Swiss Re and Indonesia Re enhance data accessibility through new collaboration
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Singapore, 3 October 2022 – Swiss Re has partnered with Indonesia Re, administrator of the National Insurance Data Centre Management Agency (BPPDAN), to provide members with access to its analytics solutions and risk consulting services. The collaboration will act as a catalyst for digital transformation in Indonesia's insurance industry.
"Swiss Re is committed to building resilience as the industry faces significant global change," said Paul Murray, Swiss Re's Regional President and CEO Reinsurance Asia. "As Indonesia plays an important role in Southeast Asia, we see this partnership as a great example of how we can suppport Indonesian insurers to make the country more resilient through digital solutions, beyond traditional risk transfer."
With more than 70 re/insurers as its members, BPPDAN enables fair and sustainable property insurance pricing by collecting accurate insurance information. The partnership involves development of a market dashboard for BPPDAN to offer its members premium and claims insights at a market and company level.
"Heightened risk awareness in Indonesia is fueling more demand for insurance protection. To remain competitive in a dynamic risk environment, enhancing underwriting performance and portfolio steering are key differentiators for insurance organisations," said Monami Mukherjee, Head P&C Analytics APAC at Swiss Re. "Our P&C analytics solutions can support our clients in this process, by consolidating relevant data and translating this into actionable insights in a timely manner."
The partnership between Swiss Re and Indonesia Re will support the underwriting decisions of BPPDAN members, as well as their strategic planning for risk management and pricing, taking into account major loss drivers.
Delil Khairat, Technical Operations Director at Indonesia Re, said: "BPPDAN's 30th anniversary this year is marked by the launch of BPPDAN Analytic to support its member companies by enhancing their journey toward science-based underwriting decision making and portfolio management. We would not have realised this ambition without strong partnership with Swiss Re through its world-class analytics solution. This is a vivid evidence that collaboration is the way forward in navigating an increasingly dynamic and complex risk landscape and business environment."
About Swiss Re
The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.
About PT Reasuransi Indonesia Utama (Persero)
PT Reasuransi Indonesia Utama (Persero), known as Indonesia Re, is a state-owned enterprise that is engaged in reinsurance services with the mission of: (1) Increasing knowledge, capability and application of innovation in insurance/reinsurance; (2) Providing international standard reinsurance solutions to customers; and (3) Increasing the supply and retention of reinsurance in Indonesia.
Indonesia Re, which the Ministry of State-Owned Enterprises appointed as a National Reinsurance Company, manages the reinsurance risk of its business partners in the insurance sector by targeting control of the domestic reinsurance market share. The types of reinsurance provided by Indonesia Re include Life Reinsurance Business and General Reinsurance Business.
Indonesia Re has two subsidiaries: PT Asuransi Asei Indonesia and PT Reasuransi Syariah Indonesia. Information about Indonesia Re can be found at www.indonesiare.co.id
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