Page 8 - LIAM Annual Report 2021

Life insurance association of MaLaysia 6

President’s Message

As a kickstart, LIAM invited four vendors for the Request for respond to a range of market trends, spot the challenges
Proposal exercise in July 2021 and selected a vendor as project and opportunities, move faster and emerge stronger to stay
manager to work with Insurance Services Malaysia (ISM) relevant in the new business environment.
Berhad to further explore the implementation of the platform.
In tandem with the advancement in technology, insurance
A Steering Committee comprising CEOs from member products are now easily accessible via the online channels and
companies of LIAM, PIAM, MTA and ISM was formed as the interaction with the customers are done through live chats,
governance body to oversee the project. The Committee held customer portals and social media platforms where they get
its first meeting on 9 December 2021. the response on the spot.

An industry survey is currently being conducted to gauge the Agents continued to sell and provide advice to customers
interest of Insurers and Takaful operators (ITOs) to participate via virtual platforms, and they were allowed to enhance
in the platform and simultaneously, ISM is also working out the their skills and professionalism through the agents’ portal,
value proposition of the platform with the vendor. virtual trainings, virtual examinations, etc. Through LIAM’s
arrangement with the Malaysian Insurance Institute (MII), the
Medical and Health insurance campaign to virtual Pre-Contract Examination for agents and intermediaries
educate Malaysians to be smart consumers is now available for six sessions per day and for large intakes,
special sittings can be arranged on a Saturday.
During the year, the insurance and takaful industry jointly
launched a consumer education campaign on medical and Companies are also becoming more explorative and innovative
health insurance called #AmbilTauBarulahTau (If you don’t find by introducing a range of simple and affordable products to
out, you’ll never know). capture a wider audience particularly the young generation
who are tech-savvy.
Launched on social media on 29 November 2021, the
campaign aimed at driving awareness among Malaysians insurance industry data driven organisation
on the importance of medical and health insurance, factors diagnostic
that could lead to changes on premiums and educating
policyholders on their roles as responsible consumers. One of the key areas that the industry is focusing on is
Other than the educational infographics, the campaign also enhancing digital skills within the workforce. LIAM has engaged
encompasses testimonial videos, educational write-ups on the Centre of Applied Data Science (CADS) to assess the
content portals and social media postings by a key opinion stand of member companies in terms of being a data-driven
leader and a financial blogger. organisation.

In conjunction with the campaign, exclusive interviews with The assessment framework, which will cover 6 key dimensions
Bernama and BFM radio station were also arranged to highlight namely Strategy, Organisation, Talent, Technology, Data and
the factors that contribute to medical inflation, the industry’s Analytics, is scheduled to be completed in March 2022.
efforts in managing the issue and initiatives by insurers to
assist policyholders. The industry also unveiled the findings of The study will provide a bird’s eye view of the data-driven
the healthcare study on “Drivers of Medical Costs and Medical organisation landscape of the life insurance sector and a
Insurance Premium Inflation 2020” at the media interviews. diagnosis of the strength, gaps and priority focus areas. It will
The interviews garnered extensive media coverage and the provide a baseline diagnosis to enable LIAM to draw up the
feedback received from the industry has been very positive. appropriate measures at the industry level, to better navigate
the digitalisation transformation of the industry and drive
acceLeration of digitaL tecHnoLogy in the sector’s progression towards increasing its potential and
Life insurance Business competitive advantage at the global level.
The pandemic and the remote working environment have financial sector Blueprint 2022–2026
accelerated the adoption of digital technology in our daily
business operations. Interaction with customers via digital The launch of the Financial Sector Blueprint 2022-2026 by
channels have increased tremendously and has become an Bank Negara Malaysia is timely in setting the strategy for the
important channel of communication in today’s business. development of the financial sector over the next five years.
Hence, customer expectations are rising and intermediaries
are stepping out of their traditional roles to address market Launched by Minister of Finance YB Senator Tengku Datuk
expectations and to capture a wider audience. Seri Utama Zafrul Tengku Abdul Aziz, the virtual affair was held
on 24 January 2022, in conjunction with the MyFintech Week
With the acceleration of digital technology, companies need 2022.
to be prepared to adjust its distribution models to effectively