Jakarta, August 26, 2015 – PT Asuransi Jiwa Sinarmas MSIG (Sinarmas MSIG Life), one of the leading life insurance companies Indonesia, a joint venture between PT Asuransi Jiwa Sinarmas and Mitsui Sumitomo Insurance Co., Ltd. from Japan, officially introduced Mr. Premraj Thuraisingam as the new President Director of Sinarmas MSIG Life today. On the same occasion, the company also announced its success in scoring new business growth (in APE basis) at IDR 687.02 billion during the first half of 2015 or up by 12% compared to the same period last year. Appointment of the new CEO and the positive achievements obtained until mid-year will reinforce Sinarmas MSIG Life’s position in the life insurance industry in Indonesia.
“With more than 30 years of experience in the local life insurance industry, Sinarmas MSIG Life has consistently showed its role in providing protection and addressing the need for security and comfort to the Indonesian people. It was evident in many achievements scored by Sinarmas MSIG Life, including in the first half of this year. Mr. Premraj Thuraisingam’s experiences and achievements were also our main rationale in inviting him to join the big family of Sinarmas MSIG Life as the new President Director. We are confident and optimistic that his excellence will strengthen Sinarmas MSIG Life further and accelerate the company’s business performance towards more positive outcomes. Not solely in the second half of 2015, but also in the future,” explained Indra Widjaja, President Commissioner of Sinarmas MSIG Life.
Premraj Thuraisingam has worked in the life insurance industry for close to 20 years. He held a broad range of professional experiences, namely agency & partnership distribution, product management, marketing, communication, sales, and bancassurance. His market insight is constantly developed thanks to a career that spans in more than one country. Premraj Thuraisingam has held various positions in many large insurance companies in Asian countries such as Singapore, Hong Kong, Vietnam and Indonesia.
“It is my great honor to take the helm ofa big company that highly upholds noble values and has strong commitments to its customers by becoming the insurance for your loved ones. I am humbled by the trust and the opportunity given to join Sinarmas MSIG Life, a company manned by a solid team with 30 years of experience in the life insurance industry in Indonesia,” Premraj Thuraisingam, the new President Director of Sinarmas MSIG Life said. “Together, we will work hand in hand, focusing on product and service innovation efforts to address the financial needs of our customers and potential customers. This shall include strengthening the company’s performance that has started off well in 2015 with a number of positive achievements,” he added.
In the first half of 2015, Sinarmas MSIG Life has recorded new business growth (in APE basis) with an increase of 12% compared to the first half of 2014. In terms of product composition, unit-linked product grew by 125% to IDR 169.32 billion compared to the same period last year. Such achievements demonstrate the customers’ growing interest on insurance products that do not only provide protection, but also offer additional benefits in the form of long-term investment. Meanwhile, during the same period, Sharia unit rose by 22% or at IDR 43.58 billion.
Sinarmas MSIG Life’s positive achievementsonits new business growth during the first half of 2015 was due to the growth of its distribution channels, especially Agency which experienced a sharp growth of 136% and Direct Marketing-Telemarketing (DMTM) at 41%. The value of assets was recorded at IDR 20.91 trillion or up 6.06% compared to the same period in 2014. The total number of customers rose by 45% to more than 1.1 million, both for individual and group, compared to the first half of 2014 which was 800,000 customers.
As an effort to improve the company’s business performance in the second half of 2015, Sinarmas MSIG Life has outlined several strategies. One of them is by improving the quality of customer service by assigning a special spot for customers at the new office of Sinarmas MSIG Tower to provide maximum comfort and service.