PT BRI ASURANSI INDONESIA (BRI Insurance) BRI Insurance assets in 2023 amounted to IDR6.47 trillion, an increase of 32.19% compared to 2022 of IDR4.89 trillion. This increase was due to several things, including an increase in investment value of 11.7% compared to 2022 and an increase in technical reserves of 34.9% compared to 2022. BRI Insurance’s gross premium income in 2023 was IDR1.54 trillion, an increase of 21.68% compared to with 2022 amounting to IDR1.27 trillion. This happened because COB Credit premium growth was 123.2%, COB Motor Vehicle was 42.7%, COB Property was 2.6%, Marine Hull was 94.1% and Engineering was 34.3%. BRI Insurance’s equity in 2023 increased by 23.93% from IDR1.622 trillion in 2022 to IDR2.01 trillion in 2023. This increase was due to an increase in profit for the year of 28.5% compared to 2022 to IDR479.4 billion in 2023. PT BRI Asuransi Indonesia Strategy in 2023 Increasingly competitive business conditions and a dynamic and uncertain business environment required BRI Insurance to continue to seek new breakthroughs and implement strategies that were appropriate and in line with changes in the business environment. BRI Insurance must be able to create, exploit and achieve competitive advantages by creating competitive values that are better than competitors. To achieve this, BRI Insurance must be able to implement strategies and values that are different and cannot be imitated by its competitors. One of these strategies is through innovation. The following is a description of the strategies and competitive advantages and innovations implemented by BRI Insurance Indonesia in 2023 accompanied by an analysis of business prospects for 2024, namely: 1. Becoming a one stop insurance solution to meet insurance needs through products, services and marketing channels that can answer customer needs. 2. Developing existing products and innovate new products, including micro, ultramicro products, products according to ESG principles, and insurance products based on customer behavior and needs. 3. Innovating productive distribution channels, including synergizing bancassurance marketing, increasing cooperation with the digital business ecosystem, and strengthening agency and broker businesses. 4. Increasing the number of customer portfolios, renewal ratios, and develop existing businesses. 5. Increasing the ratio of premium collection and claim recovery. 6. Improving after sales service claims services, policy extensions and customer engagement. 7. Optimizing the use of digital technology for the effectiveness and efficiency of business processes. 8. Increasing investment capacity with good risk management and diversify investment placements for optimal returns. 9. Strengthening data privacy and data security management. 10. Improving Company governance and supporting Integrated Governance. 11. Preparing pre-implementation of Statement of Financial Accounting Standards (PSAK 74). 12. Carrying out culture activation, literacy and efforts to increase insurance inclusion in the face of strengthening business competition. 13. Increasing worker competency in the fields of technology, analytical data and industry knowledge PT BRI Asuransi Indonesia Competitive Advantage and Innovation Competitive Advantage and Innovation owned by BRI Insurance Indonesia are: 1. PT BRI Asuransi Indonesia had a network of 115 (one hundred fifteen) offices spread throughout Indonesia. 2. It becomes a company with the first rank in the gross premium category of IDR1 to <IDR2.5 trillion according to infobank. 3. PT BRI Asuransi Indonesia consistently carried out certification with the latest results of the idAA rating from Pefindo. 4. As one of the leading general insurance companies, PT BRI Asuransi Indonesia has more than 70 (seventy) products BRI Insurance is part of a subsidiary of the BRI Group which operates in the insurance sector and has the responsibility to create value both from a business perspective and improve the image of BRI Insurance with a commitment to providing general insurance protection through a variety of trusted products supported by technological innovation, prudent GCG and human capital. superior to produce optimal and sustainable productivity. Table of PT BRI Asuransi Indonesia Performance (Productivity) (in IDR million) Description 2023 2022 Growth (Nominal) (%) Asset 6,464,609 4,891,250 1,574,359 32.19% Gross Premium 1,542,863 1,267,919 274,944 21.68% Equity 2,010,409 1,622,163 388,246 23.93% PT Bank Rakyat Indonesia (Persero) Tbk. 2023 Annual Report 253 Management Discussion and Analysis on Bank Performance
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