BRI Life Aims to Become the Top Five Life Insurance Industry in 2025
Based on gross revenue in the first quarter of 2022, BRI Life is still ranked eighth in the life insurance industry.
PT Asuransi BRI Life targets to become the top five players in the life insurance industry in terms of gross premium income by 2025.
BRI Life President Director Iwan Pasila said, based on gross revenue in the first quarter of 2022, the company was still ranked eighth in the life insurance industry. Meanwhile, in terms of annualized new premium income, it occupies the top three positions in the industry.
During the first quarter of 2022, BRI Life’s premium income was able to reach IDR 2.5 trillion, an increase of 51.8 percent compared to the first quarter of 2021 which was valued at IDR 1.65 trillion.
“Our parent company PT Bank Rakyat Indonesia (Persero) Tbk. and FWD Management Holding Limited encouraged us to become big players. We hope that in 2025 we can enter the top five in terms of gross written premium [gross premium],” said Iwan, quoted on Friday (27/27). /5/2022).
According to him, this target has the opportunity to be achieved because penetration to BRI’s main customers is still very open. The same is true for the non-BRI market.
In order to achieve the target in 2025, BRI Life aims for growth by the end of 2022 to be above the industry which is currently around 10-15 percent. Since last year, the company has also mapped BRI Bank customers to find out the insurance products they need.
“Our strategy is to grow above the industry if we want to gain market share, that’s what we continue to push,” he said.
In addition, to penetrate deeper into Bank BRI customers, the company also provides micro insurance with a premium of IDR 50,000 per year. With this micro insurance, BRI Life is able to attract 1-1.5 million policyholders every month.
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