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TABLE OF CONTENT
Cover Letter ....................................................................................................................................................... i
Table of Content .............................................................................................................................................. ii
CHAPTER I SUSTAINABILITY STRATEGY
1.1 Implementation of Sustainable Finance ............................................................... 1
1.2 Purposes of Sustainable Finance ............................................................................ 1
CHAPTER II SUMMARY OF SUSTAINABILITY ASPECT PERFORMANCE
2.1 Implementation of SFAP 2022 ............................................................................. 3
2.2 Economic Aspect ...................................................................................................... 3
2.3 Environmental and Social Aspects ....................................................................... 5
CHAPTER III COMPANY PROFILE
3.1 A Brief Profile of PT Asuransi Bintang Tbk ......................................................... 7
3.2 Vision-Mission and Value of the Company in the Implementation of
Sustainable Finance ................................................................................................... 8
3.3 General Information ............................................................................................... 10
3.4 Business Scale of the Company ........................................................................... 10
CHAPTER IV BOARD OF DIRECTORS’ EXPLANATION
4.1 Your Honorable Shareholders and Stakeholders .......................................... 29
4.2 Response to Sustainable Finance Implementation ...................................... 29
4.3 Performance Attained in the Implementation of Sustainable Finance . 30
4.4 Implementation of Sustainable Finance ........................................................... 30
4.5 Stategies to Achieve Targets ................................................................................ 31
CHAPTER V SUSTAINABLE GOVERNANCE
4.1 Sustainable Governance ...................................................................................... 32
4.2 Description of the Duties of the Board of Directors, Board of
Commisioners, Employee and/or Work Units in Charge of Sustainability
........................................................................................................................................... 33
4.3 Development of Competencies ........................................................................... 37
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CHAPTER VI SUSTAINABLE PERFORMANCE
4.1 Sustainable Cultures ................................................................................................ 56
4.2 Economic Performance ........................................................................................... 56
4.3 Social Performance ................................................................................................... 56
4.4 Environmental Performance ................................................................................. 60
4.5 Responsbility for Product Development .......................................................... 60
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CHAPTER I
SUSTAINABILITY STRATEGY
I. Background and Implementation of Sustainable Finance to Support the
purposes of Sustainable Development
For all lines of business, 2023 remained quiet a challenging year particularly in
the recovery after Covid-19 pandemic taking place in the last 3 (three) years,
which has caused health, social and economic crisis. Economic uncertainty
caused by Covid-19 pandemic has directly resulted in a shift in priority for
fulfillment of people’s needs as most people has decided to allocate their funds
to basic necessities, such as clothing, food and housing. Such condition slows
down the economy nationally and globally, including also the effects on
insurance industry.
In such quite a challenging situation, PT Asuransi Bintang Tbk managed to adapt
and innovate to set and achieve targets during the recovery period following the
Covid-19 pandemic while continuing to perform its obligations as a Non-Bank
Financial Services Institution and a Public Company in preparing its Sustainable
Financial Statements as provided for in the Financial Services Authority
Regulation (POJK) No.51/POJK.03/2017 on Application of Sustainable Financial
Statements by Financial Services Institutions, Issuers, and Public Companies.
The actual commitment of PT Asuransi Bintang Tbk in supporting sustainable
development is materialized by enforcing sustainable finance principles and
developing products that are in line with the spirit of sustainable finance set out
in the Sustainable Finance Action Plan (SFAP) and it is expected to serve as a
reference for the Company in the management of all economic, social and
environmental risks.
II. Purposes of Sustainable Finance
PT Asuransi Bintang Tbk applies the sustainability strategy which is a form of the
Company’s commitment to its social responsibility, the environment and
contribution to sustainable development, among other things, as follows:
1. The Company does not only pursue its business targets, but also observes
the public interests and environmental aspects.
2. The Company endeavors to create and share values with stakeholders and
minimizes environmental impacts.
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3. The Company’s sustainable strategic policy is designed according to needs
periodically for improvement based on business environment and
condition.
4. Sustainability culture at the company is maintained in relays from the top
management down to the lowest employees through training, briefing,
presentation of sustainability modules.
III. Vision and Mission Realization in the Application of Sustainability Strategy
Vision and mission of the Company are the fundamental basis for the Company
to formulate its purposes, strategic policies, and management’s decision
making. The strategies to be applied by the Company for realization of its Vision
and Mission in the implementation of a sustainable finance are, among others,
as follows:
1 2 3
Reorganization of
organization with Risk management Improvement of
adjustment of human on the basis of services with customers
resources and application social and and business partners
of eco-friendly environmental which accommodates
technologies according to aspects environmental aspects
strategic needs
As a realization of the Company’s vision and mission based upon the provisions
of Appendix 1 to POJK No.51/POJK.03/2017 at Executive Summary Section, the
Company is supported by a supporting work unit which is also responsible for
implementation of the SFAP, i.e., the Corporate Secretary as the unit in charge
of managing the sustainable finance action plan with the support of the
Operation and Finance & Accounting Group as the counterpart for monitoring
the realization of the sustainable business activity.
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CHAPTER II
SUMMARY OF SUSTAINABILITY ASPECT PERFORMANCE
Implementation of SFAP 2023
As a form of PT Asuransi Bintang Tbk’s support for implementation of SFAP, the
Company continues in its business operation to endeavor to align economic, social and
environmental interests, which is a form of its compliance with the POJK
No.51/POJK.03/2017 on Application of Sustainable Finance by Financial Services
Institutions, Issuers, and Public Companies. The Company has implemented the SFAP
as of January 1, 2021. Details of the SFAP 2021 implementation are as follows:
A. Economic Aspect
1. The services provided by PT Asuransi Bintang Tbk are general insurance
protection services which offer various insurance products from 8 (eight)
lines of insurance business, as follows:
a. Property Line of Insurance Business
b. Motor Vehicle Line of Insurance Business
c. Transportation Line of Insurance Business
d. Engineering Line of Insurance Business
e. Hull and Machinery Line of Insurance Business
f. Miscellaneous Line of Insurance Business
g. Personal Accident Line of Insurance Business
2. Revenues
The gross premium revenues of the Company based on its Audited
Statements 2021, 2022 and 2023 are as follows:
in thousand
2023 2022 2021
Rp. 378,280,503 Rp 459,217,936 Rp 477,181,675
3. Net Income
The net incomes of the Company based on its Audited Statements 2021,
2022 and 2023 are as follows:
in thousand
2023 2022 2021
Rp. 5,826,993 Rp 5,147,620 Rp 23,668,304
4. Eco-friendly products
Below are eco-friendly products that the Company has:
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No Name of Product Description of Product
1 Travel Insurance This travel insurance product provides
services to customers starting from
processing the insurance request to
issuing the policy, and reporting
claims digitally (paperless) through
website (internet) and mobile apps.
This product is offered for sale
through digital distribution channels.
2 Motor Vehicle Insurance This motor vehicle insurance product
– Specifically (Electric / is intended for electric / low emission
Hybrid / low emission) vehicles in order to reduce the level of
Motor Vehicles CO2 pollution in cities. Using motor
vehicle insurance, this product is
offered for sale through direct selling
distribution.
3 Eco-friendly Home This insurance product is intended for
Insurance houses that use eco-friendly / energy-
saving equipment, such as solar
panels, solar water heaters, etc.
Using property all risk insurance, this
product is offered for sale through
direct selling distribution.
4 Index-Based Crop This Index-Based Crop Insurance
Insurance (IBCI) product is intended to help
farmers reducing the climate /
weather impacts. This product
provides insurance benefits in the
form of a payment if during the
coverage period there is insufficiency
or excess in soil humidity as
compared to the agreed index of soil
humidity levels.
5 Bintang Griya Insurance Bintang Griya Insurance product is
extended from Property All Risk
insurance product which is specifically
intended for residential houses. It also
provides protection from all losses or
physical damage to the insured
property, which is sudden,
unexpected and unintentional in
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nature to the extent not excluded by
the Policy. In addition, this policy also
provide protection from business
interruption caused by losses or
physical damage secured by the
policy. This policy also provides
additional benefits in the form of
payment of costs for medical
treatment due to accident incurred by
the house occupant, payment of
house rent if the house cannot be
occupied due to the risks secured by
the policy and reimbursement of
expenses due to legal liability claim
against a third party.
6 Bintang Oto Insurance Bintang Oto Insurance product is
offered in the market digitally to
provide protection of motor vehicles
from accidents, malicious acts, thefts,
fires, natural disasters, riots and
commotions, terrorism and sabotage,
and other risks secured by the policy.
This product also provides additional
insurance benefits in the form of
payment of transportation cost and
road emergency assistance, and
freedom to use authorized repair
shop.
7 Bintang Persona Bintang Persona Insurance product
Insurance extends from standard Personal
Accident Insurance products. In
addition to providing protection
against death, disability, hospital
care due to accident, this product
also provides additional benefits in
the form of scholarship if the Insured
dies following accident.
B. Environmental Aspect
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As we all have known since the Covid-19 pandemic up to this time, the Company
is still continuing to take strategic and tactical measures to continuingly be able
to operate and grow and develop through application of digitalization
technologies. The Company still applies the Work from Home / Less Office (WFH)
work model for a part of its employees. Today the Company has applied work
model to go back to the Work from Office (WFO), with some adjustment for
certain sections which are viewed to be more effective and efficient in the
fulfilment of customer needs by working on Work from Home (WFH) basis.
Description 2021 2022 2023
Electric power Consumption Rp 830,250,458 Rp 913,582,072 Rp. 874.546.098
Water consumption Rp 106,538,689 Rp 147,974,998 Rp. 84. 493.570
Waste Reduction 2021 2022 2023
Paper Use Efficiency Rp 54,217,500 Rp 58,620,000 Rp. 62.400.000
Fuel Consumption Rp 474,654,067 Rp 780,128,618 Rp.1.192.817.938
Preservation of 2021 2022 2023
Biodiversity
Channeling of CSR for the Rp 16,800,000 Rp 12,500,000 Rp. 41.700.000
environment
C. Social Aspect
In social aspect, the Company also participates by holding activities that promote
Financial Literacy and Inclusion. In 2023 the Company organized 1 (one) Literacy
event and 1 (one) Financial Inclusion event. These activities were done out of
Literation and Inclusion activities planned in 2022.
Literacy events with Financial Education Program theme are aimed to give
financial planning education to the general public regarding basics of financial
arrangement. These events are done face to face with theme “Fun Financial
Planning through fish raising in Azalea Bogor community” located in Bogor City.
The positive benefits from this event include:
1) People have knowledge of family financial planning and are expected to
change their mindset against their consumptive behavior;
2) People know PT Asuransi Bintang Tbk. better.
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CHAPTER III
COMPANY PROFILE
I. A Brief Profile of PT Asuransi Bintang Tbk
PT Asuransi Bintang Tbk. is an experienced general insurance Company in
Indonesia, established on March 17, 1955 by 1945 freedom fighters: Soedarpo
Sastrosatomo, Idham, Wibowo, Pang Lay Kim, Ali Budiardjo, Roestam Moenaf, J.R.
