Jakarta, 5 April 2019 - PT FWD Life Indonesia (“FWD Life”), the pioneer of digital-based life insurance in Indonesia, today launched a financial literacy video as its first financial literacy campaign 2019 initiative, aiming to educate Indonesian people about insurance. Themed 'Malin Kondang', FWD Life’s video visualizes how insurance should not be perceived as complicated and difficult to understand; in fact, it actually provides protection and empowerment for customers so that they can live their life to the fullest.
Presented in a well-known legendary folklore from West Sumatra, the 'Malin Kondang' video is believed to be well received by Indonesian people. In his first official appearance since his appointment as FWD Life President Director, Anantharaman Sridharan said, "It is our long-term vision to change the way people feel about insurance. With this campaign, we want to break the myth and proactively change the current general perception that insurance is complicated. For us in FWD life, insurance should not only be a protection, but should be a source of empowerment that enable everyone to live their passion optimistically and confidently.”
Despite being a very high potential and attractive market in Asia, Indonesia’s insurance industry has a low penetration rate. Data from Otoritas Jasa Keuangan (“OJK’) shows that it only reached 67% of the total population in 2018, with only around 1% has insurance. OJK has since encourage financial industry players to continuously educate Indonesian people on financial literacy. It notes that the lack of understanding of the importance of insurance directly effects public awareness of the industry throughout the country. Based on OJK’s data in 2017, insurance literacy index decreased to 15.8% compared to 2013 that reached 17.84%.
“As an industry player, it is our responsibility to contribute on educating the public on the importance of insurance. It serves as the foundation for us to grow the industry. We believe this campaign can help the young generation and the ‘young at heart’, our main target market, to have better understanding that insurance is important, yet uncomplicated, and start preparing their financial planning well,” added Anantharaman.
Since its establishment in 2013, FWD Life has been offering a wide range of customer-led innovative insurance products and services for customers, supported by the digital technology. A key innovation was launched in 2017, offering ‘less exclusion’ feature which simplifies and reduces policy exclusions in various FWD Life products that are offered through agency, bancassurance and e-commerce. It was the first of its kind in Indonesia’s life insurance industry.
Included in the ‘less exclusion’ feature is coverage for high-risk sports, which is the background behind the support FWD Life shown for Deep and Extreme Indonesia (DXI) 2019, an exhibition for outdoor and watersport enthusiasts held 4-7 April 2019. ”Applying minimum exclusions will make insurance products simpler, easier to understand and more relevant to customers. It enables customers to follow their passions and live life to the fullest without worrying about the financial risks that might occur,” closed Anantharaman.
The financial literacy video, Malin Kondang, will be available on FWD Life’s YouTube account. For more information about FWD Life, visit www.fwd.co.id and stay connected with us through Instagram, Facebook, and Twitter.