Case Study in PT Asuransi Bintang Tbk

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

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

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

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

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

7 INSURANCE COMPANIES IN INDONESIA
REMARKS NUMBER OF COMPANIES 2009 2008 ASSET DIRECT PREMIUM Rp triliun sd Rp triliun 8 5 Rp 500 miliar sd Rp triliun 11 4 7 Rp 100 miliar sd Rp 500 miliar 38 41 Rp 250 miliar sd Rp 500 miliar 15 12 Less than Rp 100 miliar 28 31 Rp 100 miliar sd Rp 250 miliar 22 23 Rp miliar sd Rp 100 miliar 13 Less than Rp 50 miliar PROFIT EQUITY 2 More than Rp 1 triliun Rp miliar sd Rp 50 miliar 21 24 14 Rp miliar sd Rp 10 miliar 9 Rp miliar sd Rp 100 miliar Rp miliar sd Rp miliar Rp miliar sd Rp miliar 19 Rp miliar sd Rp miliar 10 Under Rp 40 miliar 20 Loss Source: Media Asuransi

8 PT ASURANSI BINTANG Tbk

9 About BINTANG Didirikan : 17 Maret 1955 Aset : Rp 204.318.407
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
As per march 2010 MEDAN PEKAN BARU LAMPUNG JAKARTA CIREBON SURABAYA MAKASAR MALANG BANDUNG SEMARANG YOGYAKARTA SOLO PURWOKERTO KEDIRI DENPASAR

11 About BINTANG Vision Mission
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

12 About BINTANG Values Consciousness Customer Focus Trust & Respect
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 Politics PEST ANALYSIS 1. Situasi Politik 2. Regulasi pemerintah
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 2. Regulasi pemerintah 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

16 Economics PEST ANALYSIS 1. Pertumbuhan ekonomi
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 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 1. Kesadaran berasuransi yang masih kurang dalam masyarakat Masyarakat Indonesia yang mengunakan asuransi masih sangat kecil hanya juta orang atau sekitar 5% dari jumlah penduduk Indonesia yang sekitar 230 juta orang. 2. Rasio Premi asuransi Kerugian terhadap PDB KETERANGAN 2002 2003 2004 2005 2006 2007 2008 2009 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 0.285 0.234 0.254 0.251 0.222 0.213 0.198 0.204 Sumber: Majalah investor

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

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

20 Characterization (current)
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? 5. Entrants' access to technology/know-how? 6. Entrants' access to favorable locations? 7. Experience-based advantages of incumbents? 8. Network externalities: demand-side advantages to incumbents from large installed base? 9. Government protection of incumbents? 10. Perception of entrants about expected retaliation of incumbents/reputations of incumbents for "toughness"?

21 Characterization (current)
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? 3. Price elasticity of industrial demand? 4. Availability of close complements? low Low 5. Price-value characteristics of complements?

22 Characterization (current)
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 input 4. Do firms in industry make relationship-specific investment to support transactions with specific suppliers? 5. Do Suppliers pose credible threat of forward integration? 6. Are suppliers able to price-discriminate among prospective customers according to ability/willingness to pay for input?

23 Characterization (current)
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? 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? 5. Is price elasticity of demand of buyer's product high or low? 6. Do buyers pose credible threat of backward integration? high 7. Does product represent significant fraction of cost in buyer's low business? 8. Are the prices in market negotiated between buyers and sellers on each individual transaction, or do sellers post a "take-it-or-leave-it" price that applies to all transactions?

24 Strength SWOT ANALYSIS 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 2. Product Development Comittee Tim Khusus untuk merancang dan mengembangkan produk-produk terbaru (Tailor Made Products) yang menghasilkan produk asuransi yang pas dengan kebutuhan Nasabah 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 Strength SWOT ANALYSIS 4. Information Technology
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 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

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

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

28 Opportunities SWOT ANALYSIS
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 INDUSTRY COMPETITIVENESS INTERNAL RESOURCES & CAPABILITY
CONCLUSION MACRO ENVIROMENT INDUSTRY COMPETITIVENESS INTERNAL RESOURCES & CAPABILITY REMARKS SITUATION FORCE THREAT TO PROFIT Politics Conducive Internal Rivalry High Strength Economics Entry Weakness Low Social Non-Condusive Substitutes / Complements Medium Opportunity Strong Technology Supplier power Threat Buyer Power Strategy  Aggressive Membangun SOP dengan melakukan benchmark terhadap perusahaan sejenis untuk menembus barrier budaya Memperluas jaringan dengan membuka lebih banyak point of sales Mengaktifkan kembali sistem rekruitmen reguler (Management Trainee) 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 4th 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 17th 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