The Importance of Technology in the Future of Insurance
Joni Yang Information Technology and Compliance Director at Bhinneka Life Indonesia
Joni Yang is the Information Technology and Compliance Director at Bhinneka Life Indonesia. With three decades of experience in the field of information technology, Yang is an experienced IT leader. His experience is reflected in his expertise involving business processes, risk management, IT strategy, and business intelligence. In an exclusive interview with Internet of Things IoT 2023, Joni Yang shared his valuable insights on information technology in the insurance industry.
As information technology and compliance director, how does a typical day look for you?
The development of IT is rapid, and our team is looking to implement state-of-the-art technology for our company while adhering to compliance regulations. In addition to our company strategy, we must comply with local regulatory standards that set specific security protocols and models. We are balancing these two sides to ensure that the implementation of cutting-edge technology adheres to the highest standards set by the governing bodies.
What are the new challenges that you see in the industry today?
Our company, like many others, was significantly affected by the pandemic as it caused Indonesia’s GDP to crash. It was impossible to meet face-to-face with customers, and we had to consider alternatives to continue working. Therefore, we integrated digital solutions into our operations. The difficulty of getting used to the new technology was compounded by the abrupt change from face-to-face interactions to virtual ones. We established a new team to manage this unexpected change in procedures.
Any recent projects that you have spearheaded in your company? What were the results of it?
Our company was started five years ago, and we had to build everything from scratch. We have been focusing on our data center for the past few years and placing a large emphasis on managing data in our IT infrastructure. Earlier this year, we launched a mobile application called e-recruitment that helps our agents recruit people online.
IFRS standards are high, and all other countries have to report their finances to the board this year, but Indonesia gets additional time; we have until 2025. The challenge is implementing new methodologies because of the high implementation costs.
We have some other projects in motion to increase data security in adherence to the recent bill that was passed, called the personal data protection bill.
Incorporating machine learning and AI will change the future of the industry. Although it is not widely used in Indonesia, various FinTech companies have started leveraging this technology to improve their operations and ensure compliance.
Are you optimistic about any technology that will make a lot of difference in the future?
Incorporating machine learning and AI will change the future of the industry. Although it is not widely used in Indonesia, various FinTech companies have started leveraging this technology to improve their operations and ensure compliance. AI and machine learning will aid financial and services companies in their processes, and we are also excited to utilize this technology in our own company.
What is your advice for other CXOs working in the industry?
It's essential to continually monitor technological advancements and their impact on the industry. Apart from adopting the technology, we must collaborate and build an ecosystem to compete with competitors outside the industry, such as FinTech companies. Ultimately, it's crucial to keep up with technological advancements and apply them to compete internally and externally.
