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- 1 - GENERAL INSURANCE INDUSTRY ANALYSIS Group 4: 1.Nastiti Nurlatifiyanti 2.Nureni Susilowati 3.Poerbaningrat Case Study in PT Asuransi Bintang Tbk.

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Presentasi berjudul: "- 1 - GENERAL INSURANCE INDUSTRY ANALYSIS Group 4: 1.Nastiti Nurlatifiyanti 2.Nureni Susilowati 3.Poerbaningrat Case Study in PT Asuransi Bintang Tbk."— Transcript presentasi:

1 - 1 - GENERAL INSURANCE INDUSTRY ANALYSIS Group 4: 1.Nastiti Nurlatifiyanti 2.Nureni Susilowati 3.Poerbaningrat Case Study in PT Asuransi Bintang Tbk

2 - 2 - GENERAL INSURANCE Initially the system of insurance known as bottomry which existed in Phoenicia in 1200 BC. In this system, backers loaned money to merchants to finance voyages Insurance as we know it today took its shape in 17th century England. There was a place called Lloyd’s Coffee House in London, owned by Edward Lloyd, where merchants, ship-owners and underwriters met to discuss and transact business. The Lloyd’s Act was passed in 1871 incorporating the members of the association into a single corporate body with perpetual succession and corporate seal. It extended from marine insurance to other insurance and guarantee business. Today, Lloyd’s has become the world’s best known insurance brand. General insurance or non-life insurance policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and casualty insurance in the US and Non Life Insurance in Continental Europe

3 - 3 - WORLD NON LIFE PREMIUM GROWTH RATE IN 2009 Source: SIGMA No 2 / 2010 Non Life Insurance premiums contracted in the industrialized country, growth slowed in the emerging markets

4 - 4 - NON LIFE PREMIUM REAL GROWTH RATE IN 2009 Source: SIGMA No 2 / 2010

5 - 5 - NON LIFE TOTAL PREMIUM VOLUME IN 2009 (in USD) Total Rank : 88 countries Source: SIGMA No 2 / 2010

6 - 6 - INSURANCE DENSITY IN INDONESIA Source: SIGMA No 2 / 2010

7 - 7 - INSURANCE COMPANIES IN INDONESIA REMARKS NUMBER OF COMPANIES REMARKS NUMBER OF COMPANIES ASSET DIRECT PREMIUM Rp 1 triliun sd Rp 5 triliun88 55 Rp 500 miliar sd Rp 1 triliun114 Rp 500 miliar sd Rp 1 triliun77 Rp 100 miliar sd Rp 500 miliar3841 Rp 250 miliar sd Rp 500 miliar1512 Less than Rp 100 miliar2831 Rp 100 miliar sd Rp 250 miliar2223 Rp 50 miliar sd Rp 100 miliar1315 Less than Rp 50 miliar23 PROFIT EQUITY Rp 250 miliar sd Rp 500 miliar22 More than Rp 1 triliun54 Rp 100 miliar sd Rp 250 miliar55 Rp 500 miliar sd Rp 1 triliun45 Rp 50 miliar sd Rp 100 miliar44 Rp 250 miliar sd Rp 500 miliar85 Rp 10 miliar sd Rp 50 miliar2124 Rp 100 miliar sd Rp 250 miliar1413 Rp 5 miliar sd Rp 10 miliar98 Rp 70 miliar sd Rp 100 miliar1511 Rp 1 miliar sd Rp 5 miliar2223 Rp 40 miliar sd Rp 70 miliar1924 Rp 0 miliar sd Rp 1 miliar109 Under Rp 40 miliar2022 Loss1210 Source: Media Asuransi

8 - 8 - PT ASURANSI BINTANG Tbk

9 - 9 - About BINTANG As per march 2010  Didirikan : 17 Maret 1955  Aset : Rp  RBC: % (Published)  Kantor Pemasaran : 16 Kantor Cabang Share Holder :  PT. Srihana Utama  PT. Warisan Kasih Bunda  PT. Ngrumat Bondo Utomo  PT. Dana Harta Keluarga

