Applying Balanced Scorecard Concept to Measure Sharia Insurance Performance (Case Study: PT. Prudential Life Assurance In Yogyakarta)
HAJARSARI, KIKIN HARINDI (Adv.: Supriyadi, Dr., M.Sc.), Supriyadi, Dr., M.Sc.
PT. Prudential Life Assurance adalah perusahaan asuransi dunia yang telah menjangkau pasar Indonesia. Salah satu produk yang ditawarkan oleh asuransi ini adalah produk syariah yang menawarkan asuransi berdasarkan hukum Islam. Penulis telah melakukan studi kasus pada kinerja perusahaan ini dalam salah satu dari beberapa kantor agensi yang ada di Yogyakarta. Penulis juga tidak hanya berpaku pada kinerja perusahaan secara finansial, tetapi juga keempat aspek yang mencakup perspektik di dalam balanced scorecard.
Dalam studi ini, PorterÂ’s Five Forces model juga diimplementasikan, guna membantu menunjukkan kelebihan balanced scorecard dibandingkan dengan metode sebelumnya yang tidak dapat menunjukkan secara menyeluruh semua aspek yang dihadapi oleh bisnis tersebut. Beberapa literatur dari Kaplan dan NortonÂ’s model untuk balanced scorecard diperlukan guna membantu perkembangan Prudential Indonesia di masa depan.
Dari studi ini dapat disumpulkan bahwa balanced scorecard dapat bermanfaat untuk menyesuaikan kinerja perusahaan dengan detail yang lebih mendalam dibandingkan dengan pendekatan-pendekatan sebelumnya.
PT. Prudential Life Assurance is an insurance company that has entered into the Indonesian market to offer insurance policies that would serve as protection to its clients. One main offering of this insurance company, is the sharia unit which offers special insurance policies according to the Islamic practices of their clients. The writer of this paper has undertaken a study to assess the effectiveness of the companyÂ’s performance over a specific time period with special focus not only on the financial success of the sharia unit, but also performance on four different dimensions highlighted by the balanced scorecard method evaluation.
This study is intended to assist both practitioners and academicians. Practitioners can utilize this study to successfully implement their own balanced scorecard system to evaluate businesses more completely as oppose to only financial methods which may not give a true representation of businessesÂ’ position. For academicians, it helps to highlight the usefulness and success of the balanced scorecard method whilst assisting them to create models that can be used to evaluate business more efficiently as it relates to insurance companies and their affiliates.
In this research, the use of PorterÂ’s five forces model was implemented, to firstly show that there are some underlying justifications for the use of the balance scorecard, as simple financial analysis could not detect weakness and opportunities that the business has faced. As such, the writer went on to complete their analysis with the Kaplan and NortonÂ’s model for balanced scorecard in an attempt to realize Prudential Indonesia performance and future outlook. Questionnaires were used to survey candidates who were asked to base their answers on the Likert Scale. Questionnaires were developed for both employees and customers as a mean of assessing two of the balanced scorecardÂ’s dimensions. Further, careful analysis of the financial records and the companyÂ’s internal activities were done in order to assess the other two dimensions of the balance scorecard. Upon analysis, the writer was able to draw several conclusions of the companyÂ’s sharia unit performance and the effectiveness of the balance scorecard approach. These conclusions include:
• The company is performing well beyond government’s stipulated averages and measures of performance.
• Internal business growth and innovation continues to be good and shows promise for the future outlook.
• On average, there is consensus that treatment of employees is good.
Although it seems to be good indicators of company performance, careful analysis of the company through the balance scorecards has revealed some shortcomings, and as such several recommendations has been made in order to correct these, which include:
• Employee motivation can be increased through training and development, promotions amongst other options.
• The use of balanced scorecard can assist in correcting the company’s increasing debt problem.
• The company can take a proactive stand when it comes to customer after sales service, as opposed to being simply reactive to problems they face.
To summarize, the writer has determined that balanced scorecard can be effective to assess a companyÂ’s performance it greater detail as compared to simply using financial analysis as has been proven upon careful analysis of Prudential Indonesia. This can be seen in this paper, as all the processes and steps in the analysis have been carefully explained in detail, highlight the benefits of using balanced scorecard.
Kata Kunci : Insurance, Sharia, Balanced Scorecard, Prudential Indonesia, Asuransi, Syariah, Balanced Scorecard, Prudential Indonesia
