KUALA LUMPUR (April 3): Dynafront Holdings Bhd has accepted a contract from an Indonesian consultancy business to develop and implement two software components for insurance-related business.

The group’s wholly-owned subsidiary Dynafront Systems Sdn Bhd (DSSB) accepted the contract from PT Bangun Cipta Masa Depan (BCMD) for the design and maintenance of an online agency management system, and leads generation mobile app for sale of insurance policies.

Key features on the online agency management system includes agency management, online reports, agency communication portal and security, Dynafront explained.

The contract is effective today (April 3) until Dec 31, 2050.

DSSB shall receive a fee equivalent to 2% of the new and renewal premiums generated during the first two years of any new insurance policy sold by PT Asuransi Allianz Life Syariah Indonesia via the leads generation app “AZ Force Indonesia”.

“Such fee structure shall continue for any new policies sold thereafter until the maturity or termination of the contract. DSSB shall invoice BCMD on a monthly basis with a credit term of 30 days,” Dynafront said.

Dynafront added that the contract will also entail system upgrades, technical support and maintenance, as well as the use of third-party hardware and software licenses at the expense of DSSB.

BCMD was established on May 12, 2015 in Jakarta, Indonesia as a consultancy, digital platform, lead generation and insurance referral business.

Together with PT Bangun Usaha Sukses Sejahtera, its local insurance collaboration partner, they form one of Indonesia’s largest and fast-growing independent life insurance agency companies.

Collectively, they have an agency comprising approximately 50,000 insurance agents located throughout the country, Dynafront said.

Share price of Dynafront settled four sen or 7.55% higher to 57 sen, bringing it a market capitalisation of RM58.32 million.