Periscope Insurance Co Ltd was originally founded in 1969 and in 1999 the company became part of the esteemed Bosowa Group. Today, having rebranded to become Bosowa Asuransi, the company is a leading general insurance provider in Indonesia within the medium segment of the market, providing general insurance coverage for both corporate and retail clients.
The company offers a comprehensive range of insurance products including motor insurance, personal liability insurance, fire and property insurance in addition to marine hull and marine cargo. Most recently, the company introduced health insurance products and is exploring the potential within the micro insurance sector for the future. Over the coming years, Bosowa Asuransi will focus on carving out its captive market across Bosowa Group’s subsidiaries as well as establishing a strong presence within the high growth regions of East Indonesia.
Bosowa Asuransi recognises the key role that general insurance has to play in supporting sustainable business growth in Indonesia. In preparation, the company is bolstering its internal capacity through strengthening its human resources and IT infrastructure as well as increasing its capital base and extending its retail branch network.
At a group and subsidiary level, Bosowa Group has demonstrated successes in working in collaboration with international partners looking to enter the Indonesian market within financial services. Bosowa Asuransi is therefore in a unique position within Indonesia’s general insurance sector to work with global insurance players who can offer technical expertise in insurance product development and marketing to collaborate together to untap Indonesia’s lucrative market and achieve the goal of being among the top five insurance companies in the middle class segment by 2014.
Date of Establishment: 1969
Type: Private Company
Number of Employees: > 200
Branches & Marketing Offices: 22
Total Assets: 148.5 billion IDR (2013)
Gross Premium: 107.7 billion IDR (2013)
Net Profit (After Tax): 9.6 billion IDR (2013)
Bosowa Asuransi understands the need for links with international insurance organisations for not only the spreading of risk but for the sharing of knowledge and expertise. Currently the company cooperates with reinsurance partners located in the United Kingdom as well as Singapore. For the future, the company is keen to establish further relationships with international insurance companies in the field of reinsurance given Indonesia’s limited capacity in this field as well as for joint ventures and collaboration on new products. Partners that can offer technical expertise, market access and product development knowledge in areas such as micro insurance are of particular interest.
Bosowa Asuransi has a strategically located branch network across key cities in Indonesia with 22 branches and representative offices in total to date. Over the short term, the company plans to expand its branch network with further openings located in Indonesia’s secondary cities as well as the rapidly developing commercial centres. Upcoming branches for the immediate future include two branches in Papua, two branches in Sumatra and a further branch in Jakarta located in Bekasi.
Bosowa Asuransi will also seek to increase its market presence within the automobile insurance sector through Bosowa Group’s existing Mitsubishi’s branches and dealerships across the archipelago.
