The beginning of the cooperation of the Insurance Research Institute with the Indonesian Life Insurance Association
According to Poli Mali News, Mohammad Mahdi Asgari, the head of the Insurance Research Institute, met with Budi Tampoblen, the head of the Indonesian Life Insurance Association (AAJI) on Saturday, 14 September 1402, and exchanged opinions about the start of joint cooperation between the two groups.
Joint meeting of Insurance Research Institute with Indonesian Life Insurance Association (AAJI) [1] which was attended by Mohammad Mahdi Asgari, head of the Insurance Research Institute, Tampoblen[۲] Chairman of the Indonesian Life Insurance Association, Beni Hadiwi Buu [۳] Head of Research and Development Department of Life Insurance Association of Indonesia, Ibn Esernain Golan [۴] Head of Human Capital Department of Life Insurance Association of Indonesia, Rika Danyati [۵] Head of the Project and Implementation Department of the Indonesian Life Insurance Association and IBO IKA[۶] the head of the office of the Indonesian Life Insurance Association was held.
At the beginning of this meeting, Asgari explained the situation of Iran’s insurance industry and introduced the structure and activities of the Insurance Research Institute as the only research and development center in the field of insurance in Iran. Providing takaful is also required to present their takaful business plan to the takaful working group of the Insurance Research Institute, consisting of experts from different fields, and after the approval of the takaful working group, they will receive the license to provide takaful products from the Central Insurance of Iran.
The head of the Insurance Research Institute stated that in the previous meeting with the Indonesian Life Insurance Association, which was held online, the fields of mutual cooperation between the Insurance Research Institute and the Indonesian Life Insurance Association were examined, and considering the low penetration rate of life insurance in Iran, we are interested in We benefited from the experiences of this association in improving the penetration rate of life insurance in Iran.
Askari further requested to provide a training program for managers of Iran’s insurance industry and to use the experiences of this center, especially in the field of Sharia-based life insurance. [۷] as an innovation specific to Indonesia and while inviting the president and managers of the Indonesian Life Insurance Association to attend and present a paper at the 1402 Insurance and Development Forum, he announced that soon a risk management institute will be launched in Iran, which will help insurance companies in identifying the level Risk helps.
The head of the insurance research institute expressed his hope that a road map of life insurance will be developed with the cooperation of the Indonesian Life Insurance Association. He also announced the full readiness of the academic staff of the Insurance Research Institute to cooperate with this center in conducting joint research in the field of life insurance.
In the continuation of this meeting, Bodhi Tampoblen, the head of the Indonesian Life Insurance Association, provided details about the time of the 2023 ASEAN Summit and said that during this week, all the presidents of the ASEAN countries will gather for a meeting in Jakarta. After that, several conferences will be held.
Referring to the role of the supervisory body in the insurance and financial industry of Indonesia, he introduced the structure and performance of the Indonesian Life Insurance Association and pointed out: In Indonesia, there are three types of insurance licenses, including life, general insurance and reinsurance. And recently, Shariah-based insurance or takaful has been added to it, which is divided into two groups: family takaful, general takaful, and dependent takaful. The Indonesian Life Insurance Association currently has 56 members, some of which are local life insurance companies, and some of which are joint ventures with major players from countries such as the United States, Japan, China, etc. Local life insurance companies, some are completely private and some are government or subsidiary companies [۸] are the government
After that, the head of the research and development department of the Indonesian Life Insurance Association, Benny Hadivi Buu, pointed out the similarity of the conditions of the implementation of IFRS 17 in Indonesia and Iran, and discussed the effects of the implementation of this standard on the profitability of the insurance industry.
Then, referring to the internal and international training programs of the Insurance Research Institute in the field of IFRS17 and the establishment of a special department for IFRS17 in the Central Insurance of Iran, Asgari clarified that this issue is of special importance for the insurance industry of Iran. However, due to the 15-year sanctions against Iran, we need to update international standards, and the Insurance Research Institute, as the person responsible for updating standards in the insurance industry, will benefit from the experience of the Indonesian Life Insurance Association in this field.
Expressing the importance of joint investment with Indonesia in the field of life insurance and family takaful for the insurance research institute, Asgari pointed to the receipt of license to provide takaful products by 9 Iranian insurance companies and one of the most important goals of the institute is to launch the first specialized takaful company in Iran this year. explained.
The head of the Indonesian Life Insurance Association stated that the center is ready to launch a specialized takaful company in the form of a joint venture. The first step in establishing a joint venture is an agreement with a local partner, and there is no obstacle for this from the Indonesian supervisory body.
Ibn Esernain Golan, head of the human capital department of the Indonesian Life Insurance Association, also said that Malaysia has been very successful in the field of takaful, and in Malaysia, there are regulations that require allocating 10% of each business to takaful.
Referring to the President’s visit to Indonesia and the opening of a new path in international communication, Asgari asked the directors of the Indonesian Life Insurance Association to introduce a local partner to cooperate with the Insurance Research Institute in the field of joint investment to establish a specialized Takaful company. Beni Hadiwi Bowo, head of the research and development department of the Indonesian Life Insurance Association, considered this issue a heavy responsibility and it requires full trust between the parties and the complete readiness of the Indonesian Life Insurance Association to cooperate in this field and also to establish a Sharia-based insurance company in Indonesia. announced by the insurance research institute.
The head of the Indonesian Life Insurance Association also in the final part of this meeting; He called the meeting with the delegation of the Insurance Research Institute an honor and added that there have been favorable relations between the two countries since the distant times. The recent meeting between the presidents of the two countries also shows the good intentions of the parties in the beginning of joint cooperation.
In the end, the president of the Indonesian Life Insurance Association presented a booklet containing the road map of Indonesian life insurance to the president of the Insurance Research Institute. Having obtained permission from the head of the Insurance Research Institute to publicize the insurance and development conference among the members of the association (Indonesian life insurance companies), he stated that a large number of members of the association will be interested in participating in this conference in order to examine the opportunities available in Iran.
At the end of the meeting, Asgari mentioned the joint meeting of insurance industry managers with the President of Iran and his emphasis on continuing and accelerating the process of implementing Takaful in Iran and expanding international relations with Muslim countries and added that the implementation of Takaful in Iran is supported by the Ministry of Economy, the government And central insurance is located. Based on this, the delegation of the Insurance Research Institute will be sent to Indonesia in the near future to present an article at the ASEAN conference, and it is hoped that a cooperation agreement with the Indonesian Life Insurance Association will be concluded at that time.
Appreciating the hospitality of the Indonesian Life Insurance Association, the head of the Insurance Research Institute invited the directors of the association to attend the 1402 Insurance and Development Conference in Tehran. While expressing his gratitude to the Indonesian Life Insurance Association, he expressed his hope that the process of cooperation between the two sets of platforms will provide the necessary platforms to improve the status of the insurance and takaful industry of the two countries.
It should be noted that the Indonesian Life Insurance Association (AAJI) [9] during the annual meeting of the Indonesian Insurance Council (DAI) [10] It was launched on January 23, 2002 with official approval. The members of this association are 61 life insurance companies and 6 reinsurance companies, including national and multinational companies in Indonesia.
The main goal of this association has been to create a suitable platform for Indonesian life insurance and reinsurance companies in order to establish, maintain and strengthen mutually beneficial cooperation for the development of life insurance business in this country. Another goal of this association is to increase professionalism among life insurance players in Indonesia and coordinate with the government to strengthen and monitor life insurance and reinsurance business activities. This association has always partnered with policymakers in Indonesia’s financial and banking sector.