Koesman and Ismet. By continuingly improving the quality of its human resources
and systems and procedures, PT Asuransi Bintang Tbk. continues to improve and
develop for more than 6 decades. Founders of PT Asuransi Bintang Tbk have
upheld and developed the Company’s culture which is based upon effective
management, making it a company that continues to develop and provide
balanced benefits to all stakeholders and services to the public. The company has
been registered and is overseen by the Financial Services Authority (OJK) with
business license NO. KEP-6648/MD/1986 issued by the Department of Finance of
the Republic of Indonesia.
The Company has changed its name several times. In 1971 it was registered for
the first time with the Department of Finance of the Republic of Indonesia under
the name PT Maskapai Asuransi Bintang, then in 1986 it changed to PT Asuransi
Kerugian Bintang. The latest change took place on August 25, 1997 pursuant to a
Letter issued by the Department of Finance of the Republic of Indonesia,
Directorate General of Financial Institutions, Directorate of Insurance, Number
S.4393/LK/1997 stating the coming into effect of the new name for PT Asuransi
Bintang Tbk, namely PT Asuransi Bintang Tbk, as set out in Deed of Notary Mrs.
Indah Fatmawati, SH, Substitute Notary Mrs. Poerbaningsih Adi Warsito SH
number 199 dated June 30, 1997 as approved by the Minister of Justice through
Minister of Justice Decree No. C2-6915 HT.01.04 Th. 97 dated July 31, 1997.
The Company carried out an Initial Public Offering (IPO) at Indonesia Stock
Exchange (BEI) with Company’s code “ASBI” on November 29, 1989. Near the end
of 2006 the Company carried out its first Limited Public Offering to secure
additional capital in order to improve its capacity to contain risks, and started to
enter Syariah-based insurance business in 2007.
This report is the Company’s Third Sustainability Report and forms an integral unit
of the Company’s Annual Report, despite separate publication, both form an
integral unit and complementary to one another. We have prepared this report
based upon the Financial Services Authority Regulation No. 51/POJK.03/2017 on
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Sustainable Finance and in line with sustainability principle, we are committed to
the issuance of this report annually.
Apart from that, the issuance of this report is the Company’s commitment to and
compliance with laws and regulations, including Article 66 C, Law No. 40 of 2007
on Limited Liability Company, which requires the Company to submit reports of
its Social and Environmental and Responsibility (SER)in its Annual Report. In
addition, this report has been prepared also to meet the Financial Services
Authority Circular Letter No. 30/SEOJK.04/2016 on Forms and Contents of Annual
Reports for Issuers or Public Companies. The circular letter provides for, among
other things, obligation of public companies or issuers to enclose in their annual
report or in a separate report, a report on SER, such as Sustainability Report.
A sustainability to the Company is a commitment to business continuity by acting
ethically within the framework of responsibility to customers, employees,
shareholders and the environment, and giving contribution to the development
of the economies of the local community or the general public.
As a form of the Company’s support for sustainable financial action, it is deemed
necessary to implement it in the most fundamental elements, which are the vision
and mission of the Company, among other things, as follows:
II. Vision-Mission and Values of the Company in the implementation of
Sustainable Finance
As a form of the Company’s support for sustainable financial action, it is deemed
necessary to implement it in the most fundamental elements, which are the vision
and mission of the Company, among other things, as follows:
Main Vision
“To be the best insurance company of customer’s preferred choice and
partner”.
Main Mission
“To give insurance solution which gives satisfaction to Stakeholders through
ability for adaptation, creativity, and technology with Quality Human
Resources”.
Vision in the implementation of sustainable finance
“To be an insurance company that prioritizes balance between business and
environmental preservation.”
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Mission in the implementation of sustainable finance
1) To give support for the best services to customers in social and
environmental sectors.
2) To optimize business achievement through implementation of
sustainable finance.
3) To build a business relationship with business partners that prioritize
sustainable finance in order to maintain a long-term business
relationship
Corporate Values
1) Spirit
Always keeping up the spirit of achieving the common goal set by the
Company, as explained below:
- Always keeping up high level of activity and productivity in doing
works;
- Always focusing on targets & objectives;
- Always working with passion;
2) Customer Focus
Always giving the best services to customers, as explained below:
- Understanding the Customer needs;
- Taking Customers and their needs as the ultimate goal of each
action, through excellent services;
- Developing and maintaining good and productive relationship
with customers.
3) Awareness
Aware of and responsible for the roles and duties given by the
Company, as explained below:
- Fully aware of the roles, duties and functions for which they are
responsible;
- Performing their roles, duties and functions with full sense of
responsibility and mandate, and applying high standards for the
development of the Company;
- Sensitive to working environment and able to respond to any inputs
with positive attitude.
4) Trust & Respect
Working honestly and sincerely and reliable in every working process,
as explained below:
- Work honestly and sincerely;
- Mutual respect for roles and responsibilities in performing duties
according to the objectives and rules of the Company;
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- Mutual trust between functions and always give trust for common
good;
- Treat one another with respect;
- Help one another with creating positive and productive working
culture.
5) Team Work
Mutual help, respect and honor as between coworkers and with other
parties working as a team, as elaborated below:
- Always together build understanding, harmony, and commitment
in team work in the interests of the Company;
- Always respect the roles and responsibilities of each person in a
team work;
- Always respect and appreciate the opinion of others with positive
attitude;
- Always avoid conflict of interests in order to achieve common goals;
- Always help one another and believe that success can be achieved
only through a solid and continuing team work between functions;
- Always have the will to sincerely work as a team rather than as an
individual or involving in an unfair competition.
III. General Information
Company Name PT Asuransi Bintang Tbk
Address Jl. RS Fatmawati No. 32 Jakarta 12430
Line of Business General Insurance
Stock Code ASBI
Date of Establishment March 17, 1955
Legal Basis of Deed of Establishment No. 63 dated March 17, 1955
Establishment
Telephone (021) 759 02777
Fax (021) 7656 287, (021) 7590 2555
Website www.asuransibintang.com
Company Secretary corporate.secretary@asuransibintang.com
Social Media 1. Facebook: @asuransibintangofficial
2. Instagram: @asuransibintangofficial
3. Twitter: @asuransibintang
4. Youtube: @asuransibintangofficial
5. Whatsapp : +6285219553416
IV. Business Scale of the Company
1. Total Assets / Capitalization and Total Liabilities
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PT Asuransi Bintang Tbk is a General Insurance Company with total assets
of Rp 970 billion as per December 31, 2023.
As per December 31, 2023 the number of Company’s customers reaches
415.967 and individuals amounting 13,788 legal entities.
Total number of operations
Insurance company raises a significant amount of funds which is the
basic financial management in a company. This is so because these
funds will be used for all operating activities of an insurance company,
such as premium income, claim charge, and offering of the company’s
securities at a capital market. Apart from operating activities, financial
management is also a key factor in assessing the performance of a
company.
Portfolio of the Company’s business activities per business segment
as per December 31, 2023 is as follows:
Total Capitalization
in million
Total 2021 2022 2023
Capitalization
Total Asset 954,657 989,811 970,378
Total Liability 598,914 620,559 582,682
Total Equity 355,743 369,252 387,697
2. Human Resources
In facing such a tight competition in globalization era as this time, the
Company must maintain the assets it has in order to be able to face the
competition. One of the assets to which attention should be paid is the
human resources of a company. The Company is aware that Human
Resources is important in achieving its Vision and Mission. Thus, it has
always tried to make quality requirement, management and development
of Employees who have the best potentials for synergy in order to achieve
the goals of the Company.
In 2023, the Company’s personnel were composed of 17% managerial to
director levels and 83% staff level of the total number of personnel. This
composition will continue to be maintained and the competency will be
developed to accommodate the needs of the Company in achieving its work
targets and goals.
Composition of the Company’s Personnel as per 31 December 2023
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Organizational Structure
Composition of the Company’s employees by gender, job title, level of
education, age bracket and employment status:
Number and Composition of Employees by Gender
Gender Number
Male 248
Female 144
Total 392
Number and Composition of Employees by Job Title
Level / Group Level 2023
Level I & II: Staff & Senior Staff
Level I & II
Group I & II: Staff & Senior Staff Level I &
II 281
Level III: Assistant Manager
Level III
Group III: Assistant Manager Level III 43
Level IV: Manager
Level IV
Group IV: Manager Level IV 57
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Level V: Assistant Vice President
Level V
Group V: Assistant Vice President Level V 0
Level VI: Vice President
Level VI
Group VI: Vice President Level VI 11
Level VII: Senior Vice President
Level VII
Group VII: Senior Vice President Level VII 0
Total 392
Number and Composition of Employees by Age Bracket
Age Range As Per 31 December 2023
20 - 30 years 105
>31 - 40 years 192
>41 - 50 years 76
>51 – 60 years 19
Total 392
Average age of employees 36
Number and Composition of Employees by Level of Education
Level of Education Number
S2 (Master’s Degree) 13
S1 (Bachelor’s Degree) 290
D3 (Associate Degree) 45
SLTA (Senior High School) and the 44
equivalent
Total 392
Number and Composition of Employees by Employment Status
Employment Status 2023
Indefinite-Term Employment Agreement
(PKWTT) 327
Definite-Term Employment Agreement
(PKWT) 23
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Outsourcing 42
Total 392
3. List of Shareholders
Below is the ownership of shares by Shareholders who own 5% or more of
the shares, by Members of Board of Directors and Members of Board of
Commissioners and by the Public who own less than 5% of the shares:
Shareholders who own 5% or more of the Issued and Paid-up Shares
January 1, 2023 – December 31, 2023 Period
4. Areas of Operation
The Company has 10 (ten) branch offices located in Jakarta (Jakarta 1 &
Jakarta 2 Branches), Surabaya, Malang, Semarang, Pekanbaru, Yogyakarta,
Denpasar, Bandung and Medan. The Company also has a marketing office (Point
of Sales / POS) spreading in some regions in Indonesia, namely (Broker Service
Division), Purwokerto, Makassar, Samarinda, Solo, Batam, Lampung,
Cirebon, Palembang, Kediri, Balikpapan, Pontianak, Manado, Jember and
Jambi.
In addition, the Company has Syariah Business Unit with license from the
Financial Services Authority Number Kep-025/KM.10/2007 dated February
19, 2007 and Telemarketing department unit at the principal office.
Address of Branch Offices
Branch Office Address Tel / Fax Regulatory Approval
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Surabaya Jl. Gubernur (T) 031-5340351 S-4793/NB.111/2018
Suryo No. 2, 4, & (F) 031-5340352 dated September 21,
6 (Former 2018
Address Jl.
Pemuda No. 2,
4, & 6) Surabaya
60271
Malang Jl Letjen S. (T) 0341- S-3596/NB.111/2019
Parman No. 27 4378365; dated August 20, 2019
RT. 004/RW.11 (F) 0341-4381869
Kel/Kec
Lowokwaru Kota
Malang 65141
Jakarta (JKT 1 Jl.RS Fatmawati (T) 021-7590 2777 S-2697/NB.111/2021
& JKT 2) No.32, Cilandak (F) 021-7590 dated July 30, 2021
Barat - Jakarta 2555, 7656 287
Selatan 12430
Semarang Jl Singosari Raya (T) 024-8455025; S-301/NB.11/2014 dated
35 A Pleburan, (F) 024-8455027 January 30, 2014
Semarang 50241
Pekanbaru Komp. (T) 0761 849878; KEP -008/KM.5/2005
Perkantoran (F) 0761-859983 dated March 18, 2005
Sudirman Raya
Blok C No. 12
Jl. Jend.
