Dai-ichi Life Insurance launches keyman insurance in Indonesia

09, Dec. 2019

Fadjar Gunawan (3rd from R), president director of PT Panin Dai-ichi Life,  Ichiro Hiramatsu (3rd from L), president director of PT Bank Resona Perdania, and four other senior executives from the both companies at a partnership signing ceremony in Jakarta on Dec. 5, 2019. (Photo courtesy of PT Panin Dai-ichi Life)
Fadjar Gunawan (3rd from R), president director of PT Panin Dai-ichi Life, Ichiro Hiramatsu (3rd from L), president director of PT Bank Resona Perdania, and four other senior executives from the both companies at a partnership signing ceremony in Jakarta on Dec. 5, 2019. (Photo courtesy of PT Panin Dai-ichi Life)
JAKARTA, NNA – Japan’s Dai-ichi Life Insurance Co. has launched keyman insurance to mitigate the risk of a sudden loss of corporate leaders and core employees in Indonesia in partnership with a local arm of major Japanese lender Resona Bank.

PT Panin Dai-ichi Life, a wholly-owned subsidiary of Dai-ichi Life Holdings Inc. group, said Thursday it started selling Smart Infinite Protection, a bancassurance product, to corporate clients of PT Bank Resona Perdania.

The new insurance product is aimed at helping companies overcome financial constraints when executives become unable to continue management jobs due to serious diseases such as cerebral and cardiac infarctions, it said in a statement.

The product also covers expenses for hospitalization for leaders and waives premium payments after the discovery of such diseases, according to the statement.

Smart Infinite Protection also offers coverage to foreigners with KITAS, a temporary resident visa, and NPWP, registered tax payers, the statement said.

In Indonesia, local banks are not allowed to sell unit-linked insurance products, whose coverage is associated with risks in asset management performance in financial markets.

Through the alliance with Bank Resona Perdania, Dai-ichi Life’s local unit, which earns about 70 percent of insurance premium revenue from individual agents, intends to expand its corporate customer base, Akiharu Yamatani, director of Panin Dai-ichi Life, said in phone interview with NNA on Thursday.

Bank Resona Perdania is the second bank Panin Dai-ichi Life has teamed up with in selling such products, following PT Bank Panin, the statement said.