ASIA: Great Eastern Indonesia collaborates with OCBC Indonesia in launching a new product

OCBC NISP, an Indonesian subsidiary of Singapore based OCBC has inked an agreement with Great Eastern Life Indonesia to launch a new bancassurance – the selling of insurance products and services through banking institutions.

The move comes as the proportion of Indonesians holding life insurance is growing rapidly, with RFi Group data finding that the proportion of Indonesians who hold life insurance has increased rapidly over the last 12 months, 28% in H1 2016 to 44% of banked consumers in H1 2017.

The new product, called Legacy Protector, aims to protect policyholders as well as their descendants. According to Clement Lien, president director of Great Eastern Life Indonesia, the product can be beneficial for the next three to four generations and transferable to children and grandchildren. Currently, there is no other insurance policy in Indonesia which offers the same features.

The new product will be issued through OCBC NISP branches. Great Eastern Life Indonesia entered Indonesia in 1996 and has been growing its presence in the market. Great Eastern Life has decided to make Indonesia as its third pillar of growth, after Singapore and Malaysia, due to Indonesia’s large population. The company also plans to place more resources to support growth in that market.

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