Sudirman,
Tangkerang
Selatan,
Pekanbaru
28282
Yogyakarta Jl. Dr. Sutomo (T) 0274 - S-925/NB.11/2016 dated
47 A Jogjakarta 586559, April 8, 2016
55211, 548745;
Kel: Bausasran, (F) 0274-588344
Kec: Danurejan
Denpasar Jl. Hayam (T) 0361-244200, S-925/NB.11/2016 dated
Wuruk 125D 237955; April 8, 2016
Denpasar (F) 0361-226932
80235
Bandung Jl. Karapitan (T) 022-423013; Kep-6648/MD/1986
No. 20 A (F) 022-4239229 dated October 13, 1986
Lengkong,
Bandung 40261
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Medan Jl. Perintis (T) 061-4526232; Kep-6648/MD/1986
Kemerdekaan (F) 061-4155902 dated October 13, 1986
No. 3 QR Medan
20111
Address of Marketing Offices
Marketing Address Tel / Fax Regulatory Approval
Office
Jakarta BSBU Jl. RS Fatmawati (T) 021-7590 2777 S-192/NB.111/2021
(Broker Service No.32, Cilandak (F) 021-7590 dated January 18, 2021
Business Unit) Barat - Jakarta 2555, 7656 287
Selatan 12430
Purwokerto Komp. Limas Agung (T/F)0281-638211 S-4131/NB.11/2013
P 8 No. 2 dated October 30,
Purwokerto 53121 2013
Makassar Ged. Samudera (T)0411-850214 S-2750/BL/2011 dated
Indonesia Lt. 4 Jl. (F)0411-850215 March 17, 2011
Sungai
Saddang No. 82
Makassar 90142
Samarinda Jl. A.W. Syahranie, (T):0541-4110838 S-1191/NB.01/2023
Ruko Syahranie (F):0541-4110833 dated April 06, 2023
Center Nomor 28,
RT. 014, Kelurahan
Gunung Kelua,
Kecamatan
Samarida Ulu, Kota
Samarinda.
Solo Jl. Raden Mas Said (T)0271-739215, S-4131/NB.11/2013
No. 220 Kel. 742214, 740614 dated October 30,
Mangkubumen, (F) 0271-722220 2013
Kec. Banjarsari,
Surakarta 57139
Batam Ruko Anggrek Mas (T)0778-4882068 S-269/NB.111/2021
2 Blok A2, No.09 dated January 22, 2021
Kelurahan Taman
Baloi, Kecamatan
Batam Kota – 29444
Lampung Komplek Ruko (T) : 0721 – S-4036/NB.111/2018
Central Niaga, 5616100 dated August 10, 2018
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Jl. Sultan Agung No. (F) : 0721 –
7 5614947
Wayhalim, Bandar
Lampung 35141
Cirebon Jalan Tentara (T)0231-200217, (F) S S-1374/NB.111/2021
Pelajar No.103-107, 0231-200217 dated April 20, 2021
Kel. Pekiringan Kec.
Kesambi Kota
Cirebon
Palembang Jl. Inspektur (T) 0711 – S-2076/NB.111/2020
Marzuki No 40RT.01 5611589; dated June 9, 2020
RW.01 Kelurahan (F) 0711 –
Siring Agung, 5611589
Kecamatan Ilir Barat
I, Kota Palembang,
Sumatera Selatan
Kediri Jl. Brigjen Pol Imam (T/F) 0354-672882 S-925/NB.11/2016
Bachri No. 35 RT dated April 8, 2016
03/ RW 03, Kel.
Bangsal, Kec.
Pesantren, Kediri,
Jawa Timur 64131
Balikpapan Komp. Perkantoran (T)0542-8860240 S-4131/NB.11/2013
Balikpapan dated October 30,
Baru Centra Eropa II (F)0542-8860244 2013
Blok AB I No. 5
Balikpapan 76114
Pontianak Jl Purnama Komp (T/F)0561-8100352 S-2597/NB.111/2016
Purnama Town dated June 28, 2016
House Blok C No 1,
Kel. Parit Tokaya,
Kec. Pontianak
Selatan, Pontianak,
KalBar 78121
Manado Ruko Pasar Segar 0816754581 S-1882/NB.111/2016
Paal Dua Blok RB 15 0816764581 dated May 25, 2016
Jl. Yos Sudarso No.
12 Kel. Paal Dua,
Kec. Tikala, Manado
Sulawesi Utara-
95129
Jember Jl. Karimata No. 7A (T) 0331-5101989 1. S-808/NB.223/2017
Rt. 003 Rw. 004 (F) 0331-5101929 (Syariah
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Sumbersari, Jember, 2. S-3987/NB.11/2017
Jawa Timur 68121 (Convent)
Jambi Jalan Gajah Mada, (T) 0741-3065992 S-765/NB.111/2021
RT 30, Kelurahan (F) 0741-3065686 dated February 26, 2021
Lebak Bandung,
Kecamatan
Jelutung, Kota
Jambi.
Syariah / 1. Jl. RS Fatmawati (T) 021-7590 2777 Kep-025/KM.10/2007
Sharia No. 32 Jakarta (F) 021-75902555; dated February 19, 2007
12430 7656287
Telemarketing JL RS Fatmawati No. (T) 021-7590 2777 -
32 Jakarta 12430 (F) 021-7591 0000
5. Products, Services and Business Activities
In serving and responding to the insured’s needs for affordable, quality and
innovative insurance products, PT Asuransi Bintang Tbk offers products that
are engaged in the supply of general, conventional and syariah insurance
services. The products offered include all protections against loss or damage
and personal accident.
Below are the products and services of the Company:
A. Scope of Conventional Insurance Business
1) Property Line of Insurance Business
Property insurance business line provides products which insure
objects, such as building and all the contents therein, such as
machines, stocks and contents. The products available include
Fire Insurance, Property All Risk Insurance, Earthquake
Insurance, etc.
Insurance Product Description
Bintang Griya Bintang Griya Insurance product is extended
Insurance from Property All Risk insurance product
which is specifically intended for residential
houses. It also provides protection from all
losses or physical damage to the insured
property, which is all of a sudden,
unexpectedly and unintentionally to the
extent not excluded by the Policy. In addition,
this policy also provide protection from
business interruption caused by losses or
physical damage secured by the policy. This
policy also provides additional benefits in the
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form of payment of costs for medical
treatment due to accident incurred by the
house occupant, payment of house rent if the
house cannot be occupied due to the risks
secured by the policy and reimbursement of
expenses due to legal liability claim against a
third party.
Fire Insurance This product provides protection and guaranty
(PSAKI) for residential houses, offices, factories, and
other properties against risks of fire, lightning,
explosion, falling of aircraft, smoke, business
interruption and other risks secured by the
policy.
Property All Risk This product provides a wider protection and
Insurance guaranty than Fire Assurance does, i.e.,
guaranteeing all loses or physical damage to
the insured property, which is sudden,
unexpected and unintentional in nature to the
extent not excluded by the Policy. In addition,
this policy also provides protection against
business interruption caused by losses or
physical damage secured by the policy.
Earthquake This product provides protection and guaranty
Insurance for residential houses, offices, factories, and
other properties against risks of earthquake,
volcanic eruption, fire and explosion following
an earthquake and/or volcanic erruption,
tsunami, business interruption and other risks
secured by the policy.
2) Motor Vehicle Line of Insurance Business
Motor vehicle insurance business line provides insurance
products that provide protection for motor vehicles.
Insurance Description
Product
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Bintang Oto This insurance product is an extension of
Insurance the standard motor vehicle insurance
products. In addition to providing
protection for motor vehicles from
accidents, malicious acts, thefts, fires,
natural disasters, riots and commotions,
terrorism and sabotage, and other risks
secured by the policy, this product also
provides additional insurance benefits in
the form of payment of transportation cost
and road emergency assistance, and
freedom to use authorized repair shop.
Motor Vehicle This product provides protection and
Insurance indemnification for motor vehicles (cars,
trucks, motorcycles and other motor
vehicles) against risks of accident, malicious
act, theft, fire, natural disaster, riot and
commotion, terrorism and sabotage, and
other risks secured by the policy.
3) Engineering Line of Insurance Business
Engineering insurance business line provides products that
insure construction or machinery installation projects or
operation of machineries or electronic equipment. The products
include: CAR Insurance, EAR Insurance, EEI Insurance.
Insurance Product Description
Contractor’s All Risk This product provides protection and guaranty
Insurance for the contractor’s interests in a project
including project completion and/or
equipment employed by the contractor
against all risks of loss or physical damage
which may occur suddenly, unexpectedly and
unintentionally to the extent not excluded by
the Policy. This policy also guarantees the
contractor’s legal liability arising from
performance of the project.
Erection All Risk This product provides protection and guaranty
Insurance for machineries during installation process.
Electronic Equipment This product provides protection and
Insurance guarantee for electronic items.
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4) Transportation Line of Insurance Business
Transportation insurance business line offers products for
transportation of goods.
Insurance Product Description
Freight This product provides protection and guaranty
Transportation to the owner of the goods from risks of loss or
Insurance damage during shipment of goods. There are
guaranty options available: ICC A, B and C for
shipment of export – import goods by sea or
Guaranty 1, 2 and 3 for interisland shipment
by sea. Protection is also available for
shipment of special goods, such as coal, frozen
food, cotton, etc.
5) Hull and Machinery Line of Insurance Business
This line of business provides insurance products which give
protection for ships.
Insurance Product Description
Hull and Machinery This product provides protection for ships
Insurance against partial or total loss or damage caused
by perils of the sea, fire, explosion, theft,
jettison, pirate, accident while loading,
damage or accident to reactor, collision or
impact, unloading or transfer of cargoes,
leaking of boiler, shaft breaking, latent defect
in engine or hull, negligence or destruction by
ship master, officer, crew member or pilot,
pollution hazard, salvage costs, legal liability
for ship collation.
6) Miscellaneous Line of Business
Miscellaneous business line offers many customized products
to meet the needs of specific customers, in addition to offering
standard products.
Insurance Product Description
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Index-Based Crop This Index-Based Crop Insurance (IBCI)
Insurance provides insurance benefits in the form of
payment if during the coverage period there is
insufficiency or excess in soil humidity as
compared to the agreed index of soil humidity
levels.
Micro Insurance – My This Micro Insurance – My Motorcycle
Motorcycle Protection provides protection to the Insured
Protection against risks of death due to accident and risks
of total loss of the Insured’s motorcycle,
subject to the terms and conditions of the
policy.
Bintang Persona Bintang Persona Insurance product extends
Insurance from standard Personal Accident Insurance
products. In addition to providing protection
against death, disability, hospital care due to
accident, this product also provides
additional benefits in the form of scholarship
if the Insured dies following accident.
Personal Accident This product provides protection and guaranty
Insurance by making payment in case of death, disability,
medical treatment cost incurred from
accident.
