BRI Insurance receives accolades at Insurance Asia Awards 2024

The company has strengthened its position as the Best General Insurance Company in Indonesia by achieving the first rank in Elite Class of General Insurance Company in Indonesia.

BRI Insurance clinched two wins at the prestigious Insurance Asia Awards 2024 for its success in establishing brilliant corporate strategies, achieving "Very Good" title for 15th consecutive years, and being the first rank in the Elite Class of General Insurance Company in Indonesia because of its great performance in 2023. It was also recognised for its continuously support in Micro, Small, and Medium Entreprise (MSME) development.

BRI Insurance, a company led by R. Budi Legowo as President Director, managed to record a Gross Written Premium of IDR 3.30t or a growth of 26.6% compared to 2022, which was above the industry growth average. BRI Insurance also recorded Profit After Tax of IDR 483b or grown by 29.2% compared to 2022, with Claim Ratio well maintained at 14.16%, aligned to Management’s commitment to realising its aspirations to become a secure company and focus on strong and healthy long-term growth.

BRI Insurance is determined to keep on being the best general insurance company in Indonesia by focussing on micro and retail business, developing emerging technology, strengthening the organisation and talented human capital development, and designing brilliant corporate strategies that prioritise customer orientation and service excellence with well-maintained risk.

To realise those aspirations, BRI Insurance relies on four business pillars that consist of Micro, Retail, Wholesale and Sharia. These pillars are the basis for developing business strategies and determining strategic steps by diversifying products and distribution channels, both conventional and digital. Also, those aspirations are supported by the quality of products and services, optimisation and digitalisation of business processes, prudent risk management, employee competencies and performances, and cultivation and implementation of corporate culture that aligns with company values.

BRI Insurance's excellent performance in 2023 will continue until 2024. It is reflected in its performance, which had grown solidly in Q1 2024. BRI Insurance was able to record Gross Written Premium of IDR 1.02t or a growth of 40.49% compared to Q1 2023. Throughout Q1 2024, at least more than 10 prestigious awards have been awarded to BRI Insurance for its great performance. These achievements are certainly inseparable from the contribution and hard work of "Insan BRILiaN" as the talented employees of BRI Insurance, as well as customer trust in BRI Insurance services so far.

On the other hand, in order to diversify portfolio segmentation to grow healthily and sustainably, BRI Insurance is focussing on Micro Segment by innovating and being a pioneer and front-runner of Micro Insurance and Ultra Micro Insurance in Indonesia. Those products are namely Asuransi Mikro Rumahku, Asuransi Mikro Tempat Usaha, Asuransi Mikro Proteksiku, Asuransi Mikro Motorku, Asuransi Ultra Mikro Rumahku, and Asuransi Ultra Mikro Tempat Usaha. It reflects BRI Insurance's consistent support for the development of MSMEs as one of the drivers of Indonesian economy, proven that BRI Insurance has protected more than five million MSMEs with Micro Insurance Policies and a total of IDR 836b Gross Written Premium in 2023.

Moreover, BRI Insurance consistently and continuously develops various innovations to support MSME sustainability. Its latest innovation is being part of the Ultra-Micro Ecosystem to provide convenience and fulfil all MSME financial service needs.

Therefore, BRI Insurance bagged the Domestic General Insurer of the Year - Indonesia and the MSME Insurance Initiative of the Year - Indonesia category wins for its successes. Insurance Asia Awards celebrates insurance companies that have redefined traditional boundaries through groundbreaking innovation and have left a profound impact on customers and the industry.

The Insurance Asia Awards is presented by Insurance Asia Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's significant impact on its customers with exceptional products, services, and solutions in the insurance industry, please contact Julie Anne Nuñez at julie@charltonmediamail.com.