Astra Aviva Life (Astra Life)
PT Astra Aviva Life (Astra Life) is a life insurance company with 50:50 share ownership of PT Astra International Tbk and Aviva PLC, established in 2014. Astra Life adopts the concept of “Best of Both World” – by combining Aviva’s experience and competencies as the world class insurance as well as the strength of Astra as one of the pioneers in national business group along with its network and distribution in Indonesia.
Products and Services
Astra Life offers a wide range of protection and investment products to individual and collective customers. Individual customers of Astra Life are mainly originating from bank customers and finance companies while collective customers are arising from corporate customers with their employees and their families.
For individual customers, Astra Life provides comprehensive insurance products in the form of life insurance, health insurance and unit-linked life insurance with investment to meet customers needs based on different stages of life and market segments. As for collective/corporate customers, Astra Life provides life insurance, employee benefit and pension fund.
Marketing and Sales Network
Astra Life markets its products and services under the name “Astra Life powered by Aviva” and positioned itself as “Insurance for Indonesians to Love Life” by adopting a marketing strategy that communicates positive messages to encourage Indonesians to love life, in line with Astra Life’s tagline and philosophy of ‘Love Life ‘.
Astra Life aspires to become one of the five largest life insurance companies in Indonesia in 10 years. The marketing strategy devised to achieve such goal is by delivering diverse products, tailored to the needs of the community, serving multiple segments, through various distribution lines (multiproduct, multi-segment, multi-channel), and continuing to develop Blue Ocean distribution channels to achieve optimal business growth.
The total number of the Company’s insured exceeded 1 million for the first time in 2017 driven by various distribution or sales channels including the following:
- Distribution channels through partnerships with financing companies or financassurance through Astra financing companies (236 branches) such as Astra Multi Finance, Astra Credit Companies and Toyota Astra Finance across Indonesia.
- Distribution channels through partnership with PermataBank or bancassurance through approximately 250 Professional Marketing Consultant (PFC) sales agents of Astra Life in more than 300 Permata Bank branches throughout Indonesia. The sales of Astra Life’s products are processed through a digital sales tool called iProsper by using tablets.
- Astra Life has entered into digital distribution channels with an end-to-end digital approach, such as:
– AstralifeGo: at the end of 2016 Astra Life introduced astralifeGO, a sales tool to market life insurance products digitally under the “fast food” concept. The process of applying for an insurance product through astralifeGO only takes 10 minutes until the payment process, and then the payment is made like an e-commerce business by using virtual account and credit card. The customer policy will be in the form of an electronic policy that is sent directly to the customer’s email address. Such platform has been used by Srikandi Astra Family club sales force as well as the Bancassurance cooperation with Bank Permata. Astra Life has also entered into other digital channels with Business to Customer concept through ilovelife.co.id and Customer to Customer through Buddies platform.
Based on insurance industry ranking in Indonesia, in 2017, based on New Business Weighted Premium (NBWP), Astra Life ranked the 19th out of a total of 59 insurance companies, the 11th of 24 life insurance joint ventures, and consistently being in the top 10 of bancassurance business. The increase in market share is also recorded, which is 1.8% of the overall industry compared to 1.6% in 2016 and 3.3% for bancassurance business. (Source: AAJI/Association of Life Insurers of Indonesia)*.