Burglary Insurance This product provides protection and
indemnification from theft and forced and
violent breaking into or out of a building, or
any attempt to do so.
Movable Property All This product provides protection and guaranty
Risk Insurance to the owner of insured movable property
against all risks, among other things: fire,
lightning, falling, and others.
Health Insurance This product provides protection and
indemnification of medical treatment costs if
the insured is ill or involves in an accident.
Construction This product provides protection and guaranty
Warranty Insurance in respect of the contractor (principal)
performance obligation to the project owner
(obligee).
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Money Insurance This product provides protection and guaranty
against disappearance, loss and damage of
cashes and commercial papers during
safekeeping, while in the control of cashier
and officer of the company, and while in
transit from one place to another.
Credit Cardholder’s This product provides protection and guaranty
Personal Accident to the Credit Cardholder in case of failure to
Insurance pay credit card bills due to his/her death
following accident or total permanent or
temporary disability following accident.
Travel Insurance This product provides protection and guaranty
to the Insured against risks of death due to
accident while travelling or against risks of
inconvenience due to flight delay /
cancellation, lost baggage or document while
travelling.
Cyber Save Insurance This product provides protection and guaranty
to holders of payment card (credit card or
debit card) against risks of appearance of
unauthorized online shopping billings due to
identity theft through malware, firmware,
phishing, skimming, etc. when the card holder
makes online shopping transaction.
e-Commerce This product provides protection and guaranty
Protection Insurance to holders of payment card (credit card or
for Payment debit card) against losses incurred from
Cardholders cybercrime, such as skimming, phishing,
malware, spyware, etc. when the cardholder
makes online shopping transaction and risks of
loss of redelivery cost in case of dispute
between the payment cardholder and the
merchant.
Illegal Billing This product provides protection and guaranty
Insurance to customers holding a credit card from a bank
against risks of appearance of illegal billing
following disappearance of the credit card.
Fidelity Guarantee This product provides protection and guaranty
Insurance to the Insured against risks of financial loss due
to fraud (misuse of power) by covered workers
/ employees.
Multi Protection This product provides protection and guaranty
Insurance to the Insured in the form of Payment upon
Death in the amount equivalent to the
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Coverage Amount if during the policy period
the Insured dies or disappears or sustains
permanent total disability directly caused by an
accident guaranteed by the Policy. This
product also provides protection and guaranty
to reimburse costs of inpatient treatment in the
amount equivalent to certain percentage of
the Coverage Amount if the Insured takes
inpatient treatment either due to illness or
following an accident, subject to the terms and
conditions of the Policy.
B. Scope of Syariah Insurance Business
The syariah insurance products available include property insurance,
motor vehicle insurance, engineering insurance, transportation
insurance, money insurance, salam safar (umroh) insurance, and
others, which are organized under syariah principles.
C. Scope of Administrative-Service-Only Business
The Administrative-Service-Only (ASO) services offered by PT.
Asuransi Bintang Tbk. are management (administrative) services for
health cost facilities for employees of business partners, either
conventional or syariah business unit.
D. Scope of Investment-Linked Insurance Product (ILIP) Business
On November 22, 2022, PT. Asuransi Bintang Tbk. obtained a license
from the Financial Services Authority to extend the scope of its
Investment-Linked Insurance Product (ILIP) business, which combines
general insurance products with investment called Fleksi Investar
Insurance.
Fleksi Investar Insurance Product provides the benefits of basic
insurance protection against risks of death or total permanent
disability following an accident and additional benefits in the form of
yields of investment with respect to Cash Value balance.
Fleksi Investar Insurance Product also provides additional insurance
protection (rider insurance), namely motor vehicle insurance and
Property All Risk insurance.
E. Association Membership
The Company is recorded and registered for membership with the
following associations:
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Name of Association Position in Membership
Association Participation &
Contribution
Asosiasi Asuransi Umum
Member -
Indonesia (AAUI)
Dewan Asuransi
Member -
Indonesia (DAI)
Indonesia Corporate
Secretary Association Member -
(ICSA)
Asosiasi Emiten Indonesia
Member -
(AEI)
Lembaga Alternatif
Penyelesaian Sengketa
Member -
Sektor Jasa Keuangan
(LAPS SJK)
F. Changes of Branch Marketing/Marketing Offices Address
During 2023, there will be 1 (one) Company marketing office that will
move to the following location:
Marketing Office Latest Address Financial Services
Adress Authority Approval
Samarinda Jl. A.W Syahranie S-1191/NB.021/2023
Ruko Syahranie
Center No. 28 RT.14,
Kel. Gunung Kelua,
Kec. Samarinda Ulu
G. Awards
The Company is committed to always winning Customer’s trust and
satisfaction. This can be achieved if it provides products and services
of best quality to meet Customer’s expectation. In an effort to meet
Customer’s expectation, the Company follows guidelines of national
and international application, such as certification, developed by
external parties. Its commitment to providing the best products and
services by using tested standards as a guide has received
appreciation from various parties, as manifested in the grant of
awards.
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Below are the awards the Company has received:
1) PT Asuransi Bintang Tbk was awarded ‘The 2nd Best’
category of Conventional General Insurance Company with
Gross Premium of Rp 250 Billion to < Rp 500 Billion
In the 12th Infobank Digital Brand Recognition 2023 at Shangri-
La Hotel Jakarta on Wednesday, April 12, 2023, PT Asuransi
Bintang Tbk was awarded ‘The 2nd Best’ category of
Conventional General Insurance Company with Gross Premium
of Rp250 Billion to < Rp500 Billion. For this achievement, PT.
Asuransi Bintang Tbk becomes one of the best Insurance
Companies receiving recognition from Infobank Digital Brand
2023 based on the result of public valuation and feedbacks from
social media on digital-based products & services owned. The
award was delivered to and received by PT. Asuransi Bintang
Tbk’s President Director, Mr. Hastanto Sri Margi Widodo, who
was also present at the event.
This 12th Infobank Digital Brand Recognition 2023 was also
packaged with a series of event, such as CEO Sharing themed
‘The Inspiring Leadership in Winning Digital Era Competition’,
which was filled with Lectures from Leaders in Indonesia’s
banking sector.
2) The Company received ‘Best of The Best Winner 2023’ Award
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In the Indonesia Awards Magazine which was held at Arya Duta
Hotel Bali on Saturday, August 5, 2023, the Company was
awarded 'Best of The Best Winner 2023'.
For this achievement, PT. Asuransi Bintang Tbk becomes one of
the Companies in Indonesia which are proved to be reliable in
the quality of services and also a recognition that confirms its
participation in national economic development and recovery
for advancement of Indonesia.
The company is continuingly committed to becoming a better
company which gives services a priority.
3) The company received ‘No. 1 The Most Trusted Insurance
Winner 2023-2024’ Award
In the Indonesia Awards Magazine event which was held at Arya
Duta Hotel Menteng Jakarta on Saturday, November 18, 2023,
PT. Asuransi Bintang Tbk was awarded ‘No.1 The Most Trusted
Insurance winner 2023-2024'.
For this achievement, PT. Asuransi Bintang Tbk becomes one of
the Companies in Indonesia which are proved to be reliable in
the quality of services and also a recognition that confirms its
participation in national economic development and recovery
for advancement of Indonesia.
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4) The Company received ‘Indonesia Top GCG Awards 2023’ Award
In the 3rd Anniversary Indonesia Top GCG Awards 2023, which
was held at Metropole XXI Jakarta on Friday, December 15, 2023,
PT. Asuransi Bintang Tbk was awarded ‘Indonesia Top GCG
Awards 2023’ for General Insurance category. The award was
received by its Director of Marketing & Sales, Mrs. Reniwati
Darmakusumah.
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CHAPTER IV
BOARD OF DIRECTORS’ EXPLANATION
I. Your Honorable Shareholders and Stakeholders
We give thanks to the present of Allah SWT, God Almighty, for His abundanceof
mercy and grace, so that PT Asuransi Bintang Tbk successfully passed the 2023
financial year by showing good performance.
For more than 6 (six) decades PT Asuransi Bintang Tbk has always maintained
its vision and mission commitment to endeavor to develop and maintain a
sustainable business by providing insurance products that are required by
business partners or the public. We believe that human being, the nature and
the environment should be protected and harmonized so that the Company will
be able to achieve a sustainable growth.
Sustainability is a goal that the company wants to achieve by maintaining
harmony between company goals and stakeholder expectations, by involving
Bintang employees, work partners and consumers.
This Sustainability Report 2023 is a form of the Company’s compliance with the
implementation of the Financial Services Authority Regulation No.
51/POJK.03/2017 on Application of Sustainable Finance by Financial Services
Institutions, Issuers and Public Companies.
II. Response to Sustainable Finance Implementation
The Company positively welcomes the company’s effort to cause
Implementation of Sustainable Finance by Financial Services Institutions, Issuers
and Public Companies as set out in the Financial Services Authority Regulation
Number 51/POJK.03/2017.
The Company has prepared, implemented and reviewed its Sustainable Finance
Action Plan (SFAP) 2022-2026 which has been reported to the Financial Services
Authority (OJK). In the SFAP, we have explained the Company’s long-term,
medium-term, and short-term plans by making references to technological
development, integrated system, and of course implementation of risk
management in accordance with due care principles and Good Corporate
Governance (GCG) implementation systems & procedures.
The directors and all employees of the Company are fully committed to the
implementation of the SFAP prepared and will in the future continuingly review
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the implementation of the sustainability values which are much better to the
Company.
III. Performance Attained in the Implementation of Sustainable Finance
The Company supports the implementation of Sustainable Financial Actions in
accordance with the Financial Services Authority Regulation by prioritizing
harmony among economic, social and environmental aspects.
With respect to business performance amid the volatile economic pressure, in
2023 the Company managed to book a net income of Rp. 5.827 billion The
company was able to maintain the ratio of underwriting result to gross premium
at a range of 25.10 % and it managed to maintain the level of its solvency at
141.98 % far above the minimum solvency set by the Financial Services Authority
(OJK).
The Company’s performance is always adjusted to conform to its vision and
mission, so it is the common duty of all individuals in the Company to continue
and maintain the achievement in order to continue to grow and develop and to
be in line with the spirit of sustainable business growth.
The Company accelerates the development of the application called M-Bintang
to support easy and fast customer and marketer interaction. The M-Bintang
application is a service in the form of:
a. Product purchase information
b. Reporting, monitoring and updating the status of claim submissions
c. Check the status of insurance applications and premium payments
d. Submission of policy data changes and insurance policy extensions
e. Other services according to the development of community needs.
The concept of sustainable finance is a success factor in realizing sustainable
development that harmonizes economic, social and environmental interests.
However, if this is not supported by a commitment to implementing sustainable
finance, then the concept of development in Indonesia tends to prioritize
economic aspects without concern for social and environmental aspects.
IV. Implementation of Sustainable Finance
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The Company has set prioritized activities through SFAP as provided to OJK in
December 2022 and the activities are in line with sustainable development goals,
among other things, starting with internal policies of the Company as fairly
explained further in Chapter VI of this report.
In 2023, the Company organized a financial Literacy and Inclusion event. This
activity was carried out from several Literacy and Inclusion activities that had
been planned for 2022. Activities in 2023 were carried out using the face-to-face
(offline) method. The Company consistently continues to carry out Literacy and
Inclusion activities with the aim of providing education to the public.
