Penerapan Manajemen Risiko dalam Underwriting Marine Hull Facultative: Studi Kasus pada PT XYZ

Abstract

Industri reasuransi Marine Hull memiliki tingkat ketidakpastian yang tinggi akibat karakteristik risiko yang kompleks, dinamis, dan berdampak besar terhadap kinerja keuangan perusahaan. Risiko yang dihadapi umumnya bersifat low frequency namun high severity, sehingga satu kejadian klaim besar berpotensi memberikan dampak signifikan terhadap stabilitas portofolio dan keberlanjutan usaha. Dalam konteks tersebut, kualitas proses underwriting menjadi faktor utama dalam menjaga keseimbangan antara penerimaan risiko dan tingkat profitabilitas perusahaan. Proses underwriting yang tidak didukung oleh manajemen risiko yang memadai dapat meningkatkan eksposur risiko serta memperbesar potensi terjadinya kerugian underwriting. PT XYZ sebagai perusahaan reasuransi di Indonesia menghadapi tantangan meningkatnya kompleksitas risiko underwriting Marine Hull yang menuntut penerapan manajemen risiko yang lebih terstruktur, terintegrasi, dan konsisten guna memastikan bahwa keputusan underwriting yang diambil telah selaras dengan kebijakan risiko dan kemampuan perusahaan dalam menanggung risiko. Penelitian ini bertujuan untuk menganalisis proses penilaian risiko pada Underwriting Marine Hull Facultative di PT XYZ dengan mengukur tingkat maturitas manajemen risiko berdasarkan kerangka ISO 31000, serta merumuskan rekomendasi perbaikan yang relevan. Penelitian ini menggunakan pendekatan mixed methods melalui kuesioner, wawancara mendalam, Focus Group Discussion (FGD), dan analisis dokumen. Pengukuran tingkat maturitas manajemen risiko dilakukan menggunakan Risk Management Maturity Model (RMM) yang mencakup empat atribut utama, yaitu kerangka kerja, budaya risiko, dokumentasi, dan sistem dalam proses underwriting. Penelitian ini menggunakan pendekatan mixed methods dengan mengombinasikan metode kuantitatif dan kualitatif untuk memperoleh pemahaman yang komprehensif mengenai penerapan manajemen risiko pada underwriting Marine Hull Facultative di PT XYZ. Data dikumpulkan melalui kuesioner, wawancara mendalam, Focus Group Discussion (FGD), serta analisis dokumen internal perusahaan. Pengukuran tingkat maturitas manajemen risiko dilakukan menggunakan Risk Management Maturity Model (RMM) yang menilai empat atribut utama, yaitu kerangka kerja, budaya risiko, dokumentasi, dan sistem, dengan skala Likert lima tingkat. Penelitian ini melibatkan lima narasumber utama yang dipilih secara purposif, terdiri atas manajer underwriting, senior underwriter, underwriting analyst, dan staf manajemen risiko. Penelitian dilaksanakan pada periode Juli hingga Oktober 2025, dan hasil pengukuran maturitas serta temuan kualitatif dianalisis secara terintegrasi untuk menjawab tujuan penelitian dan merumuskan rekomendasi perbaikan penerapan manajemen risiko. Hasil penelitian menunjukkan bahwa penerapan manajemen risiko pada proses underwriting Marine Hull Facultative di PT XYZ pada prinsipnya telah mengacu pada kerangka ISO 31000. Proses identifikasi, analisis, dan evaluasi risiko telah dilakukan sejak tahap awal underwriting, khususnya terkait karakteristik kapal, rute pelayaran, jenis muatan, serta rekam jejak klaim. Namun demikian, penerapan manajemen risiko tersebut belum sepenuhnya terintegrasi dan konsisten di seluruh tahapan underwriting. Hasil pengukuran tingkat maturitas manajemen risiko menggunakan Risk Management Maturity Model (RMM) menunjukkan bahwa tingkat maturitas manajemen risiko underwriting Marine Hull di PT XYZ berada pada level Preliminary hingga Defined. Tingkat maturitas ini menggambarkan bahwa praktik manajemen risiko telah ada dan dijalankan dalam organisasi, namun belum sepenuhnya terintegrasi secara optimal ke dalam proses pengambilan keputusan underwriting. Kelemahan utama masih ditemukan pada aspek kerangka kerja, dan sistem pendukung. Kondisi tingkat maturitas yang belum optimal ini menunjukkan adanya kesenjangan antara praktik underwriting yang berjalan dengan praktik manajemen risiko yang ideal, khususnya dalam menjamin konsistensi dan kualitas keputusan underwriting, meskipun tingkat maturitas tersebut tidak secara langsung mencerminkan kinerja underwriting dalam jangka pendek. Berdasarkan hasil pengukuran tingkat maturitas dan analisis kondisi internal serta eksternal perusahaan, penelitian ini merumuskan sejumlah rekomendasi perbaikan strategis untuk meningkatkan kualitas penerapan manajemen risiko underwriting Marine Hull di PT XYZ. Rekomendasi difokuskan pada penguatan kebijakan internal yang selaras dengan ISO 31000 dan lebih adaptif terhadap karakteristik risiko Marine Hull yang bersifat low frequency high severity. Selain itu, diperlukan peningkatan standarisasi proses underwriting melalui penyusunan pedoman penilaian risiko yang lebih terstruktur dan terdokumentasi guna mengurangi ketergantungan berlebihan pada judgment individu underwriter. Dari sisi tata kelola dan budaya risiko, perusahaan disarankan untuk memperkuat penerapan risk based decision making serta meningkatkan integrasi antara fungsi underwriting dan manajemen risiko, didukung oleh pengembangan sistem informasi dan mekanisme pelaporan risiko yang lebih memadai. Rekomendasi ini diharapkan dapat meningkatkan tingkat maturitas manajemen risiko secara bertahap dan memperkuat ketangguhan PT XYZ dalam menghadapi risiko underwriting Marine Hull yang kompleks dan tidak terduga.

