Axa launches digital tool in Indonesia

In a drive to grow its local client base, Axa Financial Indonesia, part of the Axa Indonesia Group, has launched a new digital tool aimed at a younger demographic. Axa Financial Indonesia’s move is one strand of a larger strategy by the insurance industry in the country, which continues to register low insurance penetration despite its standing as the biggest economy in Southeast Asia. Information from the Financial Services Authority (OJK) shows that the insurance penetration ratio stood at only 2.6%, below the ratios in Malaysia, Singapore and Thailand at more than 5%. The new tool will provide easy access to information for several purposes, namely creating a children's education fund, retirement fund, business capital and tourism or pilgrimage fund. Nina Ong, Axa Financial Indonesia chief agency officer, said the tool and products were for a modern dynamic citizen, aged between 25 and 45. The company anticipates the tool will help attract 20% to 30% of such citizens as its new clients and expand its customer base, which is now served by about 14,000 agents.