V. Strategies to Achieve Targets
To achieve the sustainable financial implementation performance target, the
Company considers various risks which are related to economic, environmental,
social and governance aspects.
The risk management strategy we adopt includes analyzing the application
requirements as an Insured, determining the policy terms and conditions for the
Insured, including analyzing the risks related to environmental and social
impacts, investment placement strategy and operating cost saving by using
methodologies or the latest ones which are practicable.
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CHAPTER V
SUSTAINABLE GOVERNANCE
The spirit of implementing sustainable governance to boost the creation of healthy and
transparent business management and at the same to contribute to the building of the
stakeholders’ confidence. The implementation of GCG principles and practices within
the Company is also subject to the provisions of laws and regulations, including POJK.
Sustainable governance serves as the basis for the Company to achieve the integration
of economic, environmental and social approaches in every aspect of its business.
Sustainable governance pays more attention to the management of the Company by a
decision making system that considers 3 (three) aspects of sustainability: economic,
environmental and social aspects in accordance with Good Corporate Governance
(GCG) principles, which are Transparency, Accountability, Responsibility, Independence,
and Equality and Fairness. In addition, the Company keeps maintaining its compliance
with the generally applicable laws and regulations and rules and business ethics.
In the preparation of the SFAP as a form of implementation of and compliance with the
POJK No. 51/POJK.03/2017, PT Asuransi Bintang Tbk involved its Board of Directors,
Legal & Corporate Secretary, Marketing, Finance & Accounting, Risk Management, HR
and GA. The preparation process was as follows:
Socializing POJK Drafting Setting
Collecting data Preparing
No. Sustainable Sustainable
from Relevant Sustainable
51/POJK.03/2017 Finance Action Finance Action
Departments Financial Actions
Roadmap Priorities
The Board of Directors also played an important role in the giving of directions during
the preparation and determination of priorities for this SFAP where all information and
the details will be submitted for approval by the Board of Commissioners.
The SFAP 2022 with the backgrounds and programs has also been socialized to all
departments and forwarded to all staff.
I. Description of the Duties of the Board of Directors, Board of
Commissioners, Employees and/or Work Units in Charge of Sustainability
A. Sustainable Governance & Structure
The Law No. 40 of 2007 on Limited Liability Companies states that a
company organ consists of General Meeting of Shareholders (GMS), Board
of Directors and Board of Commissioners. GMS, Board of Directors and
Board of Commissioners respect one another with respect to their
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Kantor Pusat :
respective duties, responsibilities and authority pursuant to laws and
regulations and Articles of Association.
The organ of the Company is built to ensure implementation of its
governance principles so that it can operate effectively with defined roles
and responsibilities thus creating check and balance control mechanism.
Governing Structure of PT Asuransi Bintang Tbk
Main Organs:
1. General Meeting of Shareholders
2. Board of Commissioners;
a. Audit Committee
b. Good Corporate Governance Committee
c. Risk Monitoring Committee
d. Nomination and Remuneration Committee
3. Board of Directors;
a. Investment Committee
b. Product Development Committee
c. Risk Management Committee
Roles and Responsibilities of the Company’s Organs
1. General Meeting of Shareholders (GMS)
GMS is the highest authority and governing body of the Company
in which Shareholders can exercise their rights and authority with
respect to the management of the Company. GMS has the
authority, among other things, to:
a. appoint and remove a member of the Board of
Commissioners and the Board of Directors of the Company;
b. determine the amount of remuneration for commissioners
and directors of the Company;
c. appraise the Company’s performance;
d. approve any amendment to Articles of Association of the
Company;
e. give approval of annual reports and ratify financial
statements;
f. determine the use of net income of the Company;
g. give approval of related transactions and conflict of interest
concluded by the Company;
h. appoint a Public Accountant for the Company;
For the purpose of holding a GMS, the Company should meet the
requirements set out in the Financial Services Authority
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Regulation No. 15/POJK.04/2020 on Plan for and Holding of
General Meeting of Shareholders for Public Companies, and the
Articles of Association of the Company.
Members of the Board of Commissioners and Board of Directors
are appointed by GMS, subject to recommendations from the
Remuneration and Nomination Committee. Appointment of
members of the Board of Commissioners and Board of Directors
is set out in a Deed of Statement of Resolution of General
Meeting of Shareholders. Members of the Board of
Commissioners and Board of Directors are appointed and
removed by shareholders through a General Meeting of
Shareholders and subject to meeting of the OJK requirements
through Fit and Proper Assessment.
In 2023, the Company held 2 (two) General Meetings of
Shareholders, namely Annual General Meeting of Shareholders,
which was held on June 27, 2023, and Extraordinary General
Meeting of Shareholder, which was held on December 21, 2023.
2. Board of Commissioners
Board of Commissioners is part of the company’s organ with
duties to conduct supervision generally and/or specifically
pursuant to Articles of Association of the Company and to give
recommendations and advice to the Board of Directors in respect
of policies adopted and to ensure that the Company implements
good corporate governance at all levels or tiers of the
organization. The results of the supervision and opinion of the
Board of Commissioners are presented at a GMS as part of
performance assessment on the Board of Directors.
For the purpose of performing its duties, the Board of
Commissioners may form a committee the members of which are
from members of the Board of Commissioners. The committee
includes Audit Committee, Risk Monitoring Committee,
Remuneration and Nomination Committee and Governance
Committee which support the supervisory and advisory functions
of the Board of Commissioners and report to the Board of
Commissioners. Other provisions regarding Board of
Commissioners of the Company are as set out in the Law No. 40
of 2007 on Limited Liability Companies.
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Articles of Association of the Company provide that appointment
and removal of members of the Board of Commissioners are
done through a GMS. A member of the Board of Commissioners
is appointed for 3 (three) years term of office, effective as of
closing of the meeting at which the member is appointed without
prejudice to the right of the GMS to remove him/her at any time
after affording him/her an opportunity to defend himself/herself,
unless he/she has no objection to the removal. Removal is
effective as of closing of the Meeting at which the removal is
resolved otherwise by GMS.
During 2023 the Company has experienced no change of
composition of its Board of Commissioners. Below is composition
of the Board of Commissioners by December 31, 2023:
Date of
Name Title Fit and Proper Test Appointment
by GMS
KEP-318/BL/2007
Shanti L. President
dated September 10, April 17, 2008
Poesposoetjipto Commissioner
2007
KEP-34/BL/2010
Petronius
Commissioner dated February 22, June 17, 2009
Saragih
2010
KEP-477/NB.1/2013
Chaerul D. Independent
dated August 28, June 25, 2013
Djakman Commissioner
2013
Independent KEP-257/NB.11/2016
Krishna Suparto June 1, 2016
Commissioner dated April 15, 2016
Independent KEP-621/NB.11/2018
Ronald Waas June 26, 2018
Commissioner dated June 29, 2018
3. Board of Directors
Board of Directors is an organ of the Company which is fully
empowered and authorized to manage the Company in the
interests and for purposes of the Company and to represent the
Company in and out of court of law in accordance with the
Articles of Association.
For the purpose of performing its duties, the Board of
Commissioners may form a committee the members of which are
from members of the Board of Commissioners. The committee
includes Policy Committee, Investment Committee, and Product
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Development Committee. For the purpose of performing the
management of PT Asuransi Bintang Tbk, the Board of Directors
is also supported by an effective management structure including
Risk Management, Compliance, Internal Audit, and Corporate
Secretary work units.
Articles of Association of the Company provide that appointment
and removal of members of the Board of Directors are done
through a GMS. A member of the Board of Directors is appointed
for 5 (five) years term of office, effective as of closing of the
meeting at which the member is appointed without prejudice to
the right of the GMS to remove him/her at any time after
affording him/her an opportunity to defend himself/herself,
unless he/she has no objection to the removal. Removal is
effective as of closing of the Meeting at which the removal is
resolved otherwise by GMS.
In 2023 there was a change in composition of members of the
Board of Directors of the Company. Below is composition of
members of the Board of Directors of the Company based on the
result of Extraordinary General Meeting of Shareholders (EGMS)
on December 21, 2023:
Date of
Name Title Fit and Proper Test Appointment
by GMS
Hastanto Sri Margi President KEP-259/NB.11/2016
June 1, 2016
Widodo Director dated April 15, 2016
KEP-585/BL/2011
Reniwati
Director dated November 28, April 17, 2008
Darmakusumah
2008
Jenry Cardo KEP-305/BL/2008
Director June 9, 2011
Manurung dated July 28, 2011
KEP-645/NB.11/2019
Director of December 19,
Zafar Dinesh Idham dated November 05,
Compliance 2019
2019
4. Work Unit in Charge of Sustainability
Implementation of Sustainable Governance is subject to the
Financial Services Authority Regulation No. 51/POJK.03/2017 on
Application of Sustainable Finance by Financial Services
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Institutions, Issuers, and Public Companies. Below are duties and
responsibilities of the Board of Commissioners, Board of Directors
and Sustainable Finance Related Unit:
No Officer Duty and Authority
1 Director Responsible for the whole management of
PT Asuransi Bintang Tbk’s sustainable
finance action programs.