The Marine Hull reinsurance industry is characterized by a high level of uncertainty due to the complex, dynamic nature of its risks and their significant impact on companies’ financial performance. The risks involved are generally low in frequency but high in severity, meaning that a single major claim event may have a substantial impact on portfolio stability and business sustainability. In this context, the quality of the underwriting process becomes a key factor in maintaining a balance between risk acceptance and corporate profitability. Underwriting processes that are not supported by adequate risk management may increase risk exposure and amplify the potential for underwriting losses. PT XYZ, as a reinsurance company in Indonesia, faces increasing complexity in Marine Hull underwriting risks, which necessitates the implementation of a more structured, integrated, and consistent risk management approach to ensure that underwriting decisions are aligned with the company’s risk policies and risk-bearing capacity. This study aims to analyze the risk assessment process in Marine Hull Facultative underwriting at PT XYZ by measuring the level of risk management maturity based on the ISO 31000 framework and by formulating relevant improvement recommendations. The study adopts a mixed-methods approach, utilizing questionnaires, in-depth interviews, Focus Group Discussions (FGD), and document analysis. The measurement of risk management maturity is conducted using the Risk Management Maturity Model (RMM), which encompasses four main attributes: framework, risk culture, documentation, and systems within the underwriting process. This research combines quantitative and qualitative methods to obtain a comprehensive understanding of the implementation of risk management in Marine Hull Facultative underwriting at PT XYZ. Data are collected through questionnaires, in-depth interviews, Focus Group Discussions (FGD), and analysis of internal company documents. Risk management maturity is measured using the Risk Management Maturity Model (RMM), which evaluates four main attributes—framework, risk culture, documentation, and systems—using a five-point Likert scale. The study involves five key informants selected purposively, consisting of an underwriting manager, senior underwriters, an underwriting analyst, and risk management staff. The research is conducted from July to October 2025, and the maturity assessment results and qualitative findings are analyzed in an integrated manner to address the research objectives and formulate risk management improvement recommendations. The results indicated that the implementation of risk management in the Marine Hull Facultative underwriting process at PT XYZ had generally referred to the ISO 31000 framework. Risk identification, analysis, and evaluation had been conducted since the early stages of underwriting, particularly with respect to vessel characteristics, sailing routes, cargo types, and claims history. However, the implementation of risk management had not yet been fully integrated or consistently applied across all underwriting stages. The measurement of risk management maturity using the Risk Management Maturity Model (RMM) showed that the maturity level of Marine Hull underwriting risk management at PT XYZ ranged from the Preliminary to Defined levels. This maturity level indicated that risk management practices had existed and had been implemented within the organization but had not yet been optimally integrated into underwriting decision-making processes. Major weaknesses had still been identified in the areas of the risk management framework and supporting systems. This suboptimal maturity level reflected a gap between existing underwriting practices and ideal risk management practices, particularly in ensuring the consistency and quality of underwriting decisions, although the maturity level had not directly reflected short-term underwriting performance. Based on the maturity assessment results and the analysis of the company’s internal and external conditions, this study formulated several strategic improvement recommendations to enhance the quality of risk management implementation in Marine Hull underwriting at PT XYZ. The recommendations were focused on strengthening internal policies aligned with ISO 31000 and making them more adaptive to Marine Hull risks characterized by low frequency and high severity. In addition, greater standardization of underwriting processes was required through the development of more structured and well-documented risk assessment guidelines to reduce excessive reliance on individual underwriter judgment. From a governance and risk culture perspective, the company was advised to strengthen the application of risk-based decision making and to enhance integration between underwriting and risk management functions, supported by the development of more robust information systems and risk reporting mechanisms. These recommendations were expected to gradually increase the level of risk management maturity and to strengthen PT XYZ’s resilience in managing complex and unpredictable Marine Hull underwriting risks.