Page 41 - LIAM Annual Report 2021

AnnuAl RepoRt 2021 39

rePort of tHe ManageMent coMMittee

financiaL industry coLLectiVe
outreacH (finco) 2021

The Financial Industry Collective Outreach (FINCO) is a
collaborative initiative pioneered by all financial institutions
in Malaysia including insurers with the guidance of BNM to
provide underprivileged children and youth with the guidance
and educational tools they need to achieve their life goals.
FINCO seeks to achieve these objectives through the collective
development of flagship programmes in English Proficiency
and Life Aspiration, as well as coordinated efforts in Financial
Literacy and Disaster Relief and shared programmes supported
by individual financial institutions.

During the year, FINCO’s programme was extended to 1,140
schools across Malaysia benefiting 1,383 teachers and
8,492 students under the FINCO Reads and Life’s Aspiration
programmes.

A total of 239 volunteers were recruited from 17 Financial
Institutions in 2021, a significant increase from the 148
volunteers from 13 financial institutions in 2020.

Among the significant events held in 2021 were FINCO
Educators’ Symposium 2021, FINCO Outstanding Teacher
and Student Competition 2021 and FINCO COVID-19 Food Aid
Boxes.

deMand study on tHe eMerging Markets in MaLaysia for B40 and M40
segMents

The study, which is conducted by Milliman Advisors Sdn. Bhd, began at the end of March in 2021 and is currently ongoing.

The microinsurance products that are available in the market have generally been one-size-fits-all. To have a better understanding
of the needs of the B40 and M40 segments, LIAM and MTA, in consultation with BNM, engaged Milliman to conduct an in-depth
study to gain insights into these segments. The findings are expected to help companies to design products that would appeal
and fulfil the needs of the B40 and M40 segments.
Based on the discussions in phase 1, the study will take a deep dive into three selected segments i.e. gig workers, young families
as well as sales and service workers. Milliman will partner with Universiti Utara Malaysia to conduct the field survey for the next
phase. The study is scheduled to be completed in April 2022.