Paris-based global insurer AXA Group has merged its two Indonesian subsidiaries, AXA Financial Indonesia (AFI) and AXA Life Indonesia (ALI) into a single entity to strengthen their marketing channels and enhance customer experiences.
Even though the merger was made to comply with the 2014 Law on Insurance regarding sole proprietorship (single presence policy), and the regulation of the Financial Service Authority, the newly merged entity, called AXA Financial Indonesia, will be able to serve and reach more customers in Indonesia, noted AXA Indonesias Chief Executive Officer Paul-Henri Rastoul in announcing the corporate move on Thursday.
Rastoul said the newly merged entity under the single presence policy would not only extend AXAs operations across Indonesia, but will also enable the company to better focus on the needs of its customers through broader channels that include agency channels, telemarketing and digital.
The combined strength of the two entities will enable us to serve and outreach more customers in Indonesia, Rastoul pointed out.
Budi Tampubolon, the president of AFI, noted the merged entity would provide opportunities for continued business growth in a country whose middle-class population is projected to exceed 141 million by 2020.
AFI offers a wide range of products from life and general insurance to asset management made available through multi distribution channels including bancassurance, agencies, brokers, online and telemarketing among other things.
The AXA Group itself operates in insurance and asset management serving 107 million customers in 64 countries, according to the groups website. (vin/bbn)