2 Group Legal & 1. Report to the Board of Directors in
Corporate respect of sustainable finance action
Secretary management
2. Develop Sustainable Finance Action Plan
(“SFAP”)
3. Form a working unit for sustainable
finance action
4. Monitor the implementation of
sustainable finance action
5. Prepare a sustainability report
3 Group 1. Set corporate guidelines for sustainable
Compliance finance actions
2. Make a review and provide
recommendation in respect of
compliance aspects of sustainable
finance action program
4 Group Human 1. Recruit employees to fill the specific unit,
Resource sustainable finance management (if
necessary)
2. Organize training in improvement of
competencies relating to sustainable
finance program
5 Group Finance Prepare the planning for accounting and
explanation of financial statements
(disclosure) in line with the implementation
of sustainable finance and International
Sustainability Standards Boards (ISSB)
6 Group Accounting Prepare the planning for accounting and
explanation of financial statements
(disclosure) in line with the implementation
of sustainable finance and International
Sustainability Standards Boards (ISSB)
7 Group Marketing Market insurance products which support
Sustainable Finance program
B. Development of Competencies
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1. Below is the development of competencies for members of Board of
Directors and Board of Commissioners in 2023:
No Name of Director Seminar attended Certification / No
1 Hastanto Sri Margi 1. The 7th International Financial Certification
Widodo Cooperation Forum in Soul
Korea, dated February 20-23,
President Director 2023, organized by CIFC
2. 9th AAUI International Certification
Insurance Seminar themed:
capital the emerging trends
in insurance market, dated
March 09, 2023, organized
by AAUI
3. Indonesia Re International Certification
Conference 2023 themed:
(Re)Insurance Sustainability
in Dealing with
Macroeconomic & Political
Year Volatility dated July 4-
5, 2023, organized by AON,
IndonesiaRe
4. IndonesiaRe international Certification
conference dated April 7,
2023
5. Indonesia Randezvous – Certification
October 11 -14, 2023
2 Reniwati 1. 9th AAUI International Certification
Darmakusumah Insurance Seminar themed:
capital the emerging trends
Director in insurance market dated
March 09, 2023, organized
by AAUI
2. The 1st Indonesia insurance
summit dated August 25,
2023 in Yogya organized
by AAMAI
3 Jenry Cardo 1. The 7th International Financial Certification
Manurung Cooperation Forum in Soul
Korea, dated February 20-
Director 23, 2023 organized by CIFC
2. 9th AAUI International Certification
Insurance Seminar themed:
capital the emerging trends
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Kantor Pusat :
in insurance market dated
March 09, 2023, organized
by AAUI
3. Indonesia Randezvous - Certification
October 11 - 14, 2023
4 Zafar Dinesh Idham 1. 9th AAUI International Certification
Insurance Seminar themed:
Director of capital the emerging trends
Compliance in insurance market dated
March 09, 2023, organized
by AAUI
2. The 1st Indonesia insurance Certification
summit dated August 25,
2023 in Yogya organized
by AAMAI
No Name of Seminar attended Certification / No
Commissioner
1 Shanti 1. 9th AAUI International Certification
Lasminingsih Insurance Seminar
Poesposoetjipto themed: capital the
emerging trends in
President insurance market dated
Commissioner March 09, 2023,
organized by AAUI
2. Indonesia Randezvous - Certification
October 11 - 14, 2023
2 Petronius Saragih 1. The 1st Indonesia Certification
insurance summit dated
Commissioner August 25, 2023 in
Yogyakarta organized by
AAMAI
3 Chaerul D 1. The Role Governance Risk Certification
Djakman & Compliance (GRC) in
Supporting Financial
Independent Sector Performance
Commissioner 2. Leadership Based on Good Certification
Corporate Governance
and Risk Management
3. The Role Governance Risk Certification
& Compliance (GRC) in
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Kantor Pusat :
Supporting Financial
Sector Performance
4. Leadership Based on Good Certification
Corporate Governance
and Risk Management
5. IFRS Sustainability Certification
Disclosure Standards
6. Jury invitation: Achieving Certification
the Sustainability of the
Downstream Industry
Through Innovation in
Extractive Metallurgy
dated September 11,
2023 – September 20,
2023
7. Good Governance A Certification
Critical Appraisal, dated
February 23, 2023
8. International Conference Certification
KRA X 2023
9. Certified Sustainability Certification
Practitioner, Feb 2023 -
2024
10. Improving Green Supply Certification
Chain Performance, 13
July 2023
11. Transition Environmental Certification
Risk
4 Krishna Suparto 1. 9th AAUI International Certification
Insurance Seminar
Independent themed: capital the
Commissioner emerging trends in
insurance market dated
March 09, 2023,
organized by AAUI
2. GCG based on current Certification
national & global best
practice references
dated August 16, 2023
by IRMAPA
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Kantor Pusat :
3. Digital and Risk Certification
Management I Insurance
5 Ronald Waas 1. 9th AAUI International Certification
Insurance Seminar
Independent themed: capital the
Commissioner emerging trends in
insurance market dated
March 09, 2023,
organized by AAUI
2. Indonesia Randezvous - Certification
October 11 - 14, 2023
2. Development of Personnel Competencies
Sustainable Finance is a comprehensive support by the Financial
Services Sector to create a sustainable economic growth by aligning
the economic, social and environmental interests. The principles in
sustainable finance include Sustainable Business Strategies and
Practices, responsible Investment, Governance, Social Risk
Management, Environment, Inclusion, Communication and
Coordination and Collaboration.
Technological advancement has changed the business process
towards digital. Business sector is expected to be able to optimize the
technological advancement. Technological development is expected
to be able to develop business process, increase efficiency, and
accelerate the flow of information.
Human Resources (HR) management is an important topic to the
Company because employees are the spearhead in terms of
improving competitive edges which can influence the continuity and
development of a business. The Company has managed its HR with
reference to and in compliance with applicable labor laws and
regulations. HR development commitment for 2023 was materialized
through Talent Management and holding of training and socialization
that support the implementation of SFAP.
3. Explanation of the Procedures for Identifying, Measuring, Monitoring,
Controlling Risks of Sustainable Finance Implementation
a. Risk Management
The company applies the procedures for identifying, measuring,
monitoring and controlling risks of sustainable finance
implementation in relation to social, economic and
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environmental aspects. Risk management is also applied on
integrated basis in each stage of business process in the
Company. Each work unit conducts identification, measurement,
monitoring and control of each risk inherent in the work process
and performs regular review of the risk register. Each risk
identified is recorded in the work unit’s risk register to observe
the frequency and impacts of the risk on the Company.
Attention should be paid to risks that have impacts and are high
in frequency so as not to bring negative effects on the
Company.
1) Board of Commissioners and Board of Directors
Board of Commissioners and Board of Directors play an
active role in the risk management process for the
purpose of mitigating Insurance risks, including risk
governance, risk management framework, risk
management process, and adequacy of management
information system and adequacy of internal control
system. Active supervision by the Board of Commissioners
and Board of Directors is done through the Board of
Commissioners meeting with the Risk Monitoring
Committee.
2) Risk Monitoring Committee
Has the duty and responsibility to give recommendation
to the Board of Commissioners by evaluating the
Company’s guidelines for risk management policy,
evaluating the conformity of the Company’s guidelines for
risk management policy with the implementation and
monitoring as well as evaluating the performance of
duties of the Risk Management Committee.
3) Risk Management Application
The implementation of Risk Management by the
Company is guided by the Financial Services Authority
Regulation No. 28/POJK.05/2020 on Assessing the
Solvency of Non-Bank Financial Services Institutions and
the Financial Services Authority Regulation No.
44/POJK.05/2020 on Application of Risk Management by
Non-Bank Financial Services Institutions.
Risk management is implemented through a framework
which follows the identification, measurement,
monitoring and evaluation stages at each business
process and work unit.
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In the implementation of the risk management the
Company focuses its work on 9 (nine) types of risk
confirmed by the Financial Services Authority: Strategic
Risk, Operational Risk, Insurance Risk, Credit Risk, Market
Risk, Liquidity Risk, Legal Risk, Compliance Risk and
Reputation Risk.
Strategic Risk
Strategic Risk is the risk due to uncertainty in the
making and/or doing of a strategic decision and
failure to anticipate the change in business
environment.
In the preparation of its strategic plan, the Company
considers various aspects to ensure that the
prepared plan can be achieved as expected.
Preparation of strategic plan also maintains
consistency while always considering the changes
that take place, the existence of stages and clear
mechanism.
The Company prepares alternative strategies to
mitigate risks if the strategic plan initially
determined has the high risk of being unachievable.
This anticipation is prepared particularly for strategic
plans which directly influence the Company’s
operations.
The Company maintains formal stages and
mechanism for preparing strategic plans. Any change
in the strategic plan which has been confirmed before
will be reported in mid-year business plan adjustment
report to the Financial Services Authority.
Operational Risk
Operational Risk is the risk due to inadequacy and/or
failure of the internal process, human error, system
failure and/or occurrence of external events which
affect the Company’s operations.
As the Company grows, Information Technology
holds a key role in the continuity of its business.
Increased efficiency in the Company’s operation has
been supported so much by information technology
system which is very adaptive in increasing services to
Customers.
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The Company always makes updates in anticipation
for operational interruption when the information
technology system does not run as expected.
Business Continuity Plan procedures have been
prepared in anticipation for operational risks caused
by fire, earthquake or other interruptions resulting in
failure of information technology system. The
Company also has maintained a backup server
outside its principal office to ensure uninterrupted
operation of the Company despite natural disaster
which may occur and affect the main system and the
network available in the Company.
Insurance Risk
Insurance Risk is a risk of failure of insurance
company and reinsurance company to meet their
obligations to the insured as a result of inadequacy of
risk selection process (underwriting), premium
determination (pricing, use of reinsurance and claim
handling).
For the purpose of managing its insurance risk, the
Company has developed an underwriting manual to
be a reference for each underwriter in receiving each
insured risk. The underwriting manual is updated
every year for each line of insurance business. This
manual covers the types of risk that an underwriter
may accept, the risks that require approval of the
underwriter’s principal office and risks that cannot be
accepted. The acceptance capacity for each type of
risk is also set out in the underwriting manual.
The insurance risks covered by the Company must
be kept balanced among the risks that are low,
medium and high. In addition, the line of business
developed must be balanced so that no line of
business is too dominant thus when there is an
external change which is unavoidable and affects a
line of business, it will not affect the whole portfolio
of the Company.
The company also conducts risk management by
reinsuring risks that exceed its own retention either
by using automatic reinsurance mechanism (treaty) or
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Kantor Pusat :
by using facultative reassurance. Automatic
reinsurance treaty is updated every year by taking
into account the need for types of risk to be covered
and the insurance capacity needed. Apart from the
capacity per risk, the Company also requires a backup
for risks that are catastrophic in nature such as risk of
flood and earthquake which usually will cause
damage to many risks in an area.
Credit Risk
Credit Risk is a risk due to failure of the other party to
meet its obligation to the Company.
When placing reinsurance and investment asset, the
Company considers the credibility and/or rating of
the third party in order to minimize failure to pay for
the investment. The Company also has considered
diversification in the placement of investment assets.
Placement of diversified investment assets, invoices
and reinsurances has lower level of inherent risks than
the placement of investment assets, invoices and
reinsurances concentrated on one particular party.
Market Risk
Market risk is a risk on the position of assets,
liabilities, equities, and/or administrative accounts
including derivative transactions due to an overall
change in market condition.
The Company places its investment in investment of
the type the volatility of which is not high, thus the
Company’s assets will not so much be affected by
volatility of the investment instrument’s price.
The Company tends to adopt a passive strategy, i.e.,
not reactive to market dynamics but applying more
of the buy and hold strategies.
Liquidity Risk
Liquidity risk is related to availability of adequate
funds to pay the obligations that have fallen due. The
main obligation of an insurance company is the
obligation to pay claims to the insured. Claims must
be paid within no later than 30 (thirty) days of the
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Kantor Pusat :
date on which the amount of the claim is agreed upon
by the Insurer and the Insured. Other obligations
include payment of treaty reinsurance premium
generally payable quarterly. The ability to pay claims
and reinsurance claims punctually is very important
to maintain the Company’s reputation, self-
confidence of the stakeholders and certainty of
support from reinsurers.
For the purpose of managing liquidity risk, the
management monitors and maintain the amount of
cash and cash equivalent deemed adequate to
finance the operation of the Company and its
subsidiaries and to cope with impacts of cash flow
fluctuation. The management also conducts regular
evaluation on projected and actual cash flows
including debt maturity schedule, continuously
reviews the financial market to secure optimal
sources of financing.
To maintain a healthy liquidity, the Company always
adopts an effective management for its premium
receivable. Therefore, policies for determining the
age of premium receivable is very important. At
present, maximum age of premium receivable is 60
(sixty) days, which is consistently applied.
Legal Risk
Legal Risk is a risk which arises as a result of legal
actions and/or weakness in legal aspects.
The Company always conducts regular review of
agreements entered into with third parties with
regard to legal aspects contained in the agreements.
This review is done to ensure that the agreements are
consistent with the applicable standards and rules.
