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All Journal Journal of Indonesian Economy and Business The International Journal of Financial Systems
Serpina, Nada
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Socio-Demographic Determinants of Insurance Literacy among University Students in Indonesia Siregar, Reza Yamora; Serpina, Nada
Journal of Indonesian Economy and Business Vol 39 No 3 (2024): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i3.9389

Abstract

Introduction/Main Objectives: This research aims to investigate the level of insurance literacy among economics and business students and identify the socio-demographic factors impacting the level of insurance literacy. Background Problems: Low insurance literacy has long been identified as the cause behind the weak insurance penetration growth in Indonesia. College students area potential market for the development and deepening of the insurance sector. Novelty: However, hardly any studies have been published that assess the insurance literacy of university students in Indonesia. This study also presents a unique view of students’ insurance knowledge across different universities in Indonesia, providing an understanding of the factors contributing to their literacy level. Research Methods: We conduct the commonly applied ordinary least squares test on the survey data collected using stratified random sampling. Findings/Results: The test results conclude that students from universities in Java, who have mothers who graduated from college, come from middle-income families, and live in Java have significantly higher insurance literacy levels compared to the rest of the students. However, gender and residency do not seem to significantly impact insurance literacy. Conclusion: Our study shows that socio-demographic factors influence university students’ level of insurance literacy. These findings provide valuable information for policymakers and insurance firms to target this potential market with their insurance products.
Firm-Level Determinants of Agency Channel Performance in Indonesia’s Life Insurance Industry Serpina, Nada; Hafidh, Ezra Pradipta; Melati, Rosi
The International Journal of Financial Systems Vol. 3 No. 2 (2025)
Publisher : Otoritas Jasa Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61459/ijfs.v3i2.90

Abstract

The insurance sector plays a crucial role in supporting economic stability and household financial protection. However, insurance penetration in Indonesia remains significantly lower than in many peer countries. Improving insurance premium growth is therefore essential, and the agency distribution channel represents one of the key contributors to this objective. This study identifies the key determinants influencing agency channel performance in Indonesia’s life insurance industry, focusing specifically on firm-level factors and their implications for premium growth and market penetration. Using panel data from life insurance companies over the period 2018–2024, a random effects regression analysis reveals significant positive impacts from company total assets, acquisition costs, training costs, number of branch offices, and agent productivity. Affiliation with banking groups, while statistically significant, shows a negative association. Meanwhile, the number of agents, marketing expenses, ownership type, and external macroeconomic factors, including financial sector development indicators, showed no significant influence. These results suggest that internal company resources, structured incentive schemes, well-designed training programs, and expanded branch offices networks are vital for enhancing agency productivity and driving premium growth. The findings emphasise quality over quantity in agency management and suggest targeted strategies for improving distribution effectiveness. From a policy perspective, regulatory authorities such as Otoritas Jasa Keuangan (OJK) should encourage agency professionalisation and closely monitor incentive systems to improve distribution effectiveness and expand insurance penetration. By doing so, the life insurance sector can enhance household financial protection, support financial inclusion, and contribute more effectively to Indonesia’s long-term economic growth.
Co-Authors Hafidh, Ezra Pradipta Melati, Rosi Siregar, Reza Yamora