10 About BINTANG Branches MEDAN JAKARTA BANDUNG SURABAYA DENPASAR MALANG LAMPUNG PEKAN BARU SEMARANG YOGYAKARTA SOLO PURWOKERTO CIREBON MAKASAR KEDIRI As per march 2010

11 Vision –The leading insurance solution provider in profitability through technology, adaptability and creativity Mission –Provide added value to customer through creative underwriting solutions and low administrative costs –Optimizing the available technology advantages to grow the business About BINTANG

12 About BINTANG Values –Consciousness Sadar dan bertanggung jawab terhadap peran dan tugas yang diberikan oleh perusahaan –Customer Focus Selalu memberikan layanan yang terbaik kepada pelanggan external maupun internal –Trust & Respect Bekerja dengan hati yang jujur dan niat yang tulus serta dapat dipercaya di setiap proses kerja –Spirit Senantiasa semangat dalam pencapaian tujuan bersama yang telah ditetapkan perusahaan –Teamwork Saling membantu, menghormati dan menghargai baik sesama rekan kerja maupun pihak lain yang bekerja sama

13 Financial Highligths

14 PT Asuransi Bintang Tbk and General Insurance Prospect in Indonesia

15 PEST ANALYSIS Politics Peristiwa politik dan sosial yang terjadi di Indonesia saat ini dapat memberi dampak merugikan pada kegiatan bisnis secara umum di Indonesia. Kesadaran berdemokrasi yang seringkali salah arah menjadi kerusuhan dan destruktif. Ketidakpastian politik, gejolak sosial dan sipil yang tercermin dengan adanya sejumlah kejadian dalam beberapa tahun terakhir. Namun khusus bagi industri asuransi kerugian, hal ini juga bisa membuka peluang bisnis, perlindungan terhadap resiko huru hara, kerusuhan, terorisme dan sabotase 1. Situasi Politik Kebijakan modal minimum yang akan mengakibatkan perusahaan harus melakukan langkah strategis untuk menambah modal, sesuai data Bapepam LK, modal dibawah Rp 40 miliar ada 23 asuransi umum dan 12 asuransi jiwa Tidak ada jaminan bahwa situasi politik di Indonesia akan stabil atau Pemerintah akan menerapkan kebijakan ekonomi yang kondusif untuk mempertahankan pertumbuhan ekonomi atau yang tidak berdampak negatif terhadap kondisi regulasi asuransi 2. Regulasi pemerintah

16 PEST ANALYSIS Economics Secara kumulatif, pertumbuhan ekonomi Indonesia semester I-2010 dibandingkan dengan semester I-2009 tumbuh sebesar 5,9 persen. Hal ini memberikan situasi yang kondusif bagi perkembangan industri asuransi 1. Pertumbuhan ekonomi 2. Trend kenaikan pendapatan premi asuransi kerugian Secara umum, industri asuransi kerugian masih mengalami pertumbuhan. Premi bruto tahun 2009, tercatat sebesar Rp23,13 triliun, tumbuh sebesar 5,7 % dari tahun 2008.

17 PEST ANALYSIS Social 2. Rasio Premi asuransi Kerugian terhadap PDB Masyarakat Indonesia yang mengunakan asuransi masih sangat kecil hanya juta orang atau sekitar 5% dari jumlah penduduk Indonesia yang sekitar 230 juta orang. 1. Kesadaran berasuransi yang masih kurang dalam masyarakat KETERANGAN PDB pada harga berlaku (Rp miliar) 1,610,600 2,045,900 2,261,700 2,785,000 3,338,200 3,957,400 4,954,000 5,613,400 Pendapatan perkapita (Rp.) 7,629,559 9,515,814 10,455,827 12,705,060 15,023,943 17,500,000 21,700,000 24,300,000 Premi Netto Asuransi Kerugian 4,590 4,791 5,753 6,985 7,418 8,424 9,808 11,427 Rasio Premi asuransi kerugian thd PDB Sumber: Majalah investor

18 PEST ANALYSIS Technologi Pemanfaatan tehnologi terbaru untuk mempermudah akses terhadap asuransi bagi konsumen Dukungan tehnologi mampu mempercepat proses bisnis asuransi Perkembangan tehnologi memberikan kontribusi positif pada perkembangan asuransi kerugian

