“We understand that agents have an important role in promoting insurance awareness and educating people about the importance of having insurance protections and financial planning to individuals, especially here in Indonesia,” said Joachim Wessling, President Director of Allianz Life Indonesia.
“Therefore, with continuous commitment in developing our agency channel all over the country, we have successfully catered more individual customers in year 2010 with around 68.000 new individual life policies,” added Joachim Wessling.
Along with the growth in its number of individual life policies, Allianz Life Indonesia reported IDR 1.29 trillion Gross Written Premium (GWP) from agency channel in 2010, increased by nearly 28 % compared to the previous year. The Annualized New Premium (ANP), as a parameter of new business volume, grew by 27.5% to IDR 520.4 billion.
Most of the policies sold by the agency channel are Regular Premium unit-linked life insurance products from both conventional and sharia based.
“Nowadays, our customers understand their insurance better. More and more of them are focus on protection with additional critical illness riders and utilize insurance as part of their mid to long term financial plans,” said Handojo Kusuma, Chief Distribution Officer of Allianz Life Indonesia.
In the year 2011, Allianz Life Indonesia targets to strengthen its agency business and keep it as one of the most prominent company’s sales channel. Currently, agency business contributed of about 30% of the company’s total gross written premium income.
Allianz Life Indonesia set optimistic targets for the agency business this year; to enlarge the sales force to 16.000 certified agent and increase its productivity to generate IDR 700 billion new business premium.
“We are convinced that our agency channel will grow faster in 2011. We will keep our focus to develop our agents’ competency level and service excellence to our end customers through our comprehensive trainings and certifications programs,” added Handojo.