PROPOSED BUSINESS STRATEGY FOR PT MITRA IBISNIS TERAPAN TO THRIVE IN IMMATURE ENVIRONMENT

• Main Author: Sebastian, Nicholas
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/65097
• Institution: Institut Teknologi Bandung

Researchers believe that new technologies, such as InsurTech (fintech in the insurance industry), will jeopardize the current insurance business model's future efficiency. Researchers agree that the insurance industry's slow pace of digital transformation, along with the external environment's rapid technology improvement, creates a challenge for current insurers. Existing insurers can choose to adapt to InsurTech, partner with it, or be destroyed by it. Premiro is managed under PT Mitra Iswara Rorimpandey, a technology-based Insurance broker (Digital Broker) wholly owned by one of the leading insurance brokers that has been established for more than 50 years. Premiro is a developer of an online insurance platform designed to democratize insurance by making it universally accessible and affordable for all. From the business issues captured, the author tries to search some related literature and other benchmarks data from E-books, journals, theories as baselines, and then form it into structured Porter’s Five Forces, PEST Framework, and SWOT Analysis. The external and internal data analysis was exercised through a Survey and Interview with Premiro management team and stakeholders. The objective of this research is to do business analysis to gain insight and understanding as to how InsurTech is likely to influence existing insurance business models, and how existing Insurance businesses should go about coordinating a response to the challenge. The main focus right now is to create a strong foundation of InsurTech, once the Financial Service Authority can declare their regulation about InsurTech that’s when things get started.