19 FIVE FORCES ANALYSIS Factors Affecting Rivalry Among Existing Competitors Characterization (current)Future Trend 1. Degree of seller concentration?High 2. Rate of industry growth?MediumHigh 3. Significant cost differences among firm?Low 4. Excess capacity?Medium 5. Cost structure of firm : sensitivity of costs to capacity utilization?Low 6. Degree of product differentiation among sellers ?Lowlow Brand loyalty to existing sellers? Cross-priceMedium elasticities of demand among competitors in industry?High 7. Buyers' costs of switching from one competitor to another?Low 8. Are prices and term of sales transactions observable?High 9. Can firm adjust prices quickly?High 10. Large and/or infrequent sales orders?Low 11. Use of "facilitating practices" (price leadership, advance announcement of price changes)?Low 12. History of "cooperative" pricing?Low 13. Strength of exit barriers?Low 14. High industry price elasticity of demand?High

20 FIVE FORCES ANALYSIS Factors Affecting The Threat of Entry Characterization (current)Future Trend 1. Significant economic of scale? Low 2. Importance of reputation or established brand loyalties in purchase decision? High 3. Entrants' access to distribution channels? Medium 4. Entrants' access to raw materials? Medium 5. Entrants' access to technology/know-how? Low 6. Entrants' access to favorable locations? Low 7. Experience-based advantages of incumbents? High 8. Network externalities: demand-side advantages to incumbents from large installed base? High 9. Government protection of incumbents? High 10. Perception of entrants about expected retaliation of incumbents/reputations of incumbents for "toughness"? Low

21 FIVE FORCES ANALYSIS Factors Affecting or Reflecting Pressure from Substitute Products and Support from Complements Characterization (current) Future Trend 1. Availability of close substitutes?Medium 2. Price-value characteristics of substitutes?Medium 3. Price elasticity of industrial demand?Medium 4. Availability of close complements?lowLow 5. Price-value characteristics of complements?lowLow

22 FIVE FORCES ANALYSIS Factors Affecting or Reflecting Power of Input Suppliers Characterization (current)Future Trend 1. Is supplier industry more consentrated than industry it sells to?low 2. Do firms in industry purchase relatively small volume relatively to other customers of supplier? Is typical firm's purchase volume small relative to sales of typical supplier?high 3. Few substitutes for suppliers inputhigh 4. Do firms in industry make relationship-specific investmentlow to support transactions with specific suppliers? 5. Do Suppliers pose credible threat of forward integration?high 6. Are suppliers able to price-discriminate among prospective customers according to ability/willingness to pay for input?high

23 FIVE FORCES ANALYSIS Factors Affecting or Reflecting Power of Buyers Characterization (current)Future Trend 1. Is buyers's industry more consentrated than the industry it purchase from?High 2. Do buyers purchase in large volume? Does a buyer's purchase volume represent a large fraction of the typical seller's sales revenue?High 3. Can buyers find substitutes for industry's product?Low 4. Do firms in industry make relationship-specific investment to support transactions with specific buyers?High 5. Is price elasticity of demand of buyer's product high or low?High 6. Do buyers pose credible threat of backward integration?highHigh 7. Does product represent significant fraction of cost in buyer'slow business? 8. Are the prices in market negotiated between buyers and sellershigh on each individual transaction, or do sellers post a "take-it-or-leave-it" price that applies to all transactions?

24 SWOT ANALYSIS Strength 1. Relationship Management & Account Officer Memberikan pelayanan dan pengembangan dalam hal produk maupun melayani nasabah secara langsung sehingga proses dilapangan menjadi lebih fokus dan efesien Tim Khusus untuk merancang dan mengembangkan produk-produk terbaru ( Tailor Made Products ) yang menghasilkan produk asuransi yang pas dengan kebutuhan Nasabah 2. Product Development Comittee 3. Claim Center Memberikan pelayanan focus dengan cepat dan tepat kepada setiap Nasabah, dengan menggunakan sistem standard pelayanan terdiri dari 2 (dua) team ; Klaim Non Motor ( Non MV ) Klaim Motor

