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Dr. Keet Peng Onn, President Director of PT. Aegon Insights Indonesia, spoke on 3rd May 2017 as one of the panelists at the 3rd Annual International Insurance Seminar.
With the theme - 'Exploring Vast Opportunities of Indonesia Digital Insurance & Fintech', the event organized by Asosiasi Asuransi Umum Indonesia (Indonesia General Insurance Association, or "AAUI") was held at the Mandarin Oriental Hotel in Jakarta, and attended by a variety of insurance professionals from across Indonesia. The seminar began with an opening by the Chairman of AAUI, Mr. Yasril Y Rasyid, followed by Mr. Dumoli F. Pardede, the Deputy Commissioner for Non-Bank Financial Institutions at the Otoritas Jasa Keuangan (Financial Services Authority, or "OJK").
The event included a panel discussion on the market opportunities and threats for Digital Insurance and Fintech in Indonesia. The panelists in this session included Dr. Onn, as well as Mr. Emirsyah Satar, the Vice Chairman of The Indonesian Chamber of Commerce and Industry, Mr. Paul-Henri Rastoul, the CEO of PT AXA General Indonesia, and Mr. Cleosent Randing, the Founder of Pasarpolis.com. Dr. Onn discussed about the impact of digital on insurance distribution which includes how it changes customer behaviors as well as the challenges in distributing insurance online in the Indonesian market.Dr. Onn also shared his view on motor insurance - "To increase insurance awareness and penetration, the regulator will need to make 3rd party liability insurance compulsory for car owners and de-tariff the motor insurance. I'm hopeful that this will happen soon in Indonesia. Since Indonesia is part of the ASEAN Economic Community, they will have to follow other markets to de-tariff the motor insurance and make 3rd party liability insurance compulsory."
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