Jakarta, November 21, 2006 – “Virtual Account” is the latest breakthrough from Standard Chartered Bank working together with PermataBank, which was implemented for the first time with PT Asuransi Allianz Life Indonesia (Allianz) since November 1, 2006.
Virtual Account provides convenience to Allianz’s policyholders in paying for their insurance premiums. Furthermore, this integrated innovation will also increase operational efficiency within Allianz by solving reconciliation problems resulting from unidentified premium payments.
“I am very proud that Allianz becomes the first insurance company in Indonesia that implements the Virtual Account Innovation. I am grateful for the good cooperation with Standard Chartered Bank and PermataBank, said Jens Reisch, the President Director of PT Asuransi Allianz Life Indonesia. “The innovative insurance premium payment will profit our policyholders, where premium payment can be conducted very conveniently,” he added
This innovation developed together by Standard Chartered Bank and PermataBank, is evidence of sustainable synergy by the two institutions. The development of this innovation was done under the Domestic Network Alliance (DNA) program, signed by Standard Chartered Bank and PermataBank on June 3, 2005. With this program in place, Standard Chartered Bank widens the banking service coverage through the PermataBank network, especially in locations where Standard Chartered Bank has no presence.
“As strategic shareholder in PermataBank, Standard Chartered Bank has a commitment to bring these two financial institutions to the forefront position in the competition, as well as answering future challenges of Indonesian and global banking industry. Our advantage as a foreign bank within the global market has been strengthened by the conducive local coverage and technologies of the PermataBank network,”according to Simon Morris, Chief Executive Officer of Standard Chartered Bank.
Meanwhile, Stewart D. Hall, President Director of PermataBank, said “We consistently develop a variety of current technology based facilities and services, diverse transactional network, and strategic partnership with various institutions. The Virtual Account Innovation, whereby transactions can be conducted through our various conventional or electronic channels will simplify the transactions of Allianz clients and gives more flexibility. It is our commitment to give prime and diverse service to our clients so they can have value added interaction with PermataBank.”
With the “Virtual Account” innovation, Allianz customers can enjoy the convenience in making premium payment, either conventionally (cash deposit and cheque clearing) or electronically (ATM Permata, and other Bank’s ATM through the ATM Bersama network, ALTO, and Cirrus). The insurance premium payment solution through PermataBank network is integrated with Allianz operational account placed with Standard Chartered Bank.
Each of Allianz’s customer will own a unique “Virtual Account” number according to their insurance policy number. The uniqueness of the “Virtual Account” number for the insurance policyholder enables Allianz to identify each and every insurance premium payment they receive. This innovation is the answer to problems caused by data reconciliation and not to mention customers’ complaints caused by unidentified premium payment.