Innovation

Allianz creates insurance products named "SEKOCI" aimed at emerging consumers where the products are sold at very affordable prices depending on the choice of insurance coverage chosen:

a. 3,000,000 IDR (Premium: 35,000 IDR)

b. 5,000,000 Mio IDR (Premium: 55,000 IDR)

c. 10,000,000 Mio IDR (Premium: 110,000 IDR)

With a very affordable price, Allianz was looking for ways to further socialize this product in a unique way while supporting the SDG program "Tukar Sampahmu, Lindungi Dirimu" (Exchange Your Waste, Protect Yourself) so that Indonesian people, especially emerging consumers, could get a free life insurance protection by only exchanging waste.

Through the "Tukar Sampahmu, Lindungi Dirimu" (Exchange Your Waste, Protect Yourself) Program, Allianz Indonesia extends access to "SEKOCI" micro life insurance protection and personal accident insurance protection to people who are customers of the waste bank. This program allows people to get insurance protection by exchanging savings balances at a waste bank.

In the "Exchange Your Waste, Protect Yourself" Program, Allianz Indonesia collaborates with strategic partners who provide digital applications called "MySmash" to support the operations of Waste Banks throughout Indonesia and serve as a new distribution channel to provide access to micro-life insurance protection "SEKOCI" for communities that are becoming Waste Bank customers. As for personal accident insurance, the registration process can be done manually through a waste bank where customers save waste / trash.

Inspiration

People in Indonesia, especially those from emerging consumer groups, still do not make insurance an important need, even though risk can come anytime and to anyone. In addition to this, the Indonesian people are faced with the fact that around 65 million tons of waste are produced in Indonesia every day, only 7 percent is recycled, while 69 percent ends up at the Final Landfill. However, the garbage produced can provide economic value, if it is sorted and managed properly.

Overall impact

The program's short term overall impact is reduced waste and helping emerging consumers achieve their financial goals to be able to live life from "SEKOCI" compensation when life's risks happen (i.e death due to sickness or accidents).

Environmental damage and disaster are inseparable, so the long term overall impact by reducing the amount of waste is helping to build a more sustainable future for our children and grandchildren (Preserving "Home" for future generations).

Business benefit

There is no need to ask again that the business benefits felt by Allianz Indonesia are increased revenue due to the sale of "SEKOCI" insurance from this program and the financial literacy/inclusion. Although the premium amount is small, Allianz Indonesia is focused on quantity, and the more people who collect waste to be exchanged, the more people are protected by Allianz Indonesia.

Social and environmental benefit

Benefit for society and/or the Environment is to promote cleaner environment and reduce flood due to the large amount of waste.

Interview

Karin Zulkarnaen, Chief Marketing Officer