INSURANCE & TAKAFUL DAY 2012
[ Source: Life lnsurance Association of Malaysia (LlAM) Press Release, 5 July 2012 ]
The Life lnsurance Association of Malaysia (LlAM) organised the first Insurance and Takaful Day together with two children's charity homes at McDonald’s Maju Junction on 5 July 2012. Other industry associations, Persatuan lnsurans Am Malaysia (PIAM), Malaysian Takaful Association (MTA), Malaysian lnsurance and Takaful Brokers Association (MITBA), Association of Malaysian Loss Adjusters (AMLA) and The Malaysian lnsurance Institute (Mll) also participated in this event. The Insurance and Takaful Day – themed “your friend for life” – was aimed at bringing the financial association and its members closer to the community. LIAM's President, Vincent Kwo Shih Kang, noted that the whole industry was represented at the event. This augurs well for the industry as it reflects the strong relationships that have developed through the years. Apart from this, LIAM will also be focusing on reaching out to the other parts of Malaysia in promoting the integral part of life insurance. The Association hopes to raise the awareness of life insurance and the value of having life insurance. This is in tandem with the recently launched Financial Sector Blueprint on concerns about raising awareness and lifting financial literacy. The Association believes that the best way to reach out to the public is to get on the ground to inform the masses about the virtues of having life insurance. Consumer understanding is crucial in the insurance business, as both the government and LlAM seek to raise the insurance penetration rate from 43% to 75% of the population by the year 2020. LIAM has begun its community outreach by collaborating with Bank Negara Malaysia (BNM) in their BNM Mobile LINK – coach roadshow which had been ongoing for the last six months. The LIAM’s team were at two communities in Tanah Merah, Kelantan to provide one-on-one advisory services to the underserved community there. Other outreach and consumer education plans are also in the pipeline.