Vietnam (ANTARA) -- The reinsurance state-owned enterprise, Indonesia Re, continues to create innovations in order to improve its services to ceding companies and meet various market demands. Most recently, the company, which is headquartered in the Salemba area, Central Jakarta, introduced the Auto Pricing System, an automatic premium pricing system for Group Term Life (GTL) insurance.
 
"The reason behind this innovation is because we want to reduce the turnaround time and increase the accuracy of premium prices for ceding companies," said the Head of Actuarial & Life Reinsurance Portfolio Management Division of Indonesia Re, Nico Demus at the 2019 Indonesia Re Runaway Seminar which was held in Ho Chi Minh, Vietnam, Friday.
 
GTL is a corporate life insurance product designed as compensation for employees who die during the coverage period.
Group Term Life is a very competitive insurance product with a volatile risk character. Therefore, to anticipate this risk, analysis is required in the form of a simulation in order to obtain an estimate of the probability of loss.
 
"By understanding the probability of loss, we can map the risk classification of each GTL business character," he added.
 
The life insurance sector is considered vulnerable to tariff wars because of the large market share of the total insurance business class. Responding to this,the  company, which was appointed by the government to become the National Reinsurance Company (PRN), took the initiative to invite insurance industry players to create a healthy and growing business.
 
Contacted separately, Life Reinsurance Underwriting & Customer Experience Management Division Head for Indonesia Re, Radix Yunanto said that his party is actively holding constructive dialogue sessions with stakeholders in the insurance and reinsurance industry, starting from the Financial Services Authority, associations, to insurance companies.
 
"This year there are at least four events, all of which aim to build awareness among ceding companies regarding hot issues in the market," he explained.