The Company also ensures that the products placed
in the market have met the terms and conditions set
out in applicable laws. Before they are offered to
prospective insureds in the market, the Company has
also ensured that these products have been
registered with the relevant authority.
Compliance Risk
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Compliance Risk is a risk which arises from the
Company’s noncompliance with and/or failure to
perform laws and regulations and rules applied to the
Company.
The Company maintains a director who is in charge
of compliance function in order to meet the
requirements of applicable laws. The Company’s
compliance function ensures that all applicable laws
and regulations have been performed consistently by
all work units. The compliance function is also
assigned to ensure that all SOPs in place are still
relevant to the existing business process by
conducting a regular review with the relevant work
units. Other efforts as a form of compliance risk
control by the compliance function are by making
sure that the Company always orderly submits its
reporting obligation accurately and in timely manner.
As part of its obligations to regulators, the Company
always submits its reporting obligation accurately
and in timely manner.
Reputation Risk
Reputation Risk is a risk which arises as a result of
decrease in the level of confidence of the
stakeholders as originated from negative perspective
toward the Company.
To address complaints from customers, the Company
has a Contact Center in place which can be accessed
by insureds and through which they can voice their
complaints or make inquiries with respect to services
related to insurance products, policy closing process,
premium payment or claim settlement services. Each
complaint and enquiry raised by an insured will be
recorded and settled by the relevant unit according
to the specified standard services.
As part of the Company’s efforts to increase the trust
of insureds in the insurance guaranty services they
have, the Company ensures that the insureds will
receive quick and easy services for their claims
according to the guaranty provided in the policy
agreement.
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4. Anti-Fraud
The Company is committed to doing businesses fairly, justly, reliably
and without punishable acts of corruption and bribery. This
commitment has been built since the Company is aware that negative
acts will have material effects on the name, reputation, and continuity
of its business.
A. Implementation of Anti-Fraud Strategy
Pursuant to OJK Regulation Number 46/SEOJK.05/2017 on
Fraud Control, Implementation of Anti-Fraud Strategies, and
Anti-Fraud Strategy Report by Insurance Companies, the
Company has developed policies on anti-fraud strategies. The
Board of Directors has required all the organizational units
within the Company to have direct involvement in the
implementation of the anti-fraud strategies. Every individual in
PT Asuransi Bintang Tbk is required to understand and apply
the cultural values and code of ethics set by the Company and
actively participate in protecting the assets and reputation of
the Company.
For the purpose of implementing the fraud control and
strategies, the management has conducted active monitoring
through the following measures:
1) Developing anti-fraud culture and concern at all levels of
the organization by:
i. making sufficient communication to all levels of
the Company’s organization regarding behaviors
that constitute a fraud;
ii. developing and monitoring the application of
code of ethics for prevention of fraud by all levels
of the organization.
iii. developing and monitoring the implementation of
anti-fraud strategies.
2) Developing the quality of human resources (HR),
particularly in relation to the improvement of effective
performance of duties and fraud control;
3) Monitoring and evaluating any fraud incident and
determining further actions;
4) Effective internal communication channel of the Company
so that all levels of organization understand and comply
with the policies and procedures in place including fraud
control policies;
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5) The Company continuingly increases the effectiveness of
its internal control system, policy determination and
control procedures intended, among other things, for the
purpose of implementation of anti-fraud strategies;
6) Determining the separation of functions in the
performance of the Company’s activities at all levels of the
organization; separation of functions, among other things,
those doing acceptance, claims and finance processes so
that each party related to the activity has no chance of
committing and concealing a fraud;
7) Information system control which supports electronic
processing, storage, and security of data to prevent
possible occurrence of fraud; and
8) Other controls in fraud control such as control of physical
assets and documentation.
B. The prevention taken includes:
1) Building anti-fraud culture and concern at all levels of the
organization, including socialization of the Company’s
core values, which are trust & respect, spirit, awareness,
customer focused and teamwork through adequate
communication to all levels of the organization;
2) Signing of letter of undertaking by all employees of the
Company;
3) Conduct of Know Your Employee procedure through
recruitment system control, transfer and rotation process
of employees and block leave policies including pre-
employee screening;
4) Enforcement of the Company’s Code of Conduct;
5) Improving the effectiveness of supervision;
6) Identifying risks which may occur including fraud risk for
each work unit and also mitigating the risk to minimize
the occurrence of fraud risk;
7) Developing and conducting monitoring on the
implementation of Standard Operating Procedures,
applying internal control system within the Company,
among other things, by applying dual control and
segregation of duties in each operational process of the
Company;
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8) For the purpose of premium and other payments the
Company adopts cashless payment system and/or receipt;
9) The Company has provided Virtual Bank Accounts for
customer’s ease of payment of premium and the virtual
bank accounts are identified in invoices;
10) The Company has Credit Control Unit in place to collect
and monitor any outstanding premiums of the insured.
C. The Company has a system in place to detect any fraud which
may occur
The Company endeavors to control frauds by adopting
adequate internal control system and implementing early
warning system through whistleblowing system and other
measures to prevent frauds. The measures the company has
taken to control frauds include:
1) Regular and continuing inspection of Audits;
2) Separation of functions in the organization’s units by
adopting segregation of duties by applying checker,
maker and approval processes and reconciliation at each
business process;
3) Applying limit of authority and authorization according to
function, responsibility and competence;
4) Implementing Whistle Blowing;
The Company has a whistleblowing system in place as a
channel by which aspirations are reported and raised
safely and assured to be confidential so that the
Company’s employees can participate actively in keeping
and disclosing issues related to misconducts and/or
frauds, including, but not limited to bribery and
corruption;
5) Surprise Audit
For the purpose of a Surprise Audit, reference is made to
the Audit Policies which form an integral unit of applicable
Internal Audit policies;
6) Surveillance System
Surveillance system is a testing and inspection done
without the knowledge or notice of the party tested or
inspected. Surveillance is an investigation technique
based on observation and recording of physical facts,
activities and movements alleged to be part of a fraud;
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Kantor Pusat :
7) Implementing internal control system / a control which
attaches to any business process and the system or
application used in the ongoing operation of the
Company.
D. Investigation, Reporting and Sanction
1) Investigation of Frauds
Some factors are considered whether an alleged fraud is
required to be investigated or not based on certain
criteria. The company sets Investigation policies and
procedures as a reference in the implementation.
2) Case Handling and Reporting
To mitigate possible material and immaterial losses, after
the instigation result concludes that a fraud has occurred,
handling of the fraud case as confirmed by the
investigation result will be further done by the Human
Resources Group (HRG) and the Legal Unit. Handling of
the case is reported to the Board of Directors for further
actions and sanctions. The Company also regularly
submits a report on implementation of anti-fraud
strategies to OJK.
3) Communication with Stakeholders
By taking into consideration the type of the incident and
the level of publicity of the case, the Fraud Handling Team
may make a decision to explain openly to all interested
parties.
4) Imposition of Sanctions
In handling a fraud, the Company consistently takes firm
actions against those committing it, by terminating
employment, issuing a Warning Letter and/or reporting to
the relevant authority. In the event that a breach case is
reported to the relevant authority or the police, the
sanction to be imposed us subject to applicable laws and
regulations. The parties authorized to impose sanctions
on those committing a fraud are as follows:
i. Board of Commissioners, if breach involves
Directors of the Company.
ii. Board of Directors, if breach involves Employees of
the Company.
E. Monitoring, Review and Further Actions
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1) Monitoring and Review
Effectiveness of anti-fraud strategies implemented is
always monitored and reviewed so that any deficiencies
found in the execution of the program can be corrected
for efficient and effective execution of the program. Each
fraud accident will be a lesson learning to the
organization, so the relevant working units must conduct
a review and correct any deficiency which has caused a
fraud.
2) Further Actions
Any fraud accident is followed up by a remediation
process, so that losses can be suppressed and chances of
recurrence can be minimized.
The Company has a fraud reporting system in place in
which each and all fraud accidents are recorded, included,
but not limited to bribery and corruption. All information
/ data on fraud accidents is documented, maintained for
regular review and improvement.
3) Based on the above, the Company has a control in place
to prevent, control and monitor, and follow up any fraud.
Implementation of anti-fraud strategy in the Company
involves all units in the Company’s organization, from
Commissioners, Directors, to all employees according to
their respective functions and responsibilities so that the
strategy can run well.
Table – Internal Deviation during 2023
Number of Cases committed by
Permanent Non-Permanent
Internal Fraud Management
Employee Employee
2022 2023 2022 2023 2022 2023
Number of Internal
- - - - - -
Frauds
Settled - - - - - -
Under settlement
- - - - - -
process
No settlement effort
- - - - - -
yet
Followed up by legal
- - - - - -
process
5. Whistleblowing Policy
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Kantor Pusat :
The Company is aware of the importance of Whistleblowing Policy to
promote and maintain conformity of employee’s behaviors, which is
part of an internal control of compliance with Code of Ethics and Code
of Conducts, particularly in reducing the risk of noncompliance with
the Company Regulations and misuse of authority. The Company has
Whistleblowing Policies in place as a means to encourage Individuals
in the Company to report any breach and/or fraud which occurs within
the Company.
a. Purposes of Whistleblowing System
1) As a means for the whistleblower to report any fraud,
violation of the law, company regulations, Code of Ethics
and Code of Conducts, and conflict of interests without
being afraid or concerned since the confidentiality is
guaranteed.
2) So that any fraud which has occurred can be detected and
prevented as early as possible.
b. Types of Complaint
Types of complaint which may be raised through whistleblowing
line include:
1) Fraud;
2) Violation of law;
3) Breach of Company regulations;
4) Breach of code of ethics;
5) Breach of conflict of interests;
6) Other analogous events.
c. Whistleblowing Mechanism
Someone who is a whistleblower must have a ground that the
person being reported has taken part in an act that violates
Code of Ethics and Code of Conducts. All reports coming in to
the whistleblowing system will be followed up and the Company
will keep the identity of the whistleblower confidential and give
protection to him/her.
d. Protection to Whistleblower
If a whistleblowing is proved to be true, the Company will give
protection to the whistleblower. This protection includes:
1) Guaranteed confidentiality of the whistleblower’s identity
and the content of the whistleblowing;
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Kantor Pusat :
2) Guaranteed protection from treatments that harm the
whistleblower;
3) Guaranteed protection from possible threat, intimidation,
punishment or inconvenience from the person being
reported.
e. Means of Complaint
The Company has opened means of complaint by email address:
bintang.bersih@asuransibintang.com
6. Stakeholders’ Explanation
a. Stakeholders
Below is the explanation of the stakeholders in the
implementation of sustainable finance. The company gets the
involvement of stakeholders in any decision making and
strategic determination for the Company, including opinion in
determining topics of priority.
