The Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) is developing an integrated financial website, equipped with self-assessment tools to guide consumers in choosing suitable life insurance products.Additionally, the associations would also introduce an online insurance product which would allow consumers to compare prices and product features, said LIAM management committee member Gan Leong Hin.
“Advances in digital technology and the rise of the millennials are changing the demand and expectation for life insurance products and services, and these changes would bring about new challenges and demand to a career in life insurance sales,” he said at the opening of the 16th Asia Pacific Life Insurance Congress on Wednesday.
He urged insurance agents to embrace technology and use it to provide better service to customers. Gan added that regulations around the world were also changing rapidly to address issues such as providing protection to consumers, financial risks due to fraud, poor corporate governance and disruptions due to technological advancements.
He said the implementation of the Life Insurance and Family Takaful Framework by Bank Negara Malaysia in 2015 had transformed the industry as it aimed to reduce protection gaps and ensure that 75% of the population were insured by 2020.
Among other things, the framework aimed to promote innovation in products and diversification in distribution channels.
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