IN­SURANCE & TAKA­FUL DAY 2012

[ Source: Life lnsurance As­so­ci­a­tion of Malaysia (LlAM) Press Re­lease, 5 July 2012 ]

Insurance - - INDUSTRY UPDATES -

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.

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