Stakeholder Interest Method of Involvement
Shareholder Financial Performance Annual Statements
Clear and up-to-date Annual General
information relating Meeting of
to corporate actions Shareholders
and strategic Extraordinary General
directions Meeting of
Non-financial Shareholders (if any)
performance
Insured Product Reasearch Social Media
and Development Sales Channels
Branding Customer complaint
Insured needs handling services,
Transparent product either internally or as
information provided by the
Authority
Supply of information
on official website of
the company
Employee Occupational health Internal line of
and safety communication
Personnel Gathering
Development
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Personnel Welfare Training, seminar and
certification
Regulator/Govern Compliance with Reporting to
ment regulations regulators and other
Supervisory function relevant institutions
by Financial Services Regulation
Authority (OJK) and socialization and
Indonesia Stock public hearing
Exchange (BEI)
Mass Media Company’s external Public expose
means of Press release
communication Annual reports
Access to
information on
company’s
performance
7. Challenges in the Implementation of Sustainable Governance
In general, the challenge faced by the Company externally is that there
is still not even socialization regarding the issue of sustainable finance,
especially about how important it is to preserve the environment.
Meanwhile, internally, socialization and training is needed to
understand sustainability issues and provide guidelines for
implementing sustainable financial actions within the Company
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CHAPTER VI
SUSTAINABLE PERFORMANCE
I. Sustainable Cultural Building Activities
PT Asuransi Bintang Tbk’s sustainability is reflected from its work values and
cultures, which are Spirit, Customer Focus, Awareness, Trust and Respect and
Team Work.
Cultural internalization starts from the Board of Commissioners and Board of
Directors up to each work unit head to all employees of PT Asuransi Bintang Tbk,
to achieve a series of Go Green programs and actively manage the environment.
In addition, PT Asuransi Bintang Tbk also raises collective awareness to maintain
assets and office inventories and the environment around it.
II. Economic Performance
Economic Performance, which is the basis for operation of the Company’s
business for all its work units and which is reported regularly to the Board of
Directors and OJK can be seen in the data below:
III. Social Performance
Apart from giving contribution in the form of economic performance, PT
Asuransi Bintang Tbk also gives a Social Performance contribution as described
below:
A. Labor
1) Bring the Best Human Resources
2) Composition of Workers
3) Equal Opportunity in Employment
4) Percentage of Personnel Remuneration Remains at the Lowest Level
in Relation to Minimum Regional Wage
5) Training and Development of Personnel Capabilities
6) Working Environment
The Company make improvements in the quality of Human
Resources, among other things: competencies through education,
training, and employee development in line with the vision and
mission of the Company. Types of the training organized include:
Number of trainings and participants at the Company during 2023:
Number of training at PT Asuransi Bintang Tbk during 2023
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Kantor Pusat :
Frequensi
No Name of Training Excution Time
Event
1 Pelatihan Produk AFI 1 Januari
Pengenalan Produk Asuransi Fleksi 1 Januari
2
InveSTAR
Induction Training PT Asuransi 1 Januari
3
Bintang, Tbk Batch 1
Seminar Online Strategy Risk 1 Februari
4
Management - A Focus On Fraud
Seminar Online HR Audit & 1 Februari
Menyusun Program Kerja HR Sebagai
5
Langkah Pengendalian Risiko
Operasional Perusahaan
6 Training APU-PPT 2023 1 Februari
7 Pelatihan Sertifikasi PAYDI 1 Februari
8 Basic Communication Lvl 1 1 Maret
Budaya Perusahaan PT. Asuransi 1 Maret
9
Bintang
Seminar Online Risk Management 1 Maret
10 Strategy In The Hardening Insurance
Market
Mengintegrasikan Budaya Risiko 1 Maret
11
Pada Penerapan GCG Organisasi
Training SOP Penutupan Polis & SOP 1 April
12
Klaim
Seminar Online Project Risk 1 April
13
Management For LJKNB
Pengawasan Entitas Dalam Lingkup 1 Mei
14 Tata Kelola Risiko & Peran Internal
Audit Dalam MR
Seminar Online Top Risk 2023 Bagi 1 Mei
15 LJKNB Dan Industry Asuransi Pada
Umumnya
57
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Kantor Pusat :
Training Kode Etik & Perjanjian Kerja 1 Mei
16
Bersama (PKB) Perusahaan
17 Investasi dan Manajemen Aset 1 Mei
Program Belajar Mandiri A30 - 1 Mei
18
Ekonomi
Pelatihan Sertifikasi Qualifed Chief 1 Mei
19
Risk Officer (QCRO)
Sharing Session Cara Membaca Fund 1 Mei
20
Fact Sheet Sub Dana Investasi
21 Product Knowledge - Motor Vehicle 1 Juni
Seminar The Asia Pacific PAI-SOA 1 Juni
22
Joint Symposium
Seminar Online Insurance Digital 1 Juni
23
Ecosystem
Seminar Online Digital Risk 1 Juli
24
Management
Webinar Decision Making Under 1 Juli
25
Uncertainty
26 Sertifikasi Operator K3 Umum 1 Juli
27 Marine Cargo Insurance 1 Juli
Kupas Tuntas Praktis Pajak Atas 1 Juli
28
Natura
Bedah Polis & Claim Asuransi 1 Juli
29
Property
Product Knowledge - Asuransi 1 Juli
30
Property
31 Sosialisasi Career Path 2023 1 Juli
Online Training Behavioral Event 1 Agustus
32
Interview (BEI)
33 Training Internal Audit ISO 9001:2015 1 Agustus
34 Training CAR/EAR Insurance 1 Agustus
35 Asuransi Umum 1 Agustus
36 Sharing Session Penggunaan SFA 1 September
37 Junior Sales Training 1 September
58
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Kantor Pusat :
Product Knowledge - Asuransi 1 September
38
Marine Cargo
Risiko Kendaraan Bermotor Listrik 1 September
Berbasis Baterai (KBLBB) Dikaitkan
39 Dengan Jaminan Polis Standar
Asuransi Kendaraan Bermotor
Indonesia
Sharing Session Update Fund Fact 1 Oktober
40
Sheet - Oktober 2023
Seminar Pendidikan Profesionalisme 1 Oktober
41
(A80) Periode III Tahun 2023
42 Bedah Polis Property All Risks 1 Oktober
Rencana Aksi Keuangan 1 Oktober
43
Berkelanjutan
Workshop Internal Control COSO- 1 November
44
2013
Workshop Standar Audit Internal & 1 November
45
Kode Etik Profesi
Risiko & Modelling Risiko Bencana 1 November
46
Alam
Pencegahan dan Penanggulangan 1 November
47
Bahaya Kebakaran
International Financial Reporting 1 November
48
Standard (IFRS) 17 / PSAK 74
Webinar Performing an Effective 1 November
49
Quality Assessment
Sosialisasi Penerbitan Polis Auto 1 Desember
50
Underwriting - West Region
Sosialisasi Penerbitan Polis Auto 1 Desember
51
Underwriting - East Region
Webinar Advanced Risk-based 1 Desember
52
Auditing
53 ISO 27001:2022 Awareness Training 1 Desember
59
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Kantor Pusat :
ISO 27001:2022 Internal Audit 1 Desember
54
Training
Seminar Online Port dan Terminal 1 Desember
55
Operators Liability Insurance
56 Pelatihan Manajemen Risiko 1 Desember
IV. Environmental Performance
In order to achieve an ecofriendly insurance company, one of the efforts made
by PT Asuransi Bintang Tbk is implementing a sustainable finance, as provided
in POJK No. 51/POJK.03/2017 on Application of Sustainable Finance by Financial
Services Institutions, Issuers and Public Companies
V. Responsibility for Product Development
The Company continues its effort to make innovations in product development
and product services. The Company is doing this in an effort to provide products
and services that meet people’s needs. In product development and innovation,
the Company through the Product Development Committee also considers the
aspects of sustainable environment in the services and design of the products
to be put in the market.
Since 2021, the Company has marketed certain products digitally through its
digital distribution channel.
A. Digital Products
As the digitalization era has been developing so fast nowadays, PT
Asuransi Bintang Tbk has strategies in marketing its products through
Digital Distribution. Digital distribution will be upgraded in stages on
digital platform of the Company.
60
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Kantor Pusat :
Name of
No Description of Product Product Impact
Product
1. Bintang Griya Bintang Griya Insurance a. Positive Impact on the
Insurance product is extended from Environment
Property All Risk insurance - efficiency as the use of
product which is specifically paper is reduced.
intended for residential - efficiency as carbon
houses. It also provides wastes generated by
protection from all losses or printed papers / printers
physical damage to the are reduced.
insured property, which is b. Positive Impacts on
sudden, unexpected and Customers
unintentional in nature to the - Time efficiency in policy
extent not excluded by the closing and benefit claim.
Policy. In addition, this policy - Raising Customer’s
also provide protection from awareness of
business interruption caused participation in keeping
by losses or physical damage the environment.
secured by the policy. This
policy also provides
additional benefits in the form
of payment of costs for
medical treatment due to
accident incurred by the
house occupant, payment of
house rent if the house
cannot be occupied due to
the risks secured by the policy
and reimbursement of
expenses due to legal liability
claim against a third party.
This product is offered for
marketing digitally /
electronically in order not
only to reduce meeting in
person during the pandemic,
but also to reduce the use of
paper because documents are
in digital / electronic form.
2. Bintang Oto Bintang Oto Insurance a. Positive Impact on the
Insurance product is offered in the Environment
market digitally to provide - efficiency as the use of paper
protection of motor vehicles is reduced.
from accidents, malicious
61
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Kantor Pusat :
acts, thefts, fires, natural - efficiency as carbon wastes
disasters, riots and generated by printed papers
commotions, terrorism and / printers are reduced.
sabotage, and other risks b. Positive Impacts on Customers
secured by the policy. This - Time efficiency in policy
product also provides closing and benefit claim.
additional insurance benefits
in the form of payment of
transportation cost and road
emergency assistance, and
freedom to use authorized
repair shop.
B. Product Development Innovation
The product innovation that is still in development stage has included
product features that support sustainable finance:
Name of
No Description of Product Product Impact
Product
a. Positive impacts on the
Environment
This Index-Based Crop
- Reducing emission of
Insurance (IBCI) product
carbon dioxide gas.
provides insurance
- Reducing the impact
benefits in the form of a
of draught in
Index-Based payment if during the
plantation areas.
1. Crop coverage period there is
b. Positive impacts on
Insurance insufficiency or excess in
Customers
soil humidity as
- Time efficiency in
compared to the agreed
policy closing and
index of soil humidity
benefit claim. Help
levels.
manage plantations /
crops.
62
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Names mentioned 22 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Bank Financial Services Institution
p.5
unresolved
org
Financial Services Authority
p.5 ×15
unresolved
org
PT Asuransi Bintang Tbk’s
p.7 ×3
unresolved
org
PT Maskapai Asuransi Bintang
p.11
unresolved
org
PT Asuransi Kerugian Bintang.
p.11
unresolved
org
Directorate General of Financial Institutions
p.11
unresolved
person
Notary Mrs. Indah Fatmawati
p.11 ×2
unresolved
person
Poerbaningsih Adi Warsito SH
p.11
unresolved
org
Minister of Justice
p.11
unresolved
org
Minister of Justice Decree No. C
p.11
unresolved
org
Indonesia Stock Exchange
p.11
unresolved
person
Reniwati Darmakusumah.
p.32
unresolved
person
Seminar
· Director
p.42
unresolved
org
Bank Financial Services Institutions
p.46
unresolved
org
Bank Financial Services Institutions. Risk
p.46
unresolved
—
communication
p.58
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