Reliance Insurance sets industry benchmark

Start small, think big. Penetrating Indonesia's highly untapped insurance market is no small feat. However, with a strategy combining a long-term vision, unwavering determination and calculated risks, Reliance Insurance Indonesia is steadily rising as the new industry trendsetter.

"We may not be the first insurance company in Indonesia, but we are definitely not just a follower," says Reliance Insurance president Rebecca Budidjaja. "We believe in ourselves as trendsetters - with a vision of being among world-class financial companies with a quality standard of service performance and high integrity."

Realising this goal does not seem too far away for a company that began with only 10 people in 2002 and has gained more than 350,000 policyholders a decade later. Driven by Indonesia's growing middle class, Reliance Insurance's expansion complemented the demographics' 10 per cent annual growth with its commanding year-on-year performance.

The fourth most populous country in the world, Indonesia has grown far more rapidly than most of its Asean counterparts in terms of its middle class. Increasing from 1.6 million in 2004 to 50 million in 2009, the burgeoning sector is expected to grow threefold to 150 million by 2014.

Reliance Insurance is positioned to capture such growth together with the Reliance Capital group, which is among the largest, fastest-growing and most profitable domestic non-bank financial institutions in Indonesia.

"We grew nearly 129 per cent in the first to second year. This was followed by 56 per cent annual growth, which now averages 23 per cent as we reach market stability," Budidjaja says. "A solid, competent team that strives to learn what customers truly need is behind our success. Beyond these accomplishments, we continue to aim for more and think outside the box - offering our customers value-added services."

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