Many insurance and healthcare businesses are concerned about this fact, since investing in insurance products can provide a buffer to protect their customers’ financial and material assets during unforeseen health emergencies.

Perhaps the story is about to shift as a result of the ongoing COVID-19 pandemic, which has been widely referred to as “unprecedented” and could be a game-changer in how people approach healthcare and financial security.

Some 5.5 million people may lose their jobs this year to push up the unemployment rate to between 8.1 and 9.2 percent, up from 5.28 percent last year, according to government estimates. As a result, an estimated 12.7 million people may be unemployed in 2021, up from 7.05 million people in 2019. The government’s baseline scenario for next year projects an unemployment rate of between 7.7 and 9.1 percent.

To make matters worse, hospitalization for COVID-19 or other illnesses can also mean huge financial losses for an individual.

Amid the risks, people who used to take their health, financial and material security for granted have gained awareness by now on the importance of protecting their assets. Taking out insurance is one solution.

Consumer education

However, due to a general lack of financial literacy among Indonesians, many people are still in the dark as to which insurance products they should buy and which schemes they should subscribe to.

Consumer education is key to raising awareness about how different insurance products protect personal assets, especially amid high-risk socioeconomic situations like the current coronavirus outbreak we are facing.

Consumers need to be armed with knowledge on the types of insurance products available, the range and variations of these products and the protection these products offer for their assets, based on their individualized risk profile and personal financial goals.

JakPost webinar on insurance

As part of this educational mission, The Jakarta Post is highlighting key issues on personal insurance and how individuals can use it to protect themselves in “How to navigate insurance during a pandemic”, the third and final episode of the JakPost Up Close webinar’s Financial Planning Series.

The Zoom webinar will be held in English from 4 p.m. to 6 p.m. on Monday, June 29, and will feature:

• Riswinandi, commissioner and executive supervisor of non-bank financial institutions at the Financial Services Authority (OJK);
• JoosLouwerier, country manager and president director at Allianz Life Indonesia;
• Karin Zulkarnaen, chief marketing officer at Allianz Life Indonesia; and
• Philip Mulyana, independent financial advisor.

Learn more about insurance directly from experts and consultants in the sector.

The OJK’s Riswinandi will speak on: the outlook for the insurance sector during COVID-19, how insurance products protect people from risks and manage their assets during times of crisis, and why Indonesia needs more consumer education programs to increase insurance penetration.

Meanwhile, Joos and Karin of Allianz Life Indonesia will share the insurer’s experiences and cover topics including: types of insurance products and their benefits in risk protection and asset management, challenges in the Indonesian market, common misunderstandings and insurance myths, the do’s and don’ts in insurance protection, and success stories in insurance protection.

As an independent advisor specializing in financial planning, Philip will share his know-how on using insurance and other mechanisms to ensure financial and material security.

The JakPost webinar will be useful to individuals, ranging from university students to employees to expatriates, who are interested in subscribing to personal insurance schemes amid the COVID-19 epidemic, as well as business representatives and journalists seeking information on the latest developments in the sector.

Register for free via bit.ly/jp-webinar3. Space is limited, so sign up soon!

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