Towards Health & Life

Insurance Products

January 2023
N total = 1,041

Gender Men Women

51% 49%

Ages Area
18 - 25 y.o 24% Java 67%
26 - 35 y.o 29% Sumatra 16.5%
36 - 45 y.o 27% Other Islands 16.5%
46 - 55 y.o 20%
Marital Status
Occupation
Married 59%
Working 60% Single 38%
Entrepreneur 15% Divorced/widowed 3%
Student 11%
Not working & others 14%
SES
Monthly Expenses Lower 15%
Middle 59%
< IDR 1,300,000 14%
Upper 26%
IDR 1,300,001 - IDR 2,000,000 16%
IDR 2,000,001 - IDR 4,000,000 34%
6 - 7 Jan 2023
IDR 4,000,001 - IDR 6,000,000 15%
> IDR 6,000,001 21%
Insights and Findings

January 2023
Newsletter
 N total = 1,041

What is insurance for you?

Most people believe that insurance is essential, with health assurance
being the most common association they have with insurance.

Spontaneous Reaction Importance Level

of Insurance
Perlindungan

5%
Jaminan (Protection)
(Assurance)
Important

Jaminan Kesehatan
Bayar premi
(Pay premium) 22% Somewhat important
Unimportant
(Health assurance)

Jaminan hari tua

(pension plan) /
masa depan
73%
(future guarantee)

Q1. What comes to your mind when you hear the word “insurance”? (Short answer) | Q2. How important is having insurance, according to you? (Choose one answer)
 N total = 1,041

Spontaneous Reaction Across Break

People in lower SEC have a stronger association with health assurance, while people in upper SEC
also mention protection from insurance.

Total
Java Sumatra Other Male Female 18-25 26-35 36-45 46-55 Upper Middle Lower
Islands

694 173 173 529 512 254 297 280 211 275 617 149

Jaminan Kesehatan (Health assurance) 21% 17% 19% 35% 21% 20% 23% 20% 22% 16% 20% 19% 27%

Jaminan (Assurance) 14% 15% 11% 12% 12% 16% 19% 13% 11% 12% 13% 14% 15%

Perlindungan (Protection) 12% 14% 8% 10% 15% 10% 7% 12% 15% 15% 17% 12% 6%

Bayar Premi (Pay premium) 8% 7% 11% 5% 5% 10% 4% 5% 9% 14% 3% 9% 9%

Jaminan Hari Tua (Pension plan) / Masa Depan 5% 5% 3% 4% 5% 5% 6% 4% 4% 5% 4% 5% 6%

(Future guarantee)

Asuransi Jiwa (Life insurance) 3% 3% 2% 5% 4% 3% 5% 5% 1% 3% 2% 4% 7%

Asuransi Kesehatan (Health insurance) 3% 3% 0% 8% 2% 5% 3% 3% 6% 0% 5% 3% 1%
BPJS 3% 3% 3% 3% 3% 3% 2% 4% 6% 0% 4% 3% 2%
Terkait Keuangan (Related to finance) 2% 3% 0% 1% 1% 3% 3% 2% 1% 4% 4% 2% 2%
Investasi (Investment) / Tabungan (Savings) 2% 3% 2% 0% 2% 2% 5% 2% 2% 0% 1% 3% 3%
Jaminan Kecelakaan (Accident guarantee) 2% 2% 4% 1% 2% 3% 1% 3% 1% 4% 0% 2% 7%
Prudential 2% 3% 1% 1% 2% 2% 1% 4% 3% 0% 3% 2% 1%
Biaya (Cost) 2% 2% 1% 3% 1% 2% 3% 2% 1% 0% 1% 1% 3%
Allianz 1% 2% 1% 0% 2% 1% 0% 1% 3% 0% 1% 2% 0%
Polis (Policy) 1% 1% 0% 0% 1% 1% 1% 0% 1% 0% 1% 1% 1%
AXA Mandiri 1% 1% 0% 0% 0% 1% 1% 1% 1% 0% 1% 1% 0%

Q1. What comes to your mind when you hear the word “insurance”? (Short answer)
 N total = 1,041

Importance Level of Insurance

Having insurance is very important to males and upper SEC compared to others

Total
Java Sumatra Other Male Female 18-25 26-35 36-45 46-55 Upper Middle Lower
Islands

694 173 173 529 512 254 297 280 211 275 617 149

Very important 42% 43% 42% 37% 45% 38% 42% 40% 46% 39% 48% 41% 33%

Important 31% 29% 31% 38% 35% 26% 28% 31% 21% 46% 29% 29% 39%

Somewhat important 22% 23% 21% 21% 16% 28% 24% 23% 27% 11% 20% 24% 18%

Unimportant 4% 4% 5% 2% 2% 6% 6% 3% 3% 4% 2% 4% 8%

Very unimportant 1% 1% 1% 2% 2% 1% 1% 2% 3% 0% 1% 2% 1%

Mean Score 4.07 4.08 4.08 4.06 4.20 3.95 4.06 4.03 4.04 4.20 4.22 4.04 3.95

Q2. How important is having insurance, according to you? (Choose one answer)
 N total = 1,041

Insurance Ownership (1/2)

Surprisingly, only 50% of respondents from Sumatra already own insurance.

