The 13th Asia Insurance Brokers’ Summit, themed “Brokers 4.0: Getting Future Ready for the Next Decade,” commenced in Jakarta, Indonesia, on April 24, 2025, with a focus on driving the transformation of the country’s insurance industry.
In his opening remarks, Yulius Bhayangkara, chairman of the Association of Indonesian Insurance and Reinsurance Brokers, emphasized the importance of collaboration within the brokerage community. He noted that by sharing ideas, information, and experiences, brokers could enhance their capabilities and better respond to the uncertainties facing the global economy. “When we work together, sharing both successes and failures, I believe it will strengthen Indonesia,” Mr. Bhayangkara said.
Highlighting a shift within the broking industry, he outlined a move away from being “transactional brokers” and towards becoming a more consultative group. “We aim to not only sell products but to serve as solutions providers for all stakeholders, including regulators, insurers, and reinsurers,” he explained.
Industry Transformation on the Horizon
Ogi Prastomiyono, chief executive of insurance, surety, and pension fund supervision at Indonesia’s Otoritas Jasa Keuangan (OJK), addressed the challenges facing the country’s insurance sector, stating that the industry is “a bit behind.” He emphasized the need for a collective transformation. “We cannot transform alone,” Mr. Prastomiyono said. “We need the involvement of associations, market players, and insurance providers.”
To drive this transformation, the OJK has outlined several key initiatives, including a long-term plan to grow insurer assets over the next five years. A new regulation issued by the OJK is aimed at strengthening risk management practices and improving governance within the industry.
Mr. Prastomiyono also spoke about the need for improvements in the (re)insurance brokerage segment. He pointed to the potential of technology and innovation to enhance the efficiency of brokers in the market and stressed the importance of a balance between human resources and the delivery of information.
As of December 2024, OJK data indicates that assets of (re)insurance brokers in Indonesia have reached IDR 21.34 trillion ($1.3 billion). The country is home to 150 insurance brokers and 41 reinsurance brokers.
The Asia Insurance Brokers’ Summit, which continues until April 25, 2025, is organized by Asia Insurance Review and serves as a pivotal event for stakeholders in the insurance and reinsurance sectors in the region.
Related topic:
MSIG Malaysia Launches Nation’s First Assisted Living Add-On for Personal Accident Insurance
Hong Kong Boomers Express Concerns Over Cross-Border Health Insurance Claims
MSIG Malaysia Launches Groundbreaking Assisted Living Add-On for Personal Accident Insurance
