For 2020

Look­ing over the hori­zon

Insurance - - EDITORIAL - Khadi­jah Ab­dul­lah Ed­i­tor

Our cover story for this is­sue is MII’s Trans­for­ma­tion Blue­print 2013-2020. The blue­print was catal­ysed by the hu­man re­source devel­op­ment ob­jec­tives con­tained in Bank Ne­gara Malaysia’s blue­print for the fi­nan­cial sec­tor. MII was quick off the mark in set­ting up a project to en­sure the or­gan­i­sa­tion is to­tally aligned to the ob­jec­tives of BNM’s blue­print. The in­tense ef­forts that we have ex­pended in the last five months which in­clude ex­ten­sive en­gage­ment with key stake­hold­ers and bench-mark­ings with the world's best have pro­duced break­through out­comes in the form of new gov­er­nance struc­tures and a qual­i­fi­ca­tions frame­work which have re­ceived ex­tremely en­cour­ag­ing sup­port from the in­dus­try. This project was pre­sented and ap­proved at the AIF Board meet­ing chaired by Yang Ber­ba­ha­gia Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz on 28 Septem­ber 2012. We are ex­pect­ing sig­nif­i­cant changes across a broad spec­trum of ar­eas, most sig­nif­i­cantly in the gov­er­nance of the dual man­dates of MII, be­ing ed­u­ca­tion and serv­ing as a pro­fes­sional body for the in­surance in­dus­try.

It is not only MII that has been trans­form­ing, but also the in­surance in­dus­try in Malaysia as a whole. The re­cent spate of merg­ers and ac­qui­si­tions has meant that sev­eral new en­ti­ties have emerged. Th­ese new en­ti­ties bring a new per­spec­tive and di­men­sion to the in­dus­try and much of this is not yet un­der­stood by both con­sumer and busi­ness cus­tomers. This is a real brand­ing chal­lenge, hence the fo­cus in this is­sue on brand­ing. We have been for­tu­nate to get the story from the trenches as it were, as Ace Jerneh Coun­try Pres­i­dent, Steve Crouch ex­plains the chal­lenges the com­pany went through in its re­cent re­brand­ing ex­er­cise. As Steve ex­plains, for many com­pa­nies right now re­brand­ing is not a mat­ter of choice. The world and the com­pany have changed so much that a re­brand­ing ex­er­cise must be done. He writes, “Fol­low­ing the suc­cess­ful in­te­gra­tion … Like any new brand in the mar­ket, it is im­por­tant for ACE Jerneh to em­bark on a re­brand­ing ex­er­cise not only be­cause its logo and name have changed but also to raise aware­ness about the en­hanced value propo­si­tion to its tar­get au­di­ence i.e. cus­tomers, agents and busi­ness part­ners.”

Mov­ing for­ward seems to be the theme of this is­sue. And, as the world moves for­ward into un­char­tered wa­ters, in­sur­ers are faced with par­tic­u­larly dif­fi­cult un­der­writ­ing chal­lenges. This is cer­tainly the case with the open­ing up of the Ar­tic re­gion fol­low­ing global warm­ing. In his ar­ti­cle, Break­ing the Ice, David Thom­son points out both the ben­e­fits of open­ing up ship­ping lanes in the Ar­tic – ac­cess to un­told re­serves of oil and other re­sources un­der the melt­ing ice cap – and also the un­der­writ­ing chal­lenges be­cause new ship­ping lines here are open really only to ice rated ves­sels, ac­com­pa­nied by ice break­ers, with very lim­ited res­cue and as­sist­ing fa­cil­i­ties.

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