ACE Life eyes solid growth next year
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American insurance firm ACE Life plans to build stronger a distribution channel and create more products in a effort to expand its premiums in Indonesia by 20 to 30 percent next year, an executive of the company has said.
ACE Life finance and accounting director Susanto Halim said despite the lingering economic downturn his company remained optimistic about expanding its market amid the industry’s relatively low penetration of only 2 percent.
“The company targets the same growth rate of 20 to 30 percent as projected by AAJI [Indonesian Life Insurance Association] for next year,” he told reporters last week.
In its unaudited financial report, the firm reported a gross premium revenue of Rp 856 billion (US$32.8 million) as of September this year, a 32 percent increase from the Rp 648 billion in the same period last year.
Susanto added, “We’re in the process of planning more products with our actuary team and will surely add more agents and partnerships with more banks,” he said.
Meanwhile, the company’s chief marketing officer, Dessy Masri, said the firm currently had more than 6,000 agents and partnerships with 11 banks. She did not give details of next year’s plan for agent recruitment and partnerships.
Dessy said the company’s agents contributed up to 80 percent of the company’s sales, while the remaining 20 percent was from partnerships with banks.
“In the future, we want to see a more balanced contribution [between agents and partnering banks],” she said, adding that she would be using more of other channels, including telemarketers. - See more at: http://www.thejakartapost.com/news/2015/11/30/ace-life-eyes-solid-growth-next-year.html#sthash.b3p9P9nD.dpuf
