NEWS DETAIL
MAIPARK to Prepare Micro Insurance Scheme
Jakarta: Indonesian disaster insurance pool, PT Asuransi MAIPARK Indonesia, is preparing micro insurance scheme targeting micro segment customer i.e. farmers, small shop-house owners, and fishermen.
President Director of MAIPARK, Frans Y Sahusilawane, said that the product can be used in case of a massive flood or earthquakes occur and destroy farming field. He hopes the product will be ready for distribution to the micro customer in the mid of 2012.
“Our target is the product can be finished at the end first quarter this year. Mostly, it addressed to farmers and small shop-house owners. But it can also be used by fishermen,” he said.
Principally, MAIPARK has received the license to sell micro insurance product. But the license is for MAIPARK as an insurance company. Meanwhile, the company is in the preparation process to change its business license to Reinsurance Company.
“License is on our hand, but it can not be sold since it clashed with shareholders’ will to transform MAIPARK to become a reinsurance company. Therefore, we reschedule the plan to prepare a better scheme,” he continued.
MAIPARK will work closely with Indonesian General Insurance Association (AAUI) to make the product as AAUI’s standard product of micro insurance and will be distributable through insurance companies in Indonesia.
“At first it was designed to be marketed by MAIPARK, but now it is designed to be marketed by insurance companies but it will not operate-able without MAIPARK as the engine,”
The micro insurance scheme will be reinsured and modeled using catastrophic modeling. Beside conducting continuous research, they will strengthen their Information Technology (IT), including IT for distribution and back-up.
“We are preparing the infrastructure together with Kentucky University and international reinsurance broker, AON. For example, for the modeling tools,” he added.
He stated that one of the product’s benchmark is the small amount of premium collected which is not economical to be handled by conventional insurance.
Beside micro insurance, his party will also focus on developing disaster insurance this year. One of the products that is still being prepared by the company is Indonesian Cash Plan for Earthquake Risk (JTRGBI).
Source : bisnis.com
