JLT’s new Indonesia boss talks exclusively to StrategicRISK about employee retention, insurance growth and pressing risks in south-east Asia’s largest economy
Speaking just a few weeks after starting in her new role as COO and CEO of JLT Indonesia, Rosmaylinda Nasution told SR that her country’s younger generation was “more educated, technology savvy, well-informed through social media, and well-connected virtually and non-virtually”.
“They are also very dynamic and adaptable to new and different types of environments,” she said. “Adaptability is a good thing for a company.”
However, these factors also made young people less likely to stay with one company for long, Nasution cautioned.
“They tend to move between jobs without thinking too much,” she said.
“As long as the new company can offer what they look for, such as higher salary to fulfil their higher spending, then they will move.”
This was why companies like JLT needed to regularly update the benefits they offer to employees, such as medical benefits, pension plans, bonus schemes, training and education.
“Having a clear career path is also key,” she added.
Nasution, who was previously the commercial and business development director at ACE INA Indonesia, pointed out that Indonesia was now the world’s 16th-largest economy, and that it was expected to rise to seventh place by 2030.
“The consuming class will expand from 45 to 135 million people by 2030,” she said.
“These factors have confirmed the excellent growth potential of the Indonesian insurance market.”
However, Nasution warned, insurer capacity per area was a perennial problem in Indonesia.
“This is because high risks need high capital, but Indonesian businessmen do not put enough capital to cover the risks,” she said.
“Therefore, insurers still need to arrange insurance coverage outside of Indonesia.”
Nasution said she believed that two of the biggest risks facing the country right now were law enforcement and the upcoming presidential election.
“There are still double standards in law enforcement in Indonesia, therefore it is very difficult for large corporates to focus on speeding up business growth and less on bureaucracy,” she said.
“Many industries are waiting until the new president is elected because the new president and legislature will normally set a new set of regulations.”
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