WanaArtha Life Launches WANALink Unit-Linked Life Insurance Product
Jakarta, May 21, 2012 – To meet the growing demands of Indonesia’s life insurance market, today Life Insurance PT Adisarana Wanaartha (WanaArtha Life) announced the launch of a new life insurance product called WANALink. This product offers maximum protection and optimal return on investment for customers. “Our WANALink product is designed to meet customers’ demands for protection and investment-based products,” said Eddy KA. Berutu, Chief Executive Officer of WanaArtha Life.
Mr. Berutu noted that, as a national insurance company with 38 years experience in the Indonesian market, WanaArtha Life continues to expand to better serve customers with increasingly diverse needs. WANALink is a unit-linked life insurance product that is designed to meet the needs of people in Indonesia. WANALink products will be marketed at a premium starting from IDR 300,000 per month or IDR 3.6 million per year. Customers are given the flexibility to top up premiums so that policyholders can increase the value of their investment or protection. The added value of WANALink is that customers up to age 70 can purchase the product, which offers an optional health insurance program as an additional insurance rider.
Mr. Berutu said that WanaArtha Life’s three-year transformation strategy has proven successful in increasing the performance of WanaArtha Life. In 2011, total assets grew from IDR 2.3 trillion to IDR 3.11 trillion, with an average premium income growth above the industry average of 77%.
To provide strong customer service and fund management, WanaArtha Life has formed strategic relationships with two key partners that are experienced and respected in their fields. WanaArtha Life will leverage the synergy of these partnerships to gain market share in the still vast and untapped Indonesian life insurance market. In the early stages, WanaArtha Life will maximize its licensed agent distribution with a network of marketing offices to sell these products. By late 2012, WanaArtha Life plans to operate 47 sales offices from Aceh to Papua.
The first strategic partner is PT First State Investments Indonesia, which is known to have strong international expertise. PT First State Investments Indonesia is part of Colonial First State Global Assets Management, the investment management division of the Commonwealth Bank of Australia which has funds under management of USD 156 billion and operates in various countries around the world.
WanaArtha’s second strategic partner is eBaoTech, a leading provider of new generation software and services for the life and general insurance industries with offices in 10 countries. eBaoTech provides its LifeSystem life insurance software as a cloud-based solution to WanaArtha Life. The Web-based management system uses the Software-as-a-Service (SaaS) model where WanaArtha Life has full access to the software, and eBaoTech manages the infrastructure. Thus WanaArtha Life can use modern technology while minimizing its capital expenditures.
Hazrina Goddard, Director of PT First State Investments Indonesia, said “First State has the expertise and years of experience in the investment industry to provide maximum support to WanaArtha Life in managing clients’ WANALink funds. We will manage and place clients’ funds in WANALink instruments in accordance with their investment horizon. Our businesses are highly synergistic and we look forward to a strong business relationship with WanaArtha Life.”
Augustine Tay, General Manager of eBaoTech International Pte Ltd, commented, “We are very pleased to have WanaArtha Life as the first life insurance company in Asia that uses eBaoTech’s LifeSystem insurance software with a SaaS model to manage its insurance policy administration. With SaaS, we together with WanaArtha Life are able to provide the best service to families in Indonesia. We look forward to supporting WanaArtha’s growth strategy in Indonesia.”
Eddy KA. Berutu added, “The business synergies between WanaArtha Life, FSI Indonesia and eBaoTech are part of WanaArtha Life’s strategy to continuously improve service quality and operations management through a variety of products with modern services that fit customers’ needs. Our commitment is to make WanaArtha a local life insurance company with an international standard to meet the needs of the people of Indonesia.”
About WanaArtha Life
PT. Wanaartha Adisarana Life Insurance, better known as WanaArtha Life, was founded in 1974. Over the past 38 years in the national life insurance industry, WanaArtha Life has become an insurance company with strong business growth. Thanks to the business transformation that began in 2009, at the end of 2011 WanaArtha Life assets had reached Rp 2.3 trillion. To increase market reach, WanaArtha Life continues to increase its marketing network backed by insurance agents that are reliable and licensed. At the end of 2011, WanaArtha Life had a network of 40 offices. With the right strategy, infrastructure support, human resources professionals and agencies, WanaArtha Life is gradually becoming a life insurance company that provides solutions for the needs of the community investment protection as well as Indonesia.
About First State Investments Indonesia
First State Investments is part of Colonial First State Global Assets Management with funds under management of USD 156 billion (as of March 31, 2012). It operates in Sydney, Melbourne, Auckland, London, Edinburgh, Paris, New York, Hong Kong, Singapore, Jakarta, and Tokyo. PT First State Investments Indonesia (FSI Indonesia) was established in October 2003. The Investment Manager obtained permission from Bapepam & LK in December 2003, and has been in operation since February 2004. FSI Indonesia provides a variety of investment products and expertise to meet the needs and risk profile of each investor in Indonesia. FSI Indonesia has been managing funds of more than Rp trillion 4.07 (data as of April 30, 2012) which includes Mutual Funds and Fund Management Contracts.
eBaoTech delivers standards-based, highly configurable insurance software suites to both property and casualty (P&C) and life insurers. Its product offerings enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. With offices in ten countries across Europe, Asia and the Americas, and installations in more than 20 countries, eBaoTech has extensive global presence to serve leading insurance companies. For more information, visit ebaotech.com.
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