Challenges and Opportunities in the Development of the Insurance Industry in Indonesia: A Comprehensive Analysis

DOI

10.2991/978-2-38476-303-0_71How to use a DOI?

Keywords

Insurance Industry; Risk Mitigation; Public Trust; Claims Handling

Abstract

The insurance industry plays an essential role in mitigating risks associated with unforeseen events, ensuring economic stability and security. Despite its critical importance, the sector encounters significant challenges, including failures in claim payments, prevalent fraud, and fierce competition. This research aims to comprehensively examine these multifaceted issues confronting the insurance sector and propose viable solutions to address them. Employing a descriptive qualitative methodology, the study synthesizes a wide range of relevant literature to identify the prevailing problems and explore strategic measures that can be effectively implemented within the industry. Key findings highlight the urgent need to restore public trust and confidence in the insurance processes through improved ex-gratia claim handling. Additionally, the establishment of robust regulatory institutions is advocated to ensure the industry remains reliable, trustworthy, and competitively healthy. These institutions should foster transparency and accountability, further enhancing consumer protection and industry integrity. The insights gained from this research provide valuable guidance for the insurance sector in fortifying its position and improving overall performance, thus better serving its stakeholders and contributing to broader economic resilience.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

TY  - CONF
AU  - Nuramalia Hasanah
AU  - Fahri Salman Al Farisi
AU  - Rindi Maharani
AU  - Zephanya Ridlya Risakotta
PY  - 2024
DA  - 2024/12/11
TI  - Challenges and Opportunities in the Development of the Insurance Industry in Indonesia: A Comprehensive Analysis
BT  - Proceedings of the 4th International Conference on Social Sciences and Law (ICSSL 2024)
PB  - Atlantis Press
SP  - 747
EP  - 761
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-303-0_71
DO  - 10.2991/978-2-38476-303-0_71
ID  - Hasanah2024
ER  -