25 SWOT ANALYSIS Comprehensive Solution dari business Automation sampai Business to Business (B2B) interaction melalui jaringan internet ataupun VPN ; Real Time on Line Automatic Integrated Policy Issuance Automatic payment reconciliation and reporting Periodic billing & CRM automatic feed Host to Host (H2H) billing & Online Payment Online Employee Benefit Portal 4. Information Technology 5. Customer Service & Call Center Tim yang berdedikasi memberikan kesempurnaan pelayanan kepada setiap Nasabah Penerapan Standarisasi Tinggi merupakan hal utama bagi kami, dan hal tersebut terwujud dalam Penghargaan selama 3 tahun berturut - turut Strength

26 SWOT ANALYSIS Strength Menggunakan IP Based System, Recording / Voice Logger system Auto Billing Payment System 6. Telemarketing

27 SWOT ANALYSIS Weakness Kantor cabang / point of sales masih terkonsentrasi di pulau Jawa 1. Jaringan Distribusi yang terbatas Sistem regenerasi belum berjalan dengan baik, sehingga ketika ada pengurangan/kehilangan karyawan tidak mudah mencari penggantinya 2. Sistem Regenerasi Keterbatasan modal mengakibatkan berkurangnya pilihan resiko yang bisa ditanggung, jika dibandingkan dengan asuransi asing (multinasional) 3. Permodalan idealnya beralih dari “short term/hit and run marketing” menjadi “long term marketing/ customer relationship” 4. Lemahnya ” public relations ” untuk mengkomunikasikan keunggulan Keterbatasan back up reasuransi 5. Seringkali terlambat untuk menanggapi perubahan kebutuhan pasar Hasil investasi yang kurang memuaskan 6. Investasi yang belum dikelola dengan baik

28 SWOT ANALYSIS Opportunities 1. Meningkatnya kebutuhan jasa suransi karena perkembangan ekonomi 2. Berkembangnya industri pembiayaan (financing) memberikan pangsa pasar baru bagi asuransi kerugian, terutama jenis kendaraan 3. Wilayah Indonesia yang termasuk rawan bencana, meningkatkan kebutuhan masyarakat akan perlindungan asuransi property, seperti gempa bumi, banjir, angin puting beliung, tanah longsor, dll

29 SWOT ANALYSIS Threats 1. Globalisasi ekonomi menyebabkan asuransi lokal harus berhadapan langsung dengan asuransi asing yang mempunyai permodalan lebih kuat (AFTA) 2. Persaingan harga antar perusahaan asuransi kerugian yang cenderung semakin tidak sehat

30 CONCLUSION MACRO ENVIROMENT INDUSTRY COMPETITIVENESS INTERNAL RESOURCES & CAPABILITY REMARKSSITUATIONFORCETHREAT TO PROFITREMARKS PoliticsConducive Internal RivalryHigh StrengthHigh EconomicsConducive EntryHigh WeaknessLow SocialNon-Condusive Substitutes / ComplementsMedium OpportunityStrong TechnologyConducive Supplier powerLow ThreatLow Buyer PowerHigh Strategy  Aggressive 1.Membangun SOP dengan melakukan benchmark terhadap perusahaan sejenis untuk menembus barrier budaya 2.Memperluas jaringan dengan membuka lebih banyak point of sales 3.Mengaktifkan kembali sistem rekruitmen reguler (Management Trainee) 4.Menginvestasikan dana yang terkumpul di instrumen investasi yang memberikan keuntungan lebih besar dengan tetap menjaga keamanan investasi

31 REFERENCES Besanko, David et al., Economics of Strategy 4 th edition, John Wiley & Sons, Inc. New York Thomson, A.A. Strickland A.J III, and Gamble, JE Crafting and Executing Strategy: The Quest for Competitive Advantage 17 th Ed. Boston: McGraw-Hill-Irwin Majalah Infobank No 376, Juli 2010 Majalah Investor edisi XII/205, Juli 2010 Majalah Media Asuransi edisi 233, Juni 2010, Tahun XXXI

32 Thank You


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