THE global economic condition in the first half of 2024 still faces the risk of uncertainty in line with the unabated geopolitical tensions which are still high in 2024. This puts pressure on the projection of global economic growth in 2024 which is projected to stagnate at 3.2%.
In this era of economic uncertainty, it is important for people to be able to manage their finances and have protection. On the other hand, the Indonesian government has set a financial inclusion target of 90% by 2024 as an effort to protect people from economic uncertainty. Based on the official release of the Indonesian National Financial Literacy Strategy 2021-2025 with the latest National Financial Literacy and Inclusion Survey (SNLIK) data in 2019, it was recorded that the current level of community inclusion has only reached 76.19%.
Seeing this, Great Eastern Life Indonesia collaborates with Bank Ganesha to market the GREAT Prestige Protector product as an effort to increase financial inclusion and provide ‘peace of mind’ for the Indonesian people amidst conditions full of uncertainty. This collaboration is expected to increase the accessibility of insurance products for Bank Ganesha customers and expand the reach of Great Eastern Life Indonesia in the banking sector.
The collaboration was inaugurated with the signing of a collaboration between Great Eastern Life Indonesia and Bank Ganesha, then continued with a symbol that presents the Money Tree (Pachira Aquatica) which is a symbol of luck and prosperity and provides hope for profitable investment and protection for customers. This tree is also a symbol of sustainability and commitment to the earth and the pillars of ESG (environment, social, and governance).
As of August 1, 2024, GREAT Prestige Protector is officially marketed through Bank Ganesha’s bancassurance channel spread across 3 major cities in Jakarta, Tangerang, and Surabaya with 1 head office, 6 branch offices, and 4 sub-branch offices. In the product sales process, Great Eastern Life Indonesia has provided a Financial Advisor to assist prospective customers in determining the appropriate protection product, and is assisted by Bank Seller from Bank Ganesha.
“The collaboration between Great Eastern Life Indonesia and Bank Ganesha is a manifestation of our commitment to increase financial inclusion in the community, especially in the midst of this dynamic economic condition. Therefore, we present GREAT Prestige Protector through the Bank Ganesha bancassurance channel. This product guarantees certainty of asset growth for the first 10 years as well as optimal self-protection. That way, the community can achieve their planned long-term financial goals,” said Nina Ong, President Director of Great Eastern Life Indonesia.
“We see that public awareness of the importance of insurance has improved after the pandemic and through this collaboration we hope that our customers will have wider alternatives to obtain protection solutions both in terms of investment and protection,” said Setiawan Kumala, Vice President Director of Bank Ganesha.
The marketing of GREAT Prestige Protector through the Bank Ganesha bancassurance channel is also expected to increase the Life Insurance Premium of the bancassurance channel. Until now, the bancassurance channel has been the largest contributor to life insurance premium income. The latest data from the Indonesian Life Insurance Association (AAJI) in the first quarter of 2024, bancassurance premium income reached IDR 19.09 trillion or contributed more than 41.5% of Life Insurance Premium income. This shows that purchasing insurance through the bancassurance channel is a preference for the Indonesian people. (Z-6)
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