Tugure and Malaysian Re Discuss Innovative Solutions to Address Rising Health Insurance Claims

Malaysia – PT Tugu Reasuransi Indonesia (Tugure) collaborated with Malaysian Reinsurance (Malaysian Re) to hold a sharing session focused on health insurance solutions to address the challenge of rising claims. The event, attended by representatives from 12 life insurance companies, featured key speakers Dr. Kiki Oditya, Life Group Head of Tugure, and Mohammad Nizam Yahya, Senior Vice President & Head of Malaysian Re's Retakaful Division.

In his opening remarks, Mohammad Nizam Yahya expressed his appreciation for the participants' presence and emphasized the importance of the collaboration between Tugure and Malaysian Re.

"This is an important platform for knowledge sharing and strengthening the cooperation between Malaysian Re and Tugure," he said.

Dr. Kiki Oditya highlighted the urgency of improvements in Indonesia's health insurance ecosystem. Referring to BPJS data from 2023, he pointed out that heart disease remains the leading cause of health insurance claims in Indonesia, with healthcare costs increasing at a rate of 13.6%, far higher than countries like China.

"Indonesia's health insurance landscape still has much room for improvement, particularly regarding the high number of claims due to cardiovascular diseases," Dr. Kiki stated.

He also added that synergy between insurance and reinsurance companies could open new business opportunities, particularly in developing more adaptive and efficient health insurance products.

Meanwhile, Mohammad Nizam Yahya discussed the need for innovative solutions to tackle the rising claims in health insurance products. He emphasized the necessity of protecting policyholders undergoing modern and effective therapies like immunotherapy and cell therapy, despite their higher initial costs.

"Medical technology must continue to evolve to enhance the effectiveness of treatments. Additionally, stringent regulations or patient service standards are necessary to ensure healthcare services are targeted and accurate according to diagnoses," Nizam explained.

In the same session, Eko Susanto, Chairman of Tugure Academy, reiterated Tugure Academy's commitment to supporting the development of insurance partners' competencies.

"Tugure Academy plays a crucial role in providing materials, training, and workshops that can improve the quality and volume of health insurance business," he said.

"We are also committed to bringing in relevant speakers and data to support the sustainable growth of the insurance industry," Eko added.

The session received positive feedback from participants, including Juli Hartawan, Chief Financial Officer of Heksa Life Insurance, who stated that the sharing session was highly beneficial for developing better health insurance products.

"We gained valuable insights into how to develop products that mitigate the high claim risks. This is important knowledge that will help us formulate business strategies that are more adaptive and aligned with market needs," Juli said.