Knowl­edge Man­age­ment

A Ma­jor Chal­lenge of the Decade

Insurance - - EDITORIAL - Khadi­jah Ab­dul­lah Ed­i­tor

In this is­sue we con­cen­trate on one of the ma­jor chal­lenges of the decade for the Malaysian econ­omy – knowl­edge man­age­ment. First we have to ad­mit that as an in­dus­try, we are be­hind the com­pe­ti­tion in this field be­cause whilst we are at the thresh­old es­tab­lish­ing knowl­edge man­age­ment plat­forms and pro­to­cols, oth­ers are em­bark­ing upon the next step of ac­tu­ally mak­ing good com­mer­cial use of the ac­cu­mu­lated knowl­edge at their fin­ger­tips. That said, we are none­the­less at an ex­cit­ing time for knowl­edge man­age­ment be­cause it is now squarely on the na­tional agenda as a re­sult of the fo­cus it re­ceived in the Fi­nan­cial Sec­tor Blue­print by Bank Ne­gara Malaysia.

In our lead sto­ries we con­cen­trate upon the Knowl­edge Man­age­ment Task Force (KMTF) for the fi­nan­cial ser­vices sec­tor. MII was tasked to lead this project to re­alise the syn­er­gies in the knowl­edge pools of MII, AIF, IBBM, IBFIM