JAKARTA (TheInsiderStories) – Indonesian insurance company, PT AJB Bumiputera 1912 has realigned the management structure by terminating President Director Sutikno Sjarif, after the Financial Services Authority (FSA) recommended the former Director of Zurich Topaz Life in October last year. The Member Representative Board made this change as early as May 2019.
TheInsiderStories is trying to clarify this matter to the relevant authorities and management of AJB Bumiputera, but AJB Bumiputera cannot give comment for this time and will explain further after the holiday. Although AJB Bumiputera did not repulse, there was a change of management at AJB Bumiputera.
According to available information, Sutikno Sjarif who was just appointed as president director on October 2018, dismissed by the Member Representative Body in early May because of competency issues. Sjarif had difficulty leading the company which had trouble paying its obligations to customers.
The Board also questioned Sjarif’s appointment and the team recommended by the FSA. Because, Sjarif is deemed not to have sufficient experience and came from foreign insurance companies, Zurich Topas Life, whose performance has deteriorated.
While the Board had several candidates beside Sjarif who were deemed fit to lead a Bumiputera class company; however, with its authority, FSA recommended appointing a team of directors from the joint venture company.
To date, Bumiputera financial assets have fallen from Rp8trillion in 2016 to less than Rp3 trillion. Throughout 2018, Bumiputera had an obligation to pay claims of Rp3.9 trillion.
Although the regulator has allowed Bumiputera to remarket its products last year, the premiums collected were not much because public trust has been eroded. Hopefully, the Member Representative Board can find a qualified leader to solve problems in a mutual insurance company established since 1912.
At this time, after Sjarif was no longer serving as president director, AJB Bumiputera’s leadership was entirely held by directors who were still in office. It is not known which directors replaced Sjarif’s role, but besides Sjarif 3 other directors served in Bumiputera, namely Yusuf Budi Baik, Sri Rahayu and Dena Chaerudin.
Previously, the FSA recommended four new managements and was appointed by the Body. At the same time, the regulator is also approved Achmad Jazidie as President Commissioner of the insurance firm.
As known, Sjarif is the new president director and two other directors previously come from PT Zurich Topas Life and PT Zurich Insurance Indonesia. Both of the company owned by PT Mayapada Prasetya Prakarsa, belong to Dato Sri Tahir. Through the Mayapada Group, Tahir is recorded to have 16.33 percent of Zurich Topas Life shares.
Sjarif has served as EVP and CEO of PT Manulife Indonesia and Chief Strategy and Operating Officer of Zurich Topas Life. He is a senior executive with diverse experiences in various industries, including insurance, banking, manufacturing, distribution, and agriculture.
His job responsibilities include across disciplines in the fields of operations, finance, strategic planning, and business development. He has a successful track record as Chief Operating Officer, Chief Financial Officer, and Business Development Director.
While, Yusuf Budi Baik as the Director of Business and Marketing is an insurance industry executive, who has experience in developing marketing, explicitly building a partnership and bancassurance business.
Furthermore, Sri Rahayu, who served as the Technical Director, is a professional and experienced in managing operational insurance activities, especially in developing business process transformation.
Finally, Dena Chaerudin, who was appointed as Director of Human Resources, has been pursuing a career in Bumiputera since 34 years ago. He will also bridge the company’s new vision, with the company’s excellent values.
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