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All Journal Economic and Finance in Indonesia The International Journal of Financial Systems
Melati, Rosi
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Economics, Econometrics & Finance Education

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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.
Identifying Risk-Taking Behavior and Prudent Asset Allocation in Pension Funds in Indonesia Prabowosunu, Mohammad Alvin; Siregar, Reza Yamora; Melati, Rosi; Hadrian, Devan; Ronaldo, Rizky Rizaldi
Economics and Finance in Indonesia Vol. 70, No. 1
Publisher : UI Scholars Hub

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Abstract

This research aims to investigate asset allocation strategies in the pension fund industry in Indonesia in relation to liability profiles and risk-taking behavior. Utilizing data on market returns for each asset class and several financial indicators of pension funds, we applied the risk-taking behavior model proposed by Andonov & Rauh (2022) and a modified model to observe the Liability-Driven Investment (LDI) strategies of pension funds in Indonesia. We discovered that private defined contribution pension fund schemes (PPIP) tend to exhibit higher risk-taking behavior, primarily through investment allocation in equities. On the other hand, private defined benefit pension funds (PPMP) demonstrate a less aggressive risk-taking approach, allocating investments in bonds and cap/blue-chip stocks. PPMP also indicates relatively better implementation of the LDI strategies by considering the sensitivity of long-term bonds concerning return on investment (ROI).
Co-Authors Hadrian, Devan Hafidh, Ezra Pradipta Prabowosunu, Mohammad Alvin Ronaldo, Rizky Rizaldi Serpina, Nada Siregar, Reza Yamora