Press Release: OJK Opens Call for Papers on Insurance and Pension Fund

Feb 20 2015
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Financial Services Authority, Jakarta, February 20, 2015: Financial Services Authority (OJK) opens Call for Papers on insurance and pension fund under the theme Improving the Role of Statistics and Actuary to Revitalize Insurance and Pension Fund Industries. At the opening of this event in Jakarta on Friday (Feb. 20, 2015), OJK stated is expectation to receive ideas and concepts to revitalize insurance and pension fund industries through the Call for Papers.

The event is aimed at growing society`s interest in knowing all subjects associated with insurance and pension fund so as to harmonize theories on insurance and pension fund that people get from universities by practicing them in the industries. OJK`s Chief Executive for Non-Bank Financial Industry Supervision Firdaus Djaelani added that the event would be arranged routinely each year and is expected to be able to help succeeding the program of creating 1,000 actuaries, and also be an instrument of innovation in generating general society`s contribution to boost the acceleration of insurance and pension fund industries development toward better condition.

Based on OJK`s statistics data, assets in insurance industry increased by 18.8 percent in average each year from 2009 to 2014, with total assets of insurance companies as of December 2014 (unaudited) reaching Rp 755.4 trillion. In pension fund sector, total net assets of pension fund as of December 2014 (unaudited) reached Rp 186.3 trillion, with growth of assets of pension fund at 9.7 percent in average annually.

However, insurance and pension fund industries in Indonesia still have to face future challenges that include, among others, low penetration of insurance and pension fund, limited professional experts, insurance products design, pension fund that might not fulfill society`s needs yet, and deficit in balance of insurance payments.

Professionals in insurance and insurance fund, government and OJK consider that education for society along with link-and-match concept between industry demands and higher education graduates hold important role in facing those challenges. In academic activities, there are only several universities teaching subjects on non-bank financial industry at this time, especially insurance and pension fund.

The Call for Papers is open from February 20 to August 8, 2015. This event is targeting on general society, professionals, researchers, lecturers and college students. Board of jury in this event comprises five persons representing academics, Society of Actuaries of Indonesia (PAI) and professionals/regulators. Evaluation criteria involve four main indicators, namely innovation originality, concept clarity, usefulness scale and applicative opportunities.

Terms and conditions:

Call for Papers on Insurance and Pension Fund

For more information
Dumoly F. Pardede
Deputy Commissioner II for Non-Bank Financial Industry Supervision
Phone: 021-3858001

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