As the insurance business grows, new companies emerge. Of course, you have to be more observant in choosing insurance according to your needs.
So, this time, some of the best insurance company criteria can be your reference when buying insurance products.
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Company reputation
Company reputation is a mandatory thing that you must consider when buying insurance products.
You can see it based on a business license. A good company, of course, has a license from the Financial Services Authority (OJK).
Apart from the legal side that you must pay attention to, achievements and awards can also be considered. A good company will of course have many achievements.
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Financial health
Insurance is one way to achieve financial security. Of course when you choose a financial health company that must also be considered.
This is because healthy finances will of course have an impact on the company’s ability to meet coverage for insurance claims submitted by all of its active customers.
In Indonesia, insurance companies are required to meet financial standards specified in the Financial Authority Services Regulations (Numbers 71 and 72/POJK.05/2016).
The provisions regarding a solvency ratio are a minimum of 120 percent, a minimum equity of IDR 100 billion for an insurance company and a minimum of IDR 200 billion for reinsurance, and an insurance company is categorized as good if the minimum assets are at least IDR 150 billion.
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Broad branches
Another thing that makes an insurance company good or bad is its wide branch.
Branches here can mean offices that are widespread in various regions as well as company providers.
Choosing a company with branch offices that are widely spread in various regions certainly makes it easier for you when you want to get information about the company’s products.
Not only that, workshop partners and hospitals that are quite extensive will also make it easier for you when you want to submit a claim.
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Premium market share
The best insurance company in Indonesia, of course, must provide an appropriate premium price.
You need to know, cheap premiums don’t necessarily make the company’s main reference good or not. So double-check the legality and financial health of the company.
Meanwhile, for car insurance, the amount of the premium or the price of vehicle insurance has been regulated based on OJK Circular Letter Number 6/SEOJK.05/2017.
So, for those of you who are curious about the amount of your favorite car insurance premium, let’s do a calculation simulation using the following car insurance premium calculator!
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The number of corporate customers
The large number of corporate customers, of course, makes one of the criteria for a good insurance company.
Because the number of customers is of course related to the products offered. In addition, with the many active customers owned by the company, it will guarantee the services from the insurance provided.
Asuransi Indonesia affiliated with international insurance companies
Interested in becoming a customer at the best insurance company in the world, but confused about how to apply?
Don’t worry, in this country there are already some of the best international quality insurance companies as our choice. Come on, let’s check one by one.
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Cigna
PT Asuransi Cigna (Cigna Indonesia) is the best life insurance company in Indonesia that is registered and supervised by the Financial Services Authority (OJK).
Founded in 1990, Cigna Indonesia is a subsidiary of Cigna Corporation. Cigna Corporation is one of the largest healthcare companies in the United States market.
The company is headquartered in Bloomfield, Connecticut, and has operations internationally in 30 countries and has around 95 million customers worldwide served by approximately 41 thousand employees.
Cigna Indonesia has now grown and developed into one of the best rated insurance companies in Indonesia with excellence in providing products and services that reach consumers and business partners directly.
At the end of 2016, Cigna Indonesia recorded a solvency ratio or RBC (Risk Based Capital) of 637 percent, far above the government regulation of 120 percent.
2. Tokio Marine
Tokio Marine General is also one of the world’s largest insurance companies present in Indonesia.
Tokio Marine Group itself is actually a joint venture between Tokio Marine Asia Pte Ltd and PT Asuransi Jasa Indonesia which has been operating since 1975.
The products offered by the company include car insurance, home insurance, travel insurance, business insurance and personal accident insurance. Meanwhile, Tokio Marine Life focuses on marketing life and health insurance.
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MSIG
The company affiliated with the next international company is PT Asuransi MSIG Indonesia.
This company is part of MSIG Holdings (Asia) Pte. Ltd. spread across ASEAN and Hong Kong.
In addition, the MSIG company also has more than 100 years of experience in providing general (loss) insurance solutions in various countries.
Not only that, in Indonesia itself MSIG has also been registered as a member of the Indonesian General Insurance Association (AAUI).
The company also has a business license from the Financial Services Authority (OJK) based on the Decree of the Minister of Finance Number KEP-588/MD/1987 dated 2 February 1987.
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Allianz
Allianz (Allianz Life; NYSE: AZ) is a multinational financial services company headquartered in Munich, Germany, whose principal business is insurance.
As of 2013, Allianz is the world’s 25th largest employer by a combined measure by Forbes magazine. Allianz was first established in 1890.
Now Allianz Indonesia is supported by more than 1,400 employees and more than 20 thousand salespeople and supported by a network of banking partners and other distribution partners to serve more than 7 million insureds in Indonesia.
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AXA Mandiri
AXA Mandiri Financial Services (AXA Mandiri) is a life insurance company that was established in 1991 with its head office in Jakarta.
Starting the insurance business in 2004, AXA Mandiri succeeded in establishing a general insurance business in 2011. AXA is also known for providing insurance products
Until now, its services have become more complete and stronger and continue to focus on providing various solutions needed by customers, both financial and investment services as well as life and asset protection.
So that’s the discussion about the list of the best insurance companies in the world. Apart from the best insurance companies, Lifepal has also reviewed bankrupt insurance companies, you know.
Yup, it is possible for an insurance company to go bankrupt. This can happen because of several insurance risks that might occur, such as liquidity risk, reputation risk and others.
The best insurance company in the world can be said to be good if it has the following characteristics:
- Have a healthy company finances
- Has a high solvency ratio
- Find out the track record of the insurance company
- Have good credibility
- Has comprehensive protection benefits
- Has a wide range of partners
- Various policies are offered
Especially for insurance companies in Indonesia, the additional characteristics are that they are registered and supervised by the OJK.
What are the best insurance in the world according to Forbes?
Whether insurance is good or not returns to customer needs. However, when viewed based on the Forbes ranking, Ping An Insurance, Allianz, and Zurich Insurance are included in the category of the world’s best insurance companies based on the number of assets owned.
