PertaLife Insurance Boosts Capital to Expand Coverage and Digitize Offerings
PertaLife Insurance, a government-owned insurer affiliated with Indonesia's Pertamina Group, plans to increase its capital by 65% to $61 million over the next five years. This capital boost aims to expand its coverage of Pertamina Group workers to 30% and extend services to other state enterprises and the private sector. The insurer is focusing on integrating employee benefits with life and health insurance for Pertamina vendors and is innovating its product offerings to enhance reach and market share.
Currently, PertaLife provides 12 insurance products across 87 entities within the Pertamina group, including key offerings such as executive severance benefits for outsourced workers, business travel insurance, and health and post-service insurance for group directors and commissioners. Its flagship whole life and endowment combination insurance products hold significant market shares of 61% and 23.64%, respectively.
Between 2022 and 2024, PertaLife achieved a compound annual growth rate of 35.06%, driven largely by premium income from products supporting active employees, retirees, and spouses with funeral transportation costs. The company leverages data analytics to better understand customer behavior and boost cross-selling efforts, primarily through Pertamina affiliates.
Digital innovation is central to PertaLife's strategy. The launch of the P-Life mobile app in 2022 allows clients to access policy details, submit claims, and make premium payments conveniently. Moreover, the insurer is optimizing claims processing with an online submission system and implementing a cloud-based call center to enhance customer service efficiency.
In the previous fiscal year, PertaLife reported a 38.7% increase in gross written premiums to $76 million and a 1.09% rise in net income to $5.9 million. These financial indicators reflect the company's successful expansion and innovation efforts within the Indonesian insurance market tied to state-owned enterprises and beyond.