With the addition of two funds, Sun Life Financial Indonesia customers will have more options in determining their invested funds allocation. In addition to obtaining life insurance protection until the age of 88 years, customers now have more flexibility in designing their personal investment objectives as they can choose a new variety of investment funds that can provide investment return based on investment risk level and their personal risk profile.
“The level of public knowledge towards investment funds, instruments and risks has improved tremendously in the recent time. This has made equity and balanced fund became one of the most attractive funds for customers,” said PT. Sun Life Financial Indonesia President Director Barry Halpern.
“The soul of Brilliance is its flexibility. The arrival of the new funds supports Brilliance to become more competitive in the market as it provides more options for customers in choosing and determining their investment fund composition,” added Barry.
The first investment fund, Brilliance Xtra Aggressive is an investment fund that allocates most of its investment in both equity (80%-100%) and money market (0%-20%). Using Composite Index (JCI) as a benchmark, Brilliance Xtra Aggressive is the right choice for customers expecting a high return in accordance with their risk profile.
The second investment fund, Brilliance Xtra Dynamic allocates its funds in both bonds and equity (5%-75%) and money market (2%-90%). Brilliance Xtra Dynamic offers relatively higher return compared to other balanced funds, which is very suitable for customers with moderate to aggressive risk profile. The benchmark of this investment fund is the average of Rupiah one month time deposit interest rate and the average of Composite Index (JCI).
“Brilliance is designed to fulfill the needs and the demands of Indonesian market, to have life protection and investment simultaneously through unit-linked by offering an affordable premium that starts from Rp 1,500,000 or US$300,” said Barry.
The launch of Brilliance’s new investment funds is a part of PT. Sun Life Financial Indonesia’s strategies to increase its unit-linked premium income in 2008. “With Brilliance’s 80 percent contribution to the company’s total premium income in Q3 2007, we are very optimistic that we can increase our unit-linked premium growth by 40 percent in 2008,” said Senior Vice President, Agency, Harjanto Tanuwidjaja.
The Business Strategies of Sun Life Financial Indonesia in 2008
Sun Life Financial has a long-term commitment in Indonesia. Therefore, Sun Life Financial Indonesia will keep developing its business through a number of business strategies that will strengthen and expand its presence in Indonesian market.
Having been successful in retaining its position as the top five joint venture life insurance companies in Indonesia in terms of total new business premium income, Sun Life Financial Indonesia plans to focus on growing its business, both organically and non-organically in 2008.
Sun Life Financial Indonesia has three main focuses in developing its business in 2008 and beyond. Firstly, by strengthening its distribution channels organically. We plan to expand our agency distribution channel in 2-3 cities in Indonesia, as well as increase our sales agent number by targeting to reach 4,000 agents in 2008. For non-agency distribution channel, we aim to add more business partners for bancassurance and direct marketing/telemarketing by offering both traditional and unit-linked products which suit to customers’ trends in lifestyle and financial needs.
Secondly, we are also considering opening new business units such as asset management and shariah insurance considering these markets have grown significantly in the past few years.
Lastly, focusing not only on organic growth, we also seek opportunity to acquire other life insurance companies which own business strategies to support the growth of Sun Life Financial Indonesia. “These three business strategies are in line with our regional strategy to be the top five players anywhere we operate by 2012,” closed Barry Halpern.
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