurance companies in Europe and has been trusted as a leading provider of insurance services.

Generali managed to become a major player in the life insurance and investment industry in Indonesia with a clearly defined business strategy. Supported by more than 11,000 agent marketers and agent offices throughout Indonesia, Generali focuses on such measures as managing multi-distribution channels; development of long-term balanced partnerships with financial institutions and general distribution; and the provision of superior innovative products and value added services to customers.

7. Great Eastern

Established in 1908, Great Eastern is the oldest and largest life insurance group in Singapore and Malaysia. With assets over SG $ 60 billion and around Rp4 million policyholders, Great Eastern has three successful distribution channels: agency distribution channels, bancassurance, and financial advisory services.

For over 100 years Great Great has become one of Asia's leading insurance industry players, providing financial security and peace of mind for millions of customers. With a trusted name, Great Eastern continues to strengthen its position in the dynamic and increasingly competitive Asian region. In addition to Singapore and Malaysia, Great Eastern also operates in Indonesia and Brunei Darussalam and has representative offices in China and Myanmar.

8. Manulife

Established in 1985, Manulife Indonesia's Manulife Indonesia (Manulife Indonesia) is part of Manulife Financial Corporation, a Canadian-based financial services group operating in Asia, Canada and the United States. Manulife Indonesia offers a wide range of financial services including life insurance, accident and health insurance, investment services and pension funds to individual customers and business actors in Indonesia.

Through a network of over 9,000 employees and professional agents spread across 24 marketing offices, Manulife Indonesia serves more than 2.3 million customers in Indonesia.

9. Panin Dai-ichi

Panin Life is one of the leading life insurance companies that has served the Indonesian people for over 40 years. Is part of the Panin Group of Companies engaged in the financial services industry. Supported by service and marketing network through agents, employees, and various business partners in major cities in Indonesia, Panin Life is growing with the trust of its customers through excellent service reputation, especially in fast and reliable claim payments.

Dai-ichi Life is one of the largest life insurance companies in Japan with more than 110 years of experience in the life insurance industry with international business networks in various countries around the world. Dai-ichi Life is also listed as a public company in Japan with a "A" rating from Fitch and a "A +" rating from Standard & Poor's (as of June 2015).

In 2013, Panin Life and Dai-ichi Life entered a new era to form a strong joint-venture partnership under the name Panin Dai-ichi Life.

10. Prudential

Established in 1995, PT Prudential Life Assurance (Prudential Indonesia) is part of Prudential plc, a leading UK financial services group. As part of an experienced Group of more than 168 years in the life insurance industry, Prudential Indonesia is committed to growing its business in Indonesia.

Since the launch of its first insurance-related investment unit (unitlink) in 1999, Prudential Indonesia has been the market leader for the product category in Indonesia. Prudential Indonesia provides a variety of products and services designed to meet and complement every financial need of its customers in Indonesia. Prudential Indonesia has also established a Sharia business unit since 2007 and is believed to be the leader of the sharia life insurance market in Indonesia since its establishment.

As of December 31, 2016, Prudential Indonesia has its head office in Jakarta and marketing offices in Medan, Surabaya, Bandung, Denpasar, Batam and Semarang. Prudential Indonesia serves more than 2.4 million customers through more than 260,000 licensed marketers in 393 Mandiri Marketing Offices throughout Indonesia including Jakarta, Surabaya, Medan, Bandung, Yogyakarta, Batam and Bali.

Choose The Best According To Your Needs

All depends on you, Choose one of the insurance that suits your needs, but of all the insurance companies that we discussed above have been in for a very long time in Indonesia, meaning they are very experienced and also have gained the trust of consumers. And most important is you choose life insurance in accordance with your Needs.

That's the List of Life Insurance Companies in Indonesia, If you are a foreigner who wants to settle in Indonesia and want to choose insurance, then just choose one of the companies we have mentioned above.

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