1. INSURANCE BUSINESS AND FINANCE
Bisnis Asuransi dan Keuangan
Dibuat untuk UJIAN LSPP AAMAI 103 dengan Kurikulum Baru
© The Chartered Insurance Insurance 2010

2. Pengantar Penerjemah
Syukur kepada Tuhan karena dalam sela-sela waktu bekerja, saya sempat untuk menerjemahkan buku
Insurance Business and Finance edisi terbaru yaitu 2010. Buku ini menjadi bagian pokok dalam
kurikulum baru LSPP AAMAI untuk materi K.651210.103.01 atau 103: Bisnis dan keuangan asuransi.
Terjemahan di sini masih belum sempurna. Maka, saya sengaja mengirimkan VERSI INGGRIS untuk
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Selamat menempuh ujian. Semoga sukses!
Jakarta, 1 Januari 2014
Salam hormat,
Afrianto Budi P, SS MM
akademiasuransi.org
Daftar Isi
ii | A f r i a n t o B u d i , S S M M

3. 1.
Struktur bisnis asuransi
A. Perbedaan tipe perusahaan asuransi
B. Perbedaan penjual asuransi
C. Pentingnya pelanggan
D. Pentingnya stakeholder asuransi
E. Perspektif global
F. Pertumbuhan perusahaan dan merger dan akuisisi
G. Outsourcing (alih daya)
H. Pendelegasian otoritas dalam underwriting
2.
Manajemen bisnis asuransi: peran, tanggungjawab, dan gaya
A. The board of director (Dewan direktur)
B. Senior executives (Eksekutif senior)
C. Manager and Supervisor
D. Non-managerial Staff
E. Gaya manajemen
3.
Manajemen bisnis asuransi: perencanaan dan kontrol
A. Proses perencanaan
B. Perencanaan dan kontrol anggaran
C. Pengambilan keputusan
D. Informasi manajemen
E. Manajemen pengetahuan
4.
Aspek utama dalam tata kelola perusahaan
A. Struktur peraturan
B. Penggabungan usaha
C. Persyaratan pelaporan yang berlaku
D. Fungsi audit internal dan eksternal
E. Rapat dan fungsinya
F. Agenda, menit, dan dokumentasi terkait
G. Kunci laporan tata kelola dan persyaratan
H. Kerahasiaan
5.
Pemasaran
A. Fungsi pemasaran dan bisnis
B. Konsep kunci pemasaran
C. Riset pasar dan proses pengembangan produk
D. Komunikasi dan promosi
6.
Sumber daya manusia
A. Fungsi manajemen sumber daya manusia
B. Rekrutmen dan seleksi
C. Penilaian dan penghargaan
D. Pelatihan dan pengembangan
E. Motivasi dan moral
F. Peraturan ketenagakerjaan dan tempat kerja
7.
Prinsip dan praktek utama akuntansi
A. Tujuan dan fungsi akuntansi keuangan
B. Akuntansi manajemen dan keuangan
C. Pengguna informasi keuangan dan kebutuhan informasi mereka
D. Konsep keuangan dasar dan persamaan akuntansi
E. Tanda terima dan pembayaran
F. Neraca keuangan
G. Laporan laba-rugi
H. Laporan arus kas
iii | A f r i a n t o B u d i , S S M M

4. I.
Catatan wajib untuk akun
8.
Standar akuntansi dan akun perusahaan asuransi
A. Peran Dewan Standar Akuntansi Internasional (International Accounting Standards Board –
IASB)
B. Standar Pelaporan Keuangan Internasional (International Financial Reporting Standards –
IFRS)
C. Prinsip Akuntansi yang diterima secara umum di UK (UK Generally Accepted Accounting
Principles)
D. Dafar autran FSA Inggris (FSA UK Listing Rules)
9.
Pencadangan klaim
A. Pentingnya cadangan yang akurat
B. Incurred but not reported (IBNR - Dikeluarkan namun belum dilaporkan) dan perannya
dalam akun perusahaan
C. Metode pencadangan
10. Rasio finansial
A. Rasio yang sering digunakan
B. Rasio dalam industri asuransi
C. Menilai hasil kinerja perusahaan asuransi
11. Kekuatan finansial perusahaan asuransi
A. Lembaga penilai
B. Margin solvabilitas dan ketentuan yang berlaku
iv | A f r i a n t o B u d i , S S M M

5. Bab 1: Structure of the insurance
business
Introduction
Insurance companies have a valuable function to perform within society by insuring the wealth
of the country. It will come as no surprise that no two insurance companies are identical in their
structure and outlook. However within the UK, all insurance companies can be grouped into
three broad types:



A composite Company: an insurance company that transacts both long-term business (life)
and general business.
A life company: a life assurance company that is only able to transact long-term business.
A general insurance company: an insurance company that is only able to transact general
business.
These three styles of companies do not make one single large market, since the insurance
marketplace refers more to the mechanism by which buyers and sellers come together, rather
than a physical location. However, every rule has an exception and the one exception is that the
transaction of insurance business within the London Market, including Lloyd's of London, can
be classified as a physical location. We shall look at the London Market in more detail in section
E1.
Structure and size of the UK insurance industry
The UK insurance industry:
 is the largest in Europe and third largest in the world (behind USA and Japan};
accounts for 7% of total worldwide premium Income;
 in 2010 employed around 290,000 people- or 1% of the working population (Source
ONS);
 had total net investments of £1.7 trillion at the end of2010; accounts for 26% of the net
worth of the UK economy;
 is a major exporter- 28% of its net premium income comes from overseas business.
As at 31 March 2010 there were 477 authorized UK insurance companies, of which Ill were life
companies, 17 composites and 349 general insurance companies. (Source FSA.)
Worldwide net premium income of UK insurers in 2010 was £200bn of which £61bn was
general business and £139bn was long-term business.
Activity
Find out more about the insurance industry's role in the UK economy and society.
See if you can find the answers to questions such as:
How does the industry help to promote investment in future economic growth?
How does it help public services and company expansion?
What role does it play in the following issues?
 fighting crime; improving safety at work;
 dealing with the effects of climate change;
 and supporting the nation's health?
1

6. Chapter 1: Structure of the insurance business
The market for insurance
Like any other market, the insurance market comprises:
 sellers: insurance companies and Lloyd's;
 buyers: general public, industry and commerce, and public authorities;
 middlemen: insurance brokers and intermediaries.
In other markets the buyers, sellers and the middlemen come together to examine the
merchandise that is for sale. With insurance it is not possible to bring a house, factory or ship to
a marketplace, and in any event what is being insured is the financial interest in that asset which
is at risk.
The buyer is any person, company or organization wanting to purchase insurance. This may be
a homeowner spending a few hundred pounds purchasing home insurance or one single
company spending many millions of pounds per year on insurance premiums. They may he
faced with many different insurance companies to choose from the buyer will often use an
insurance broker or intermediary.
An 'intermediary' is an agent who is authorized by a party, often a commercial company to
recommend an insurance company and/or insurance policy. They may even be authorized to
purchase it.
An insurance broker is an individual or firm whose full-time occupation is the placing of
insurance with insurance companies. A high standard of expertise is expected of insurance
brokers. The broker shall place the interests of their client before all other considerations. The
insured can obtain independent advice on a wide range of insurance matters from a broker,
without direct cost to themselves. From the insurers' point of view, negotiations with brokers are
easier and speedier because only the intricate points or special requirements require detailed
discussion, thus saving time and money on routine matters.
Lloyd's
Lloyd's occupies a unique position in the world of insurance. A society incorporated by statute it
provides premises, services and regulation to a marketplace ('the Lloyd's market') which has
been trading in insurance for over 300 years.
Lloyd's does not itself transact insurance, as this is the business of the underwriting members of
Lloyd's (both individual and corporate) who make up the Lloyd's market. They underwrite for
their own profit and loss and in administrative groups called syndicates. The underwriting
members appoint independent companies known as managing agents to carry out the
underwriting business (write the risk, pay the claims etc.) on their behalf. Since Lloyd's was first
established in the late seventeenth century the Lloyd's market has develop a strong worldwide
reputation for its ability to provide the finest risk solutions for its customers. These customers
generally instruct to act for them one of the firms of Lloyd's brokers, all of whom have a good
understanding of the Lloyd's market and many of whom specialize in particular risk categories.
Lloyd's has a unique 'chain of security' to protect insurance policyholders, should any member
be unable to pay a claim.
A development in the modernization and reform of Lloyd's was the creation of a franchise
structure, whereby Lloyd's acts as the franchisor and the managing agents and the members for
whom they acted are the franchisees. The aim of this structure is to improve market profitability
and to allow monitoring and guidance of franchisees, with the franchisor having ultimate power
to eject businesses that are unable to respond. As franchisor, Lloyd's now pursues a much more
proactive role than had been undertaken previously. A Franchise Board with members drawn
from both inside and outside the Lloyd’s market carry out the franchisor's role.
Activity
Visit the Lloyd’s website at www.lloyds.com for more information on how the Lloyd’s market
works.
© Chartered Insurance Institute
www.AkademiAsuransi.org
repro by: Afrianto Budi SS MM

7. Chapter 1: Structure of the insurance business
A
Different types of insurance company
A.1
Proprietary companies
The majority of insurance sellers come under this heading. Proprietary companies have an
authorized and issued share capital to which the original shareholders subscribed, and it is to
the shareholders that any profits belong after provision for expenses, reserves and, in the case
of life business, with profit policyholders’ bonuses. The shareholders' liability is limited to the
nominal value of their shares (hence the term limited liability}, but the company is liable for its
debts and if the solvency margin (see chapter II) cannot be met the company will go into
liquidation. The public can deal direct with these companies but often a broker or an
intermediary is involved.
In most classes of business there is keen competition among proprietary companies and also
between proprietary companies and other sectors of the market.
Most are composite or general companies writing issuance and reinsurance business. Insurance
companies operate by charging relatively small premiums in comparison to the exposed risk to
large numbers of the same type of customers- in other words the losses of the few are paid for
by the premiums of the many (risk transfer).
Good examples of insurance and reinsurance classes are:
 accident and health;
 motor;
 aviation;
 fire and other damage to property;
 liability.
Reinsurance companies operate in a similar way to insurance companies, as they transfer risk.
They allow insurance companies to pass risk onto them in return for a premium. There are many
types of reinsurance contract but this course does not expect you to have a working knowledge
of the reinsurance market, other than having an appreciation of the diversity of the term
‘insurance market’.
However, you do need to understand why the reinsurance market exists. Insurers purchase
reinsurance for two basic needs:


To limit ( as much as possible) annual fluctuations in the losses that affect their
underwriting account, often referred to as 'smoothing the underwriting result’.
To be protected in case of a catastrophe (both man-made and natural).
Reinforce
Before you move on, make sure you know how reinsurance companies help general insurance
companies. Make some notes below:
A.2
Mutual companies
Mutual companies have been formed by Deed of Settlement or registration under the
Companies Acts. They are owned by the policyholders, who share any profits made. Most
mutual companies operate in the long-term sector (life) offering their customers the full benefits
of saving over a long period - often between 10 – 25 years. The shareholder in the proprietary
© Chartered Insurance Institute
www.AkademiAsuransi.org
repro by: Afrianto Budi SS MM

8. Chapter 1: Structure of the insurance business
company receives their share of the profit by way of dividends, but in the mutual company the
policyholder owner may enjoy lower premiums or higher life assurance bonuses than would
otherwise be the case.
Many companies, which were originally formed as mutual organisations, have now registered
under the Companies Acts as proprietary companies, although they have retained the word
mutual in their title. Others, registered as companies limited by guarantee and without the word
mutual in their title, are actually owned by the policyholders.
Mutual companies may transact life or general insurance business. A feature of mutual status is
a difficulty in raising additional capital since they cannot issue additional shares in the way that
proprietary companies can. 'The 1990s saw growing pressure on mutuals to convert to the
status of proprietary companies (a process known as 'demutualisation').
Good examples of long-term business are as follows:




life and annuity
permanent health;
pension fund management;
linked long-term.
As with reinsurance, this course does not expect you to have a working knowledge of the life
insurance business, other than having an appreciation of the diversity of the insurance market.
Be aware
A mutual firm will concentrate on getting the best returns for its members as there are no
shareholders to take a share of the profits through payments or dividends.
A.3
Captive insurance companies
Captive insurance is a tax-efficient method of transacting risk transfer, which has become more
common in recent years among the large national and multinational companies. The parent
company forms a subsidiary company to underwrite certain of its insurable risks.
The main incentives are to obtain the full benefits of the group's risk control techniques by
paying premiums based on its own experience, avoidance of the direct insurers' overheads and
obtaining a lower overall risk premium level by purchasing reinsurance at lower cost than that
required by the conventional or direct insurer.
Many captives are operated from offshore locations such as Bermuda, Guernsey and the Isle of
Man. This does give the captive certain fiscal advantages, but it also reduces the volume of
paperwork associated with registering as an insurer and, because so many captives are offshore, allows the captive to tap into all the necessary ancillary services such as investment
management, banking and accounting.
Reinforce
Make some notes on the key benefits of having a captive insurance company below.
A.4
Takaful insurance companies
Takaful is a basis of insurance that has its roots in the Islamic financial services industry. The
model has been developed over a period of time and it is based on the rulings of Sharia law on
© Chartered Insurance Institute
www.AkademiAsuransi.org
repro by: Afrianto Budi SS MM

9. Chapter 1: Structure of the insurance business
financial and commercial transactions. It works on the principle that in any transaction, risk and
profit (and loss bearing) should be shared between the participants.
The reason for this business development is to meet a newly identified customer group for both
insurers and intermediaries with a need for products to meet their particular religious principles.
Under Islamic (Shariah) law, traditional insurance policies are seen by Muslims to be contrary to
some of the fundamental principles of Islam, as they involve:
Gharar – uncertainty. Islamic law forbids sales where there is risk to the buyer, unless the risk
is of a normal or reasonable proportion. Some believe that traditional insurance policies do not
remove uncertainty because how much and when, if at all, a policy will pay out remains
uncertain;
Maisir - gambling. Traditional insurance policies are seen to be a sort of gambling because
some policyholders receive payouts whilst others do not. Gambling is forbidden under Islamic
law;
Riba - interest. Islamic rules also forbid making money from money, such as through interest.
Wealth can only be made through the trade of assets and investments.
To respond to the specific needs of these customers a new type of product - takaful insurance has been developed.
Takaful is an Arabic word meaning 'guaranteeing each other'. Takaful insurances embrace the
Islamic principles of:





mutuality and co-operation;
shared responsibility;
joint indemnity;
common interest; and
solidarity.
They are similar to those which underpin mainstream mutual insurance and involve a number of
participants sharing risk on a co-operative basis. This avoids policyholders gambling on the
fortunes or misfortunes of others, as customers pay money into a communal fund and take out
what they need in the event of a claim. Insurance companies charge a fee for managing the
fund. Any money left over at the end of the year, after payment of claims and business expenses
incurred by the insurer, is distributed to policyholders, who are treated as shareholders.
Policies also need to be carefully worded so that no cover is provided for areas prohibited by
Islam. For example, there is no cover for items connected to alcohol or pork.
Products need to be approved by Islamic scholars to ensure they are compliant, and many
providers consult special Shariah advisory committees during the development process.
There is a significant potential market for products developed to meet the needs of those with
specific religious preferences. For example, the total value of takaful premiums is predicted to be
anywhere between US$ 7.5bn and US$ 20bn by 2015. While takaful insurance has been in
existence for at least 20 years, it was only in 2005 that a major high street bank became the first
to offer Islamic insurance policies for buildings and contents. This is a trend, which has
continued since, with an ever-increasing number of providers entering the marketplace.
Therefore, with the instrument funds that the Middle East has available, these funds are now
being used to buy and take over companies that are established in the Western World.
Consequently takaful as a means of underwriting risk is growing at a very rapid pace in many
Middle Eastern insurance sectors and also it is being taken into other parts of the world.
The current key centres of takaful activity are Dubai, Bahrain and Kuala Lumpur, but London is
now also recognised as an emerging centre for Islamic finance and there is at least one takaful
insurer that has gained FSA approval. There will no doubt be others shortly. In addition, banks
are also developing takaful products.
© Chartered Insurance Institute
www.AkademiAsuransi.org
repro by: Afrianto Budi SS MM

10. Chapter 1: Structure of the insurance business
The following articles on takaful have appeared in the en Journal (available to en members
at www.knowledge.cii.co.uk):
,.


'Divine intervention' by Timothy Evershed in the Oct/Nov 2009 edition.
'The nearly A-Z of takaful insurance' by Liz Booth in the Feb/Mar 2011 edition.
Activity
Identify how takaful premiums have grown on a worldwide basis over the last five years and the
expected growth over the next five years. Make some notes below.
Question
Takaful companies have a similarity to another type of company. Which is it?
B
Different sellers of insurance
Think
Before moving on, how many different sellers of insurance can you think of?
Insurance is now sold through an extensive list of distribution channels which includes:













B1
the types of insurance companies (proprietary, mutuals, takaful) mentioned above;
Lloyd's of London, mentioned above;
direct insurers;
the internet;
independent intermediaries;
agents;
building societies;
banks;
retailers and affinity groups;
travel agents and tour operators;
aggregators;
the State;
self-insurance.
Direct insurers
Use of the latest technology in telecommunications and telesales techniques means that the
new 'direct' writers do not require extensive branch networks to service their business. Their
administrative and underwriting centres may be located anywhere in the country and contact by
customers only charged for on the basis of the cost of a local telephone call.
© Chartered Insurance Institute
www.AkademiAsuransi.org
repro by: Afrianto Budi SS MM

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Afrianto Budi Purnomo, SS, MM
www.akademiasuransi.org