Total Java Sumatra Other Male Female 18-25 26-35 36-45 46-55 Upper Middle Lower
Islands

694 173 173 529 512 254 297 280 211 275 617 149

Yes 67% 70% 50% 68% 69% 64% 62% 70% 69% 64% 69% 67% 59%

No 33% 30% 50% 32% 31% 36% 38% 30% 31% 36% 31% 33% 41%

Q3. Do you have insurance? (Choose one answer)

 N total = 1,041

Insurance Ownership (2/2)

Two of three respondents already have insurance, with the majority having BPJS and few
owning private insurance. Among those who don’t have insurance, finances are their main
barrier to purchasing insurance.

Do you have Insurance Type Reasons for Not Having

insurance? have insurance N = 693 Any Insurance
don’t have any insurance N = 348

83% 75% 38% 25%

Don’t have the budget to pay 57%
33% Insurance from the
government (BPJS)
Private insurance the premium yet

Expensive premium 29%

Currently have Most used
Lack of undertanding of 25%
insurance benefits
BPJS Class
67% have BPJS N = 576
Don’t feel the need for
insurance services
22%

Heard bad experience 19%

Yes 1st Class 30% with insurance

No 2nd Class 28% Complicated procedure 18%

3rd Class 25%

Others 17%

Q3. Do you have Insurance? (Choose one answer) | Q4. What kinds of insurance do you currently have? (Select all that apply) |
Q5. Which type of insurance do you use the most? (Choose one answer) | Q25. What are the reasons you don't have insurance? (Select all that apply)
 N total = 1,041

Personal Private Insurance have private insurance N = 262

Ownership (1/2)
Among private insurance owners, the majority of them pay the premium out of their own pocket, with
more than half paying less than IDR 750K per month. Protection and medical support are the main
reasons why they purchase insurances using their personal funds. Hence, they choose an insurance
provider that can answer what they are looking for.
use personal funds for insurance N = 190

Source Monthly Insurance Reasons of Using Brand

of funds Budget Personal Funds Consideration
< IDR 500,000 36% As a protection for myself 67% Insurance policies offered 83%
and my assets according to your needs
IDR 500,000 - IDR 750,000 21%
It can cover hospital bills 63% Affordable premium costs 68%
IDR 750,000 - IDR 1,000,000 27% (hospitalization, doctors, and quality
medicine, and procedures)
IDR 1,000,000 - IDR 1,500,000 12% to operating costs Fast and accurate claim 68%
72% IDR 1,500,000 - IDR 3,000,000 3% As an inheritance/protection 39%
service

for the family if anything Great reputation 66%

IDR 3,000,000 - IDR 5,000,000 1% happens
Personal Has many quality health 54%
> IDR 5,000,000 0% As an investment instrument 33% center partners

Seeing bad experiences 24% Supporting digital apps 34%

from friends/family who available
don't have insurance
Licensed agent 30%
Don't get private insurance 21%
benefits from the office

As an addition/supplement 15%
44% to my office insurance

My parents made it for me 11%

Employee
benefits

Q6. Where does your private insurance come from? (Select all that apply) | Q10. How much budget is set aside for personal insurance from your monthly income? (Choose one answer) |
Q8. What are the reasons that drive you to have insurance from personal financing? (Select all that apply) | Q9. What are your considerations in choosing an insurance provider? (Select all that apply)
 N total = 1,041

Personal Private Insurance have private insurance N = 262

Ownership (2/2)
More than half already have
private insurance since more Length of Ownership Social Media Used
than 2 years ago, while most use personal funds for N = 190 using social media to find N = 109
people purchase private insurance information regarding
their private insurance
insurance during the pandemic.
They mostly get information < 1 year 9%
about their insurance provider 1 - 2 years* 35%
from agents, followed by social
2 - 5 years 30%
media, particularly Instagram
5 - 10 years 22% 88% 75% 68%
and YouTube.
> 10 years 4%
*Pandemic situation

Source of funds Source of Information

use personal funds for
60% 54% 39%
N = 190
insurance

Insurance agent 67%

Social media 57% 30% 24% 5%
Friends/Family 55%
72% 44% Mass media 46%
Personal Employee Influencers 21%
benefits

Q6. Where does your private insurance come from? (Select all that apply) | Q11. How long have you had personal insurance? (Choose one answer) |
Q12. Where do you find information about your personal insurance? (Select all that apply) |
Q13. Which social media do you use to find information about your personal insurance? (Select all that apply)
 N total = 1,041

Type of Private Insurance have private insurance N = 262

From Personal Funds

Health insurance is the most purchased insurance type
from private companies, followed by life insurance.

