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Indonesian readies rules for insurtech policies

Indonesia's Financial Services Authority (OJK) is preparing regulations covering the marketing of insurance products through digital platforms, according to Riswinandi, the chief of the non-bank financial industry supervision department at the regulatory body. Insurance companies are expected to sell products that are easy to understand for consumers, and also provide certainty of refunds through easy claims processes that will mirror the ease with which insurers make payment of premiums. In 2019, based on a financial literacy and inclusion survey, only 31.26% of respondents had utilised digital financial services and only 9.9% used digital platforms to purchase insurance products online. Riswinandi is asking for commitments from companies that will sell and manage insurtech. Digital sales via insurtech platforms are currently carried out only by insurance brokers.


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