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All Journal Eduvest - Journal of Universal Studies
Ardhyanto Budirachman
Universitas Trisakti, Indonesia
Aerospace Engineering Computer Science & IT Health Professions Neuroscience Social Sciences

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Innovation Management in Insurance Brokerage Companies in The Development of Retirement Credit Life Insurance Ardhyanto Budirachman
Eduvest - Journal of Universal Studies Vol. 5 No. 5 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i5.51170

Abstract

The transformation of the financial services sector, driven by digitalization and regulatory dynamics, has placed new demands on insurance brokerage firms to act as intermediaries and innovation-driven strategic partners. This study aims to analyze innovation management within Indonesian insurance brokerage companies that develop retirement credit life insurance, particularly in the context of regulatory pressure and digital transformation. Employing a qualitative case study method, data were collected through in-depth interviews, observations, and document reviews involving strategic-level informants. Thematic analysis revealed three main findings: (1) innovation efforts are primarily focused on digitizing service processes and integrating systems with banks to enhance efficiency and customer satisfaction; (2) regulations issued by Indonesia’s Financial Services Authority (OJK) act as catalysts for innovation, pushing firms to adopt transparent, tech-based systems; and (3) ambidextrous strategies are adopted to balance service exploitation and innovation exploration. These findings validate the relevance of Open Innovation, Regulatory-Driven Innovation, and Organizational Ambidexterity in the insurance brokerage sector. Practically, this study offers strategic insights for brokerage firms to collaborate with insurtechs and banks, while also informing regulators to develop flexible policies that foster innovation without compromising consumer protection. The research contributes to bridging the gap in the literature on innovation management in insurance brokerages under strict regulatory constraints.
Digital-Based Knowledge Management Model in Improving Performance and Competitiveness Insurance Brokerage Companies in the Era of Financial Industry Transformation Ardhyanto Budirachman
Eduvest - Journal of Universal Studies Vol. 5 No. 6 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i6.51171

Abstract

The insurance brokerage industry in Indonesia faces digital disruption, regulatory shifts, and fragmented knowledge systems, necessitating integrated digital KM for strategic transformation. Despite existing studies on KM in financial services, sector-specific models for brokerages remain scarce. This research aims to (1) examine how digital KM drives strategic transformation, (2) assess the roles of digital HR, IT infrastructure, cyber risk, and regulatory adaptation, and (3) develop a validated model for brokerage firms. A deductive quantitative approach using PLS-SEM analyzed data from 300–500 Indonesian brokerage managers via structured questionnaires. The model tested hypotheses on five enablers’ influence on KM-mediated transformation. Digital KM significantly enhances transformation (β = 0.316, p < 0.001), with IT infrastructure (β = 0.301) and digital HR (β = 0.274) as primary drivers. Cyber risk (β = 0.193) and regulatory adaptation (β = 0.210) also contributed, albeit with smaller effects. The model explained 59.4% of transformation variance (R² = 0.594), demonstrating strong predictive power (Q² > 0.35). Organizations must embed KM into core processes and leadership strategies, while industry collaboration and policymakers should standardize KM governance. Future research should explore longitudinal impacts and AI-enhanced KM systems.
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