Swiss Re looks to ‘transform’ Indonesian insurance industry

Global reinsurer  Swiss Re has partnered with Indonesia Re, administrator of the National Insurance Data Centre Management Agency (BPPDAN), to provide members with access to its analytics solutions and risk consulting services. The collaboration will act as a catalyst for digital transformation in Indonesia's insurance industry.

With more than 70 re/insurers as its members, BPPDAN enables “fair and sustainable property insurance pricing” by collecting accurate insurance information.

The partnership involves development of a market dashboard for BPPDAN to offer its members premium and claims insights at a market and company level. It aims to support the underwriting decisions of BPPDAN members, as well as their strategic planning for risk management and pricing, taking into account major loss drivers.

"Swiss Re is committed to building resilience as the industry faces significant global change," said Paul Murray, Swiss Re's regional president and CEO Reinsurance Asia. "As Indonesia plays an important role in Southeast Asia, we see this partnership as a great example of how we can suppport Indonesian insurers to make the country more resilient through digital solutions, beyond traditional risk transfer."

Monami Mukherjee, head P&C analytics APAC at Swiss Re, added: "Heightened risk awareness in Indonesia is fueling more demand for insurance protection. To remain competitive in a dynamic risk environment, enhancing underwriting performance and portfolio steering are key differentiators for insurance organisations. Our P&C analytics solutions can support our clients in this process, by consolidating relevant data and translating this into actionable insights in a timely manner."

Delil Khairat, technical operations director at Indonesia Re, said: "BPPDAN's 30th anniversary this year is marked by the launch of BPPDAN Analytic to support its member companies by enhancing their journey toward science-based underwriting decision making and portfolio management.  We would not have realised this ambition without strong partnership with Swiss Re through its world-class analytics solution. This is a vivid evidence that collaboration is the way forward in navigating an increasingly dynamic and complex risk landscape and business environment."

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