The case study, set to be included in INSEAD’s Master in Business Administration (MBA) curriculum in 2025, highlights the transformative impact of the collaboration on Indonesia’s life insurance landscape and financial inclusion efforts.
The study explores the strategic considerations behind FWD Group’s initial 29.9% minority investment in BRI Life in March 2021, which later expanded to a 44% stake. The partnership leverages the vast reach of Bank BRI, Indonesia’s largest bank and a champion of micro, small, and medium enterprises. Together, the entities have focused on enhancing financial inclusion through innovative digital transformation and scaled access to life insurance for underserved segments.
Since the inception of this collaboration, BRI Life has emerged as a powerhouse in the Indonesian insurance market. In just two years, it became the third-largest life insurance company in the country and the top provider in bancassurance, reflecting the strength of its partnership with FWD and Bank BRI.
The INSEAD case study will also examine the critical role of digital transformation in this success, highlighting how technology has enabled BRI Life to reach BRI’s extensive customer base with tailored financial solutions.
Binayak Dutta, Managing Director, FWD Group said, “A bancassurance partnership is incredibly powerful when two distinct entities – a bank and an insurance company – come together to leverage their respective strengths for customer convenience and satisfaction and execute it at scale. We look forward to sharing our journey and insights with future business leaders at INSEAD.”
Viviana Dyah Ayu R.K, Director of Finance, Bank BRI said, “The alignment of products, customer requirements, and sales processes was crucial in meeting the insurance needs within BRI’s vast customer base. By leveraging FWD’s digital insurance expertise and proven risk management capabilities, we achieved significant market penetration with proper insurance governance. We are delighted to have the opportunity to share a successful example of boosting financial inclusion at scale to the next generation of business leaders during their MBA studies at INSEAD.”
Sameer Hasija, INSEAD Dean of Executive Education and Dean of Asia Campus added: “This partnership provides students with a real-world example of how strategic investments are conceptualised, executed, and managed in significant, fast growing emerging markets like Indonesia. It exemplifies how traditional insurance business models can be transformed through strategic partnerships and digital innovation.”
Join FWD Leaders in Hong Kong at Insurtech Insights Asia 2024
Join Binayak Dutta and a host of FWD leaders at Insurtech Insights Asia 2024 in Hong Kong, as he takes to the stage in the live panel debate: ‘Asia CEO insights: Driving Innovation at the Intersection of Health, Tech, and Future Trends’. For more information on Insurtech Insights Asia, visit here
