Prevent Disputes, Unit Link Product Sales Talks Must Be Recorded!

JAKARTA, KOMPAS.com – The Financial Services Authority (OJK) issues new regulations regarding the product marketing process insurance associated with investment (PAYDI) or unit links. This is a response to a dispute case between a customer and a unit-linked product issuer company that has recently been widely discussed.

The Chief Executive of the OJK IKNB Supervision, Riswinandi, said that one of the important points regulated in the provision was the obligation to record during the process of selling unit-linked products. This recording can be in the form of video or audio, and must be kept by the insurance company.

The recording can later be used as evidence when a dispute occurs. Thus, this provision is expected to be able to answer disputes between customers and insurance companies.

Also read: New Unit Link Rules Issued to Protect Consumers, This is Prudential Indonesia’s Response

“So the insurance company must have a system to store the recording in its mainframe, so that something happens it can be opened,” he said, quoted Tuesday (29/3/2022).

As for the sales process, the company must explain the benefits, costs, risks to the products offered, and additional features (if any). In addition, the recording must also contain a statement of understanding of the prospective policyholder towards the product.

“If he understands, he must sign. If he does not understand, it is written in the regulation not to sign and not to continue the buying process,” said Riswinandi.

In addition, OJK also requires welcome calls by other parties in the insurance industry to customers who have just opened unit-linked products. This is done to ensure that the sales process has helped customers understand their unit link products.

“Results of activities welcome call We also want to record this. This must also be evaluated in the recording process at the time of sale and whether the welcome call is synchronous,” said Riswinandi.

Riswinandi asserted, like insurance products in general, unit link has the main function as protection, not savings, let alone increase wealth. This needs to be remembered by the public, so as not to be deceived by the lure of insurance sales.

“There is a misunderstanding that what is associated with this investment can increase wealth,” he said.

Also read: Through Bareskrim, Unit Link Insurance Victim Community AXA, Prudential, AIA Urges OJK to Hold Hearings

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