Strategy for settling claims for insurance company customers experiencing liquidity at AJB Bumiputera 1912 Medan Branch: Some notes from Islamic perspectives

Siti  Saleha; Reni Ria Armayani  Hasibuan; Laylan  Syafina

doi:10.20885/jielariba.vol9.iss1.art8

Strategy for settling claims for insurance company customers experiencing liquidity at AJB Bumiputera 1912 Medan Branch Some notes from Islamic perspectives

Submitted

August 27, 2023

Accepted

September 22, 2023

Published

September 28, 2023

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Abstract

Introduction
Liquidity is one of the problems faced by insurance companies, including AJB Bumiputera Medan Branch. This liquidity problem has an impact on many aspects of the insurance business so an appropriate strategy is needed to overcome it.
Objectives
This research is intended to analyze the strategies used by AJB Bumiputera 1912 Medan Branch to complete claim payments to its customers.
Method
This research is field research with data collection techniques including interviews and data collection from the internet.
Results
The step taken by AJB Bumiputera 1912 was to form a task force team for payment of delayed claims. AJB Bumiputera 1912 also implemented a benefit reduction program and a premium recovery process and sale of company assets.
Implications
The study highlights the importance of regulatory oversight in safeguarding policyholders rights and ensuring stability in the insurance sector.
Originality/Novelty
This research contributes to efforts to handle liquidity problems in insurance companies. Apart from that, this research also provides an Islamic perspective in handling liquidity problems in insurance companies.

Keywords

AJB Bumiputera 1912 claim settlement insurance company insurance customer Islamic insurance liquidity

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How to Cite

Saleha , S. ., Hasibuan, R. R. A. ., & Syafina, L. . (2023). Strategy for settling claims for insurance company customers experiencing liquidity at AJB Bumiputera 1912 Medan Branch: Some notes from Islamic perspectives. Journal of Islamic Economics Lariba, 9(1), 131–148. https://doi.org/10.20885/jielariba.vol9.iss1.art8

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References

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Amalia, S. (2021). Implementasi asuransi jiwa syariah di tengah pandemi Covid-19 pada PT. Asuransi Jiwa Prudential Cabang Medan [Implementation of sharia life insurance in the midst of the Covid-19 pandemic at PT. Prudential Life Insurance Medan Branch] [Undergraduate thesis, Universitas Islam Negeri Sumatera Utara]. http://repository.uinsu.ac.id/13265/

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Asyikin, J., Chandrarin, G., & Harmono, H. (2018). Analysis of financial performance to predict financial distress in sharia commercial banks in Indonesia. International Journal of Accounting, Finance, and Economics, 1(2), 11–20. https://journal.stkipsingkawang.ac.id/index.php/IJAFE/article/view/1260

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Bauer, D., Gao, J., Moenig, T., Ulm, E. R., & Zhu, N. (2017). Policyholder exercise behavior in life insurance: The state of affairs. North American Actuarial Journal, 21(4), 485–501. https://doi.org/10.1080/10920277.2017.1314816

Chmielowiec-Lewczuk, M. (2019). Cost strategies possible to implement in insurance company. Journal of WEI Business and Economics, 8(1), 91–97. https://doi.org/10.36739/jweibe.2019.v8.i1.7

Delyo, C. (2022). Analisis mekanisme pembayaran premi dan pengajuan klaim asuransi kendaraan bermotor terhadap tingkat kepercayaan nasabah pada PT. Asuransi Umum Bumiputera Muda 1967 Cabang Syari’ah Bandar Lampung [Analysis of the mechanism for paying premiums and submitting motor vehicle insurance claims on the level of customer trust in PT. Bumiputera Muda General Insurance 1967 Bandar Lampung Sharia Branch] [Undergraduate thesis, UIN Raden Intan Lampung]. http://repository.radenintan.ac.id/22223/

Dwekat, A., Seguí-Mas, E., Tormo-Carbó, G., & Carmona, P. (2020). Corporate governance configurations and corporate social responsibility disclosure: Qualitative comparative analysis of audit committee and board characteristics. Corporate Social Responsibility and Environmental Management, 27(6), 2879–2892. https://doi.org/10.1002/csr.2009

Elmes, D. B., Michael. (2007). Strategy retold: Toward a narrative view of strategic discourse. In The aesthetic turn in management. Routledge.

Elvira, Y. (2019). Manajemen risiko asuransi jiwa pada AJB Bumiputera 1912 Kantor Wilayah Medan [Life insurance risk management at AJB Bumiputera 1912 Medan Regional Office] [Undergraduate thesis, Universitas islam Negeri Sumatera Utara]. http://repository.uinsu.ac.id/8320/

Fajaria, A. Z. & Isnalita. (2018). The effect of profitability, liquidity, leverage and firm growth of firm value with its dividend policy as a moderating variable. International Journal of Managerial Studies and Research, 6(10), 55–69. https://www.arcjournals.org/international-journal-of-managerial-studies-and-research/volume-6-issue-10/5

Hindley, D. (Ed.). (2017). Introduction. In Claims reserving in general insurance (pp. 1–15). Cambridge University Press. https://doi.org/10.1017/9781139924696.002

Husain, F. (2016). Perlindungan hukum terhadap pemegang polis asuransi menurut UU No. 40 tahun 2014 tentang Perasuransian [Legal protection for insurance policy holders according to Law no. 40 of 2014 concerning Insurance]. Lex Crimen, 5(6), 46–54. https://ejournal.unsrat.ac.id/v3/index.php/lexcrimen/article/view/13468

Inayah, W. N., & Marsitiningsih, M. (2021). Perlindungan hukum atas kerugian nasabah asuransi terhadap kasus gagal bayar ditinjau dari Undang-Undang Nomor 8 tahun 1999 tentang Perlindungan Konsumen [Legal protection for insurance customers’ losses in cases of failure to pay is reviewed from Law Number 8 of 1999 concerning Consumer Protection]. Kosmik Hukum, 21(2), 133–141. https://doi.org/10.30595/kosmikhukum.v21i2.9995

Indriani, R., Sudiarti, S., & Syahriza, R. (2023). Tinjauan maqashid syariah terhadap penyelesaian klaim produk asuransi jiwa Brilliance Hasanah Sejahtera di PT. Sun Life Financial Indonesia Cabang Medan [Syariah maqashid review of claims settlement for Brilliance Hasanah Sejahtera life insurance products at PT. Sun Life Financial Indonesia Medan Branch]. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(1), 112–126. https://doi.org/10.47467/elmal.v5i1.3465

Islam, M. R., Liu, S., Biddle, R., Razzak, I., Wang, X., Tilocca, P., & Xu, G. (2021). Discovering dynamic adverse behavior of policyholders in the life insurance industry. Technological Forecasting and Social Change, 163, 120486. https://doi.org/10.1016/j.techfore.2020.120486

Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The effect of liquidity, leverage, and profitability on firm value: Empirical evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423

Juhandi, N., Fahlevi, M., Abdi, M. N., & Noviantoro, R. (2019). Liquidity, firm size and dividend policy to the value of the firm (Study in manufacturing sector companies listed on Indonesia Stock Exchange). 313–317. https://doi.org/10.2991/icoi-19.2019.53

Kliestik, T., Valaskova, K., Lazaroiu, G., Kovacova, M., & Vrbka, J. (2020). Remaining financially healthy and competitive: The role of financial predictors. Journal of Competitiveness, 12(1), 74–92. https://doi.org/10.7441/joc.2020.01.05

Kusuma, D. G. A. D. (2022). Analisis yuridis penyebab gagal klaim oleh nasabah di Perusahaan Asuransi Cigna (Studi kasus polis nomor au000000000760w) [Juridical analysis of the causes of failed claims by customers at the Cigna Insurance Company (Policy case study number au000000000760w)]. Jurnal Penelitian Serambi Hukum, 15(2), 89–95. https://doi.org/10.59582/sh.v15i02.578

Matt, C., Hess, T., Benlian, A., & Wiesbock, F. (2016). Options for formulating a digital transformation strategy. MIS Quarterly Executive, 15(2), 123–139. https://aisel.aisnet.org/misqe/vol15/iss2/6

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Strategy for settling claims for insurance company customers experiencing liquidity at AJB Bumiputera 1912 Medan Branch: Some notes from Islamic perspectives

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