Article submitted by MIR, Indonesia
MIR expand into reinsurance broking
The largest independent Broker in Indonesia, MIR, with over 40 years of experience has expanded their business into reinsurance broking by setting up MURE which will start with facultative business for Indonesian risks. In parallel, the group is embarking into the E-commerce through setting up MIR on-line capturing the fast growing individual market segment.
MIR Online which is managed through MIR newest subsidiary Mitra Ibisnis Terapan (MIT) is currently selling the Travel Insurance and Motor Vehicle Insurance online. Currently MIT work with four underwriters who support the programme with competitive terms. MIR Online phase-2 is on development phase and will release new looks by end of first semester 2016.
MIT is looking to expand more lines of business and also to increase the number of underwriters to give more option to the insuring public. Mitra Utama Reasuransi (MURE) is equipped to help the ceding companies to seek capacity for all line of business i.e. Property, Engineering, Marine and Casualty, etc. with main focus on Property and Engineering. MURE is focusing on facultative business at the moment with objective to be ready to handle the Treaty placement in 2 years time.
Indonesia is enjoying fast development both in insurance and e-commerce business. Those business in Indonesia are having relatively low market penetration hence represent a substantial opportunity in the near coming future. MIR is well placed to capture this opportunity in line with the growth of Indonesia economy.
As part of the business expansion initiative, MIR has signed an agreement with two major bank: OCBC Bank and BNI Bank to serve the insurance need of their customer. BNI is the first state-owned bank established after Indonesia’s independence and currently is one of the largest Banks in Indonesia.