The Development ofIndonesian Microinsurance :
Experience on Managing Distribution Channel
Distribution Channel - School Business Model
experience ofPT. Asuransi Sinar Mas
Shangri-La Hotel, July 10th , 2017
Background
1. The Financial Services Authority RegulationNumber: 1/POJK.07/2013ConcerningConsumer Protection In Financial Services Sector
2. Circular Letter Of The Financial Services AuthorityNumber 1/SEOJK.07/2014AboutProvision Of Education To Consumersand/or The Public For Improving Financial Literacy
IFSA Regulations
ASM Financial Literacy Activities
Started in 2015
Main Target : SCHOOL
Reasons For Choosing School Bussiness Model
Introduction of the importance of Insurance
from a YOUNG AGE Existing portfolio of Personal Accident policies through affinity program with
educational institutions (non-microinsurance) shows persistent
renewal Promising and Potential when VIABLE.
Cultivating “Future Clients” through Financial Literacy
Long-Term commitment
Conforms with the IFSA National Financial Literacy Target for 2015
Strategy
2015134
Activities2017
On going
2016138
Activities
Financial Literacy (FL)
Financial Literacy
Financial Inclusion
Financial Literacy
Financial Inclusion (FI)
1. Attractive ActivitiesA.Story Telling1.Live Story Telling2.Live Performance3.Video: CD, Youtube,FB, Twitter, website4. Small class presentation
B. Story & Coloring Books
2. Involving Participations of Students1.Exhibitions : Coloring Competitions2.Exhibitions : Others3. Q & A 4. Quiz during Story Telling5. Post Test
4. Long-term commitment
3. Attractive Insurance Cards
Attractive Activities
Financial Literacy
Financial Literacy
A. Story Telling
Financial Literacy
Financial Literacy
1. 1. Live Story Telling - 2015
Story Telling – (FL)
2. Live Performance : Drama
Financial Literacy
Story Telling – (FL)
Financial Literacy
Financial Literacy
3.Videos : CD, Youtube, FB, Twitter, Website
5 Series of Story Telling Videos
Story telling about
insurance
Auto Mobile Insurance
Travel Insurance
Motor Cycle InsuranceFire Insurance
Health Insurance
Story Telling – (FL)
Financial Literacy
Financial Literacy
4. Small Class Presentation
B. Story & Coloring Books
Financial Literacy
Financial Literacy
The Launching of Story & Coloring Books
6 Series Of Story & Coloring Books
2015 Distribution :• 9 Cities : Jakarta,Tangerang, Bekasi,Pontianak, Palembang, Pekan Baru,
Yogyakarta, Surabaya, Manado• 130 Schools – 40.432 primary school students
Involving Participation of Students
Financial Literacy
Financial Literacy
C. Exhibitions - Coloring Competitions
Financial Literacy
Financial Literacy
Exhibition - OthersFinancial Literacy
Financial Literacy
Festival Smartfren - Bandung
ISEI Dhanapala - JakartaPahlawan Ekonomi - Surabaya
Education Fair Sinar Mas Land at The Breeze – BSD
During Story Telling
Financial Literacy
Quiz
Pre Testn Post Test
Q & A
Attractive Insurance Cards
Financial Literacy
Financial Literacy
Attractive and Functional Cards
Micro insurance products for School Business Model :
Simas Siswa Mikrofor Students
Simas Perlindunganfor Teachers and Parents
Various Simas Mikro Cards
simas mikroSederhana.Mudah.Ekonomis.Segera
• Policy in a simple formSederhana(simple)
• Policy Activation is easy
Mudah(easy)
• Low PremiumEkonomis(economic)
• Claim Payment is immediate
Segera(easy)
Voucher / Card
Premium Range Rp. 10.000 – Rp. 50.000
by sms
Claim Payment less than 14 days
Attractive and Functional Cards
Immediate Claim Payment
August 2016AD claim payment for student ofSDN 71 Manado
July 6th,2017AD claim payment for student of SDN 01Pagi Bendungan Hilir Jakarta Pusat
Total claim of Simas Siswa Mikro : 5 Cases 1. Accidental Death : 2 Cases2. Daily Cash Benefit : 1 Case3. Medical Expenses : 2 Cases
Long-term Commitment
Financial Literacy
Financial Literacy
CSR related Fin Literacy & Fin Inclusion
• Jan 7th, 2016• Story Telling• PT. Asuransi Sinar Mas
distributed 1.160 SimasSiswa Mikro Insurancecards to elementarystudents In Magelang :1. SD Sedayu 12. SD Muntilan3. SDTemanggung II4. SD Tegal Rejo
2015 : 9 Big Cities in Indonesia, 2016 : Magelang, Labuan Bajo-NTT, 9 Big Cities from 2015
• April 11th, 2016.
• The Financial Inclusion programme was conducted through StoryTelling and distribution of Story and Colouring books on insurance to students of Warsawe Catholic Elementary School in Cunca Wulang Village, Mbeliling sub-district, East Manggarai, East Nusa Tenggara.
CSR related Fin Literacy & Fin Inclusion
• April 11th, 2016.• Simas Siswa Mikro Insurance cards were distributed to hundreds of students
Warsawe Catholic Elementary School in Cunca Wulang Village, Mbeliling sub-district, East Manggarai, East Nusa Tenggara.
CSR related Fin Literacy & Fin Inclusion
• May, 27th 2016
• PT Asuransi SInar Mas distributed39,927 Simas Siswa Mikro tostudents in 116 elementary schools,located in :
1. Jakarta2. Bekasi3. Tangerang4. Palembang5. Pekanbaru6. Yogyakarta7. Surabaya8. Pontianak and9. Manado
• PT. Asuransi Sinar Mas also distributedSimas Perlindungan insurance to 1,144teachers in 49 elementary schools.
CSR related Fin Literacy & Fin Inclusion
CSR related Fin Literacy & Fin Inclusion
2015 : 9 Big Cities in Indonesia, 2016 : Magelang, Labuan Bajo-NTT, 9 Big Cities from 20152017 : Toba, Papua / Sulawesi, all cities from 2015 and 2016
Challenges & Recommendation
Challenges :1. Affinity with schools not viable yet for financial
inclusions. Still on the creation of awareness on the importance of micro insurance.
2. Free education VS Insurance premium3. Those prospects who have the ability to pay the
insurance premium not willing to buy / no urgency in buying
Recommendation:Regulators to promote and enforce the importance of all students nationwide being covered by insurance.
