At the IFG conference, around 66 of the best papers selected from the 213 papers were presented to the audience through 12 sessions.
Heaptalk, Jakarta — Indonesia Financial Group (IFG) has officially opened the National Conference 2023 agenda in Jakarta (5/16). The conference is part of a series of three-year commemorations of the establishment of IFG, organized by IFG Progress, IFG’s research institute, and in collaboration with the Institute for Economic and Social Research (LPEM) of the University of Indonesia.
With the theme of ‘Towards a Sustainable Future: Exploring Untapped Potentials in the Financial Sector,’ this agenda aims to encourage numerous stakeholders, including experts, academists, practitioners, and the public, to contribute to minimizing the gap between financial literacy and inclusion, particularly in the insurance and pension fund.
According to the Financial Services Authority (OJK), The public literacy index for insurance will increase to 31.7% in 2022, compared to 2019, which was only 19.4%. The insurance sector financial inclusion index also rose to 16.6% compared to 2019, which was only 13.2%.
Realizing many obstacles faced in the insurance and pension fund sector, the Director of IFG said that increasing the contribution of the insurance and pension fund industry to national economic growth requires collaboration from many parties. According to him, these two sectors require innovative thinking, strategic conceptions, and implementation steps to combine these two sectors with the needs and absorption of society and the business sector.
Refers to the Bank of Indonesia Report 2023, the insurance industry and pension funds contribution to GDP is still severely limited, only around 1% in the last six years and declining to 0.86% in 2022.
To boost this output, the Head of IFG Progress, Reza Yamora Siregar, revealed this conference presents the best studies that are expected to become policy references to improve the performance of the insurance sector from various perspectives, starting from analysis based on volatility, uncertainty, complexity, and ambiguity (VUCA) on national, regional and global macroeconomics that can be applied in the Insurance sector and pension funds.
Around 66 of the best papers selected from the 213 papers were presented to the audience at this conference through 12 sessions. Several enticing topics are also provided, spanning an Exploration of the Potential of the National Insurance Industry in the Post-Pandemic and Demographic Bonus era and the Importance of the Reinsurance and Deposit Insurance Agencies’ Roles in Underwriting Insurance Policies in Indonesia to excavate the existing potential to be improved.
