Monday, February 27, 2017

Zurich Malaysia - Aims To Be The Top

Smith: ‘The insurance industry does not have a reputation for being the sexiest and glamorous. Hence, we got to make ourselves outstanding in ways that we do our business.’ - SAMUEL ONG / THE STARFive years after setting its footprint in Malaysia, Zurich Insurance Malaysia Bhd says being innovative and agile are key factors for growth in the competitive insurance industry.
Industry players should be accessible, approachable and adaptable, while trying to walk away from traditional concepts, said its chief executive officer Philip Smith.

The insurance industry does not have a reputation for being the sexiest and glamorous.
Hence, we got to make ourselves outstanding in ways that we do our business. Zurich Malaysia this year will be “tweaking products based on consumers’ concerns, which includes protection against escalating medical concerns and making investments in a subdued market.

Given the changes in regulations, we are able to price our products differently, spread our distribution channels and online capabilities in many ways. Zurich Malaysia is currently in discussions with a lifestyle consumer portal website that deals with clothings, among other products.

Standing out in the business is the focal point since Zurich had set its presence in a market that’s long been dominated by bigger players here. The strategic rationale for MAA Takaful’s acquisition in 2016 was clear since Takaful is a syariah-compliant product and caters for the broader population segment. It’s a solid acquisition in its own right, but also act as a development centre from which Zurich can learn and ultimately export skills, capabilities and knowledge in this field to other parts of the world. 

With the regulatory changes, Smith said that the insurance industry landscape is poised to change over the next decade that will have a direct and profound impact on the experience that consumers and businesses have with insurance.

For the financial year 2016, Zurich achieved RM1.45bil in topline, of which life insurance business contributed RM800mil and the remaining from general insurance segment.
Despite the weakening ringgit, the company launched more foreign funds in 2016.

The agency business will likely see rapid changes once the various regulatory measures come into place. Those who do not have long-term commitment in the industry will be squeezed out, as regulatory changes will make it touch for part-time insurance agents to survive. Those who survive will become professionals and eventually start to form their own companies. 


Thief Tied To A Tree

pukau-puchong-2A Chinese woman who had “hypnotised” a local woman and allegedly took away her jewellery last year, was caught and tied to a tree after her victim spotted her at a market in Pusat Bandar Puchong near here today.
The 56-year-old suspect was apprehended when the 58-year-old victim sought help from the public, upon seeing the alleged confidence trickster at the market in Jalan Wawasan 2. 
Serdang police chief ACP Megat Mohd Aminuddin Megat Alias said in the 10.30am incident, the suspect was tied to a tree before the police were alerted.
He said in a police report on Aug 28, the victim had claimed the suspect and three other female accomplices had “hypnotised” her at a house and took away a gold necklace, jade pendant, gold bracelet and a jade bracelet worth a total of RM10,000.
In a statement here, Megat Mohd Aminuddin said the suspect was remanded for four days.

Sunday, February 26, 2017

Lipstick On Pig

rtyrtyrJust search for the miserable faces on the bus every morning and you’ll see the people heading to work who likely have leaders that would make you shake your head and wonder, “How did they ever get this far?”
Moronic, egotistical, riding power trips, you almost suspect some bosses out there take delight in driving employees to a point where they are as miserable as they are.
And that’s just the annoying ones. Others are so vindictive and spiteful that they can cause very troubling and very real mental illnesses down the track.
The Australian Institute of Management are corporate doctors, they carry out their work like GP’s who might be called into the office just to give the place a ‘check-up’, but in other more extreme cases, they’re called into companies when the situation is terminal.
And when it comes to dealing with ‘cancerous bosses’ and how they destroy business, CEO David Pich is the head surgeon. 
Mr Pich has heard every horror story imaginable when it comes to horrible bosses, and has even had the misfortune of working for some himself.
He provided Ten Eyewitness News with five very real examples of leadership scenarios which have taken place in the workforce – four of which are examples of bosses which Mr Pich himself has worked under. 
So if your boss fits into any of these categories, it might be time to look for work somewhere else.
     MR TOUGH 
       Mr Pich explains the ‘Tough Guy’ example using a boss he encountered while working for a software company in Australia. 
trgretert“The managing director took us for an off-sight meeting and it wasn’t long into the session when we noticed he’d padlocked the door closed,” Mr Pich explained.
Yep.
“He then proceeded to walk around the room holding a baseball bat, tapping it against his hands, as he told staff they’d failed to meet their quarterly target,” he added.
“He thought he was tough but just looked ridiculous and you could see everyone in the room lose respect for him."
LIPSTICK ON A PIG:
On the other end of the spectrum is the “Lipstick on a Pig” boss, who is simply afraid to give bad news. 
Mr Pich said these types of managers come in numerous forms and can be defined as “outright liars who refuse to say bad things”.
The AIM leader said he experienced a “Lipstick on a Pig” boss while working in a marketing role at a law firm in London. 
He explained that on the first day of the job he discovered that another employee, whom he thought he was replacing, was still employed in the same role.
“On the first day I was informed that someone was in the job that I’d been offered, they just didn’t have the strength to tell that person that they weren’t performing,” Mr Pich said. 
“They tried to dress up bad news and I was then expected to work with this person.”
Not surprising that Mr Pich only lasted three weeks in the job before quitting.
BOSS WITH NO BOUNDARIES
Then there’s the “Boss with no Boundaries”, one which can’t decide whether he wants to be a leader, a friend, or a lover. 
Mr Pich said these type of leaders in particular make for a toxic environment and high staff turnover.
“They’re a boss who has the reputation of doing the wrong thing,” he said.
THE UN-MOTIVATOR
rtyrtyrtAnd then, there’s the “un-motivator”.
While working for a global IT company, Mr Pich said he came across a boss who used military analogies to motivate the marketing and sales team.
He said rather than motivating employees it actually had the opposite effect.
“These are the type of bosses who take work far too seriously in the name of motivation,” Mr Pich said.
THE AVOIDER:
Additionally, have you ever felt guilty for using the company credit card for something you probably shouldn’t?
While Mr Pich was working as a HR manager he had to deal with disciplinary issues quite a lot, but this one tops the list.
“The worst example of management I’ve come across is when the boss avoids being the manager,” he said.
“I call this “The Avoider” and this kind of person causes absolute chaos because they provide no rules, guidelines or expectations.”
As a result of this, an employee thought it was okay to take his family on a trip to Disneyland Paris on the company credit card.
“It looks like an employee problem, but was a total ‘non-manager’ issue… we ended up dismissing them both. The employee for misconduct and the manager for allowing it to happen.
Image result for lipstick on pigs
So, how do you deal with these types of bosses?
We can be quite certain you’ve stumbled across a manager at some point during your working life who fits one or more of these categories, but often we don’t know what to do when it happens.
Mr Pich explains that staff need to focus on themselves, know their boundaries and own value system.
“Ask yourself, ‘is that acceptable?’ or ‘Can I live with that?’,” he said.
“It’s important you know your boundaries, then communicate and share the experience with a colleague, HR rep or someone outside the organisation.
“Then give clear and concise feedback to your boss.”
Mr Pich highlighted that the most important thing is to not attack your boss but to refer to and draw on your own feelings before coming to an agreement.
And his final tip? 
Get a mentor.
Mr Pich currently has two mentors who he liaises with on a regular basis. They offer him support as well as bouncing ideas off each other.
“They can help set boundaries as well as work toward overcoming difficult workplace bosses,” he said.
“Issues with manager are very common issues and people would do well to deal with the issues early because these issues can fester and they can cause mental health issues early, work out strategy.”

