Contribution of Technology to Insurance in Indonesia

Abstract

In recent years, Indonesia has begun to develop its information and communications technology. Along with the development and spread of the use of information and communications technology in everyday life, the need for information, business world, and community responsibility has also increased, including insurance companies. Insurance companies act as a form of risk control by transferring the risk from one party to another. The growth of the insurance industry reflects the expanding need for protection both for health and assets owned. The growing awareness of insurance is inseparable from the influence of people's rising income and the development of digital technology. This paper investigates factors that affect the insurance variable related to the technology proxy in Indonesia from 2003 to 2015. Time-series data were analyzed using regression modeling with assumption-checking. Mobile user subscriptions, individual Internet users, Information and communications technology (ICT) goods, and ICT services are found to significantly and positively affect the insurance variable.The results indicate that insurance industry policy makers should start developing online premium policies and an online claim system.

Religion, Education, Science and Technology towards a More Inclusive and Sustainable Future

“…In other name, these partner organizations become insurance agent. There are two types of relationships between insurance companies and their agents: agents that compete to represent several different insurers ("agents") and those that represent one company exclusively ("exclusive agents") (Safitri 2018). From 2011 until now, STF has had cooperation with more than 150 partner organizations, and large number cooperation conducted with Micro Finance Institutions.…”

Exploration of The Factors Influencing Customer Perspectives And Intention Regarding Digital Bancassurance

“…For insurers, utilizing the bancassurance distribution channel and working to develop a digital product sales system may present opportunities. Rapid developments in information and technology may also pose a risk to the business (Safitri et al, 2023). It is simpler for potential clients to evaluate the costs of insurance products provided by different insurance providers.…”

“…It is simpler for potential clients to evaluate the costs of insurance products provided by different insurance providers. Therefore, in order for insurance businesses to stay competitive in the market, they must provide insurance products at reasonable pricing (Safitri et al, 2023).…”

Data Migration Technique Options on Reforming Jiwasraya's Existing Database

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