Source of Funds Type of Private Insurance

use personal funds for insurance N = 190

Health Insurance 80%

Life Insurance 55%

72% 44% Pension Insurance 35%

Personal Employee Education Insurance 33%

benefits
Motor Vehicle Insurance 31%

Unit Link Life Insurance 12%

Property Insurance 8%

Q6. Where does your private insurance come from? (Select all that apply) | Q7. What kinds of private insurance do you have from personal funding? (Select all that apply)
 N total = 1,041

Personal Health Insurance personal funds for insurance N = 190

Ownership have private health insurance N = 151

Health insurance is mostly
purchased due to its full benefits. Premium Payment Preferred Providers
The majority of people prefer to Method
pay the premium on a monthly Prudential 52%
basis, and Prudential is the top Manulife 21%
health insurance brand that 20%
68% 32%
AIA
people usually purchase. Allianz 20%
AXA 18%
Pay monthly Pay annually Sinarmas 13%
Type of Private Insurance FWD 9%
Benefits From BNI life 5%
Health Insurance 80%
Health Insurance Adira 4%

Life Insurance 55% Chubb 3%

Sequis 3%
Full benefits 89%
Pension Insurance 35%
(outpatient/inpatient) Lippo Insurance 2%
Education Insurance 33% Avrist 2%
Hospital inpatient 70%
daily compensation MAG 1%
Motor Vehicle Insurance 31%

Unit Link Life Insurance 12% Critical illness benefits 65%

Property Insurance 8% Health insurance for 53%

the whole family

Following advices 23%

from the agent

Q7. What kinds of private insurance do you have from personal funding? (Select all that apply) |
Q14. What premium payment method do you use when purchasing a personal health insurance product? (Choose one answer) |
Q15. What benefits are you looking for from your personal health insurance? (Select all that apply) |
Q16. What personal health insurance providers do you currently use? (Select all that apply)
 N total = 1,041

Personal Life Insurance use personal funds for

insurance
N = 190

Ownership have private life insurance N = 105

Half of the people have life
insurance from private Premium Payment Preferred Providers
companies, with the majority Method
choosing the term life
insurance type. Similar to Pay monthly 69% Prudential 37%
health insurance, people pay Pay annually 30% AIA 36%
the premium monthly, with
Complete in one 1% Allianz 32%
the most used brands being payment
Manulife 25%
Prudential, AIA, and Allianz.
AXA 12%
The Ideal Waiting Zurich 11%
Period Astra Life 10%
Type of Private Insurance Sunlife 9%
< 1 month 44% Sinarmas Jiwa Polis 8%
Health Insurance 80%
1 - 3 months 24% BNI Life 5%
Life Insurance 55% 3 - 5 months 14% Lippo Insurance 4%
> 5 months 18% FWD Life 3%
Pension Insurance 35%
Sequis 3%
Education Insurance 33% Type of Life Insurance Avrist 1%

Motor Vehicle Insurance 31%

Termlife
Term lifeinsurance
insurance 56%
56%
Unit Link Life Insurance 12%
Wholelife
Whole lifeinsurance
insurance 34%
34%

Property Insurance 8% Endowment

Endowment Insurance
Insurance 10%
10%

Q7. What kinds of private insurance do you have from personal funding? (Select all that apply) |
Q17. What premium payment method do you use when purchasing a personal life insurance product? (Choose one answer) |
Q18. In your opinion, how long is the ideal waiting period for life insurance funds disbursement? (Choose one answer) |
Q19. Which type of personal life insurance do you currently have? (Choose one answer) | Q20. What personal life insurance providers do you currently use? (Select all that apply)
 N total = 1,041

Unit Link Life Insurance Ownership use personal funds for

insurance
N = 190

Only around 10% of people have unit link life insurance from private companies.
Indicatively, they purchase it for investment, and Prudential is the most used brand.

have private unit link life insurance N = 23*

Type of Private Insurance Reasons to Purchase Preferred Providers

Health Insurance 80% For investment 90% Prudential 65%

Allianz 32%
Life Insurance 55% Get lots of additional 82%
AIA 21%
benefits
Pension Insurance 35% AXA 19%
For school fees 77% Manulife 15%
Education Insurance 33%
Lippo Insurance 13%
Motor Vehicle Insurance 31% Sequis 9%
Premium Payment BNI Life 8%
Unit Link Life Insurance 12%
Method Avrist 4%
Property Insurance 8%
Pay monthly 60%

Pay annually 38%

Complete in one 2%
payment

Q7. What kinds of private insurance do you have from personal funding? (Select all that apply) | Q21. Why did you decide to have unit-link life insurance?
(Select all that apply) | Q22. What premium payment method do you use when purchasing a unit-link life insurance product? (Choose one answer) |
Q23. What unit-link life insurance providers do you currently use? (Select all that apply) *low base, read with caution
 N total = 1,041

Private Insurance have private insurance N = 262

from Employee Benefits

Less than half of private insurance is being paid by companies as an employee benefit,
with the most common insurance provider being Prudential.

Source of Funds Company’s Current Insurance Provider

have private insurance from company benefits N = 114

72% 44% 25% 12% 9% 9% 9%

Personal Employee
benefits

6% 6% 3% 2% 1%

Q6. Where does your private insurance come from? (Select all that apply) | Q24. What insurance provider is provided by your company? (Choose one answer)
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