Life Insurance Peace Of Mind

Image result for peace of mindWhat’s the one thing you care about more than anything else? Most of us would say “My family.” But not everyone asks themselves “How would my family survive if I’m not here?” That’s what life insurance is for — to protect and support your family if anything happens to you. Right now, your family depends on your financial support. Life insurance will provide for their financial needs, ensure that their lives are not disrupted, and will help them fulfill the dreams they’re working to realize now, even if you’re gone.
Life insurance is a good thing. Some employers provide life insurance to their workers as a benefit, but most of the time, it’s only worth one year of the employee’s salary. And that probably won’t be enough to take care of the ones you love.
A good life insurance agent can help you figure out what your family needs to survive and prosper, and explain the various types of life insurance that are available to meet your specific needs. Your agent will help you determine the level of coverage your family needs.
Image result for peace of mindCash Needs There are two main considerations. Your family’s cash needs, and their income needs. Cash needs are the costs your loved ones will face right away. Like the final expenses after a death. They include burial and funeral costs, paying off medical bills or costs related to an illness or accident, and sometimes attorney’s fees.
Cash needs also include the day-to-day bills you help your family pay. Without you, they may face challenges paying credit card or utility bills, or the current mortgage payment. The Life Insurance Marketing and Research Association, or LIMRA, is a worldwide research, learning and development organization. It calculates family needs before and after the death of its major income earner. According to LIMRA, if you take care of your family’s cash needs, then they may not require as much income as you brought in — as they continue to live their lives.
Image result for peace of mindIncome Needs - This is the income your family will need going forward, after the initial cash costs are settled. A good insurance agent will help you think of everything you need to calculate this. The agent will consider how long it will take your family to recover after your death, and the extra income that may be required while they get back on their feet. This money can be used to pay off your mortgage completely. Income needs also include education costs for your kids, and the possibility that your spouse may want to go back to school as well.
Now, to the two basic types of life insurance to consider — Term Life, and Permanent Life Insurance. To put it very simply, Term Life is like renting an apartment, and Permanent Life is like owning a home.
Term Life - This type of insurance is ideal for those who may be on a more restricted budget. But that doesn’t mean a reduced benefit. A 30-year-old male non smoker would pay about $50 a month for a life insurance policy with a face amount of $500,000. That’s an affordable level of income tax free death benefit protection*. Even clients who take a few medications, or are a few pounds overweight can still qualify for a good risk class for coverage. Term insurance covers you for a fixed period of time, such as 5,10,or 20 years. It will provide a death benefit if you die during that period provided premiums are paid when due. But like renting, it’s a temporary solution, you don’t build equity or policy cash value with term insurance, and though the rates are lower at first, they will increase as you renew.
Image result for peace of mindPermanent Life Insurance - This type of insurance is more like owning a home. Like term insurance, it too, provides a death benefit, which is generally income tax free. Premiums are higher at the beginning than term policies. But they will not increase like term insurance does and it’s a permanent solution. For example, a Whole Life policy will provide a lifetime of protection without a premium increase. It builds cash value, which can be borrowed against as a policy loan for any reason. You don’t have to pay back the loan, however the loan amount plus loan interest you owe will be subtracted from the death benefit proceeds when you die. If you don’t touch the cash value, you could end your out-of-pocket premium payments at some point, by using the accumulated cash value in the policy to help pay the premium. Please note that because in this arrangement premiums are paid by using non-guaranteed policy values, a reduction in the applicable dividend scale for the policy may result in further out-of-pocket cash premium payments.
Apart from Whole Life, there are other types of permanent life insurance such as Universal Life. A life insurance agent can explain both and give you information to make an informed decision as to which type would better meet your goals. Your family is one of the most precious things in life. Now is the time to think about their future, and a good agent and insurance company will work hard to ensure that you have the best coverage, for the best price, to protect them and give you peace of mind.