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OJK Gives Karsa Insurance Brokerage Business License after Name Change

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OJK Gives Karsa Insurance Brokerage Business License after Name Change

Bisnis.com, JAKARTA — Financial Services Authority (FSA) announced that it has granted the implementation of business permits in the field insurance broker to PT Broker Asuransi Karsa. This is in connection with the change in the name of the company which was previously called PT Legowo.

The regulator announced the name change in an announcement on the official OJK website on Friday (15/3/2024), based on KEP-96/PD.02/2024 dated 26 February 2024.

Head of the Department of Licensing, Special Inspections and Quality Control of Insurance, Guarantees and Pension Funds at OJK Asep Iskandar said that the announcement was set for February 28 2024 in Jakarta.

“The name change will take effect from the date of the stipulation of the Decree of the Board of Commissioners of the Financial Services Authority,” said Asep, as quoted on Sunday (17/3/2024).

Furthermore, by granting the company’s business license, OJK appealed to PT Broker Asuransi Karsa to be obliged to always implement healthy business practices when carrying out business activities.

“And always refer to applicable laws and regulations,” he said.

Meanwhile, regarding the insurance broker industry, General Chair of the Association of Indonesian Insurance and Reinsurance Broker Companies (Apparindo) Yulius Bhayangkara previously stated that the condition of Indonesian insurance was experiencing quite serious challenges. According to him, agility in running a business is a very important factor in remaining existing in the industry.

“Big changes in national insurance are an important factor for brokers to always be able to adapt,” said the man who is often called Billy.

Billy said that during the pandemic, brokers had to change their business patterns. Likewise, when the pandemic is over, the brokerage industry will again be forced to move nimbly and adapt considering the difficulty of getting capacity support that matches client demand.

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He said that operating costs basically remain the same regardless of the heavy pressure on business income due to changes. However, Apparindo sees that several brokers have managed to escape the pressure because they were able to change their focus and patterns according to market conditions.

“Most of the brokers are out of the transactional pattern and become consultative and are able to adapt,” he said.

What’s interesting, continued Billy, is that there are still quite a lot of new investors looking for business in the brokerage industry. Billy said this shows that there are still quite a lot of opportunities in Indonesia, especially in insurance brokerage.

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