MHIB Becomes the Best Insurance Partner
These are challenging times for the insurance industry after two years of tackling the pandemic, including repositioning our business. Risk always has an upside in the form of opportunity, and in general, the insurance industry will continue to exist, but a proper strategy is required to meet the needs of clients, where current and future needs are likely to differ. Insurance is currently experiencing a hard market, with market capacity shrinking in some business classes while increasing in others. Business growth will be more secure if we pay close attention to changes that occur, both in client wants, and in market appetite and capacity. As a result, the key is to observe the changes that are occurring and those that will occur, and then promptly alter the business plan to capitalize on the opportunity, says Bambang Suseno, President Director at PT Mitra Harmoni Insurance Broker (MHIB).
MHIB is renowned in Indonesia as one of the insurance broker icons for rural banks. Their holding company namely PT Sentra Modal Harmoni (SMH) houses 27 companies, 25 of which are rural banks own MHIB, and since its establishment, MHIB had the main task of managing credit risk for those rural banks. SMH is a subsidiary of the ultimate holding company PT Baruna Bina Utama, which consists of six clusters: finance (where MHIB is based), trading, shipping, certification, investment, and property. Now, in its 15-year journey, MHIB has expanded its risk management and insurance services to a broader client base outside the group, for both the banking and non-banking clients.
MHIB's operations and growth thus far are achieved through the contributions of a strong team, as well as the leadership of key personnel. These significant figures in the company are industryicons: Bambang Suseno and Joko Suyanto. With a company leader whose reputation is well known by stakeholders both nationally and internationally, clients who use MHIB's professional services will have comfort and confidence that they will obtain the best service possible.
MHIB is a local insurance brokerage firm well known to stakeholders in the insurance industry, particularly in the field of banking credit insurance where the firm has extensive experience since 2007, long before credit insurance became widespread in Indonesia, with the largest market share in the second or third rank. The firm is backed by a solid business group whose business lines are in finance, trading, shipping, certification, investment, and property. MHIB specializes in banking insurance, health insurance, and general insurance, including construction insurance, and provides a comprehensive range of risk management and insurance services, including extensive consultative and advisory services, risk placement or brokering services, and claim settlement services. All of these services are accessible in a broad spectrum and are carried out professionally for the benefit of the clients.
Journey of Excellence
MHIB began operations in 2007 with the primary goal of offering risk management services and credit insurance solutions to rural banks. The company's business portfolio is now balanced between credit insurance and noncredit insurance, such as health insurance and general insurance, as opposed to the initial business portfolio. The number of accounts has also expanded dramatically; whereas it began with clients on the islands of Java, Bali, and Nusa Tenggara, it has now extended throughout Indonesia. Clients are also diverse, with private and government clients, as well as local and international clients. The client is no longer limited to rural banks, but rather extends to all industries; yet, the number of clients in the banking industry continues to grow.
MHIB's future roadmap includes implementing all digitally integrated business operations to accelerate and escalate the company's business growth by expanding market reach and working efficiency. Moreover, the firm is currently in talks with fintech and insurtech organizations to execute collaboration. An agile, aggressive and expansive business plan, supported by digitalization leads to promising growth.
“We are driven by the mission of providing professional services to satisfy stakeholders, optimum benefits to valued customers through effective insurance protection, and risk management and insurance expertise to valued customers. And, our vision is to become a professional, innovative, and efficient insurance brokerage firm that provides added-value and satisfactory services to stakeholders, be well-known in the insurance industry, and build a trustworthy insurance brokerage firm that is supported by a highly-skilled, experienced, productive, and solid team,” concludes Joko Suyanto, President Director of SMH, majority shareholder of MHIB.
The advantages of using the services of MHIB include the support of a strong business group, and services run by a professional team, and what makes the difference is that MHIB has thekey figures in insurance and financial industries that we all know are very demanding trust.