The local insurance industry can now be more confident in analysing risk and insurance premiums, following the launch by the national reinsurer Indonesia Re of an insurance risk premium application called Indonesia Re Client Portal.
This app, which can be downloaded for free, is expected to help underwriters review and analyse risks and premiums based on a common insurance portfolio risk. The goal is for everyone's understanding of each risk to be equal and create a healthy insurance industry.
"Our Indonesia Re Client Portal is designed to help underwriters estimate the risk of an asset's profile in real-time, and is accessible anywhere, anytime, and by anyone," said Mr Adi Pramana, a director of Indonesia Re.
The development of this application is part of the reinsurer's IT Masterplan 2017-202, which focuses on efforts to adopt disruptive technology in order to provide added value to the ceding company, as well as to trim processing time and the operating budget.
"In line with our vision to become the Number One reinsurer in ASEAN by 2021, Indonesia Re improves optimisation in the IT sector by developing Indonesia Re Client Portal," said Mr Adi.
This app is currently still descriptive, he said. In the future, it will incorporate Big Data and have analytical capabilities that are predictive.