Hanwha Life Indonesia targets 93% increase in premium income

Firm plans to achieve lofty goal by adding more products and increasing the number of full-time agents

Hanwha Life Indonesia targets 93% increase in premium income

Insurance News

By Gabriel Olano

Hanwha Life Insurance Indonesia, a local unit of the South Korean insurer, is targeting a 93% increase in premium income for 2017, from IDR209 billion (US$15.68 million) in 2016 to IDR403 billion (US$30.26 million)
According to Hanwha Life Indonesia chief bancassurance and agency officer director Henry Januar, the insurer will open six new sales offices in Medan, Pekanbaru, Palembang, Jakarta, Solo, and Makassar to bring the total number of offices to 18.

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“We aim to have 4,631 agents by the end of 2017 from the 3,330 agents we have currently,” he told the Jakarta Post.
He added that three new products are in the pipeline, with two already having received approval from the Financial Services Authority (OJK) and another undergoing the application process.
The company is also gradually converting its agents into full-time workers, aiming to complete it by 2020. It also guarantees that full-time agents would earn at least IDR5 million a month.
In order to become a full-time agent, an individual must undergo training sessions from both Hanwha Life and the Financial Planning Standard Board (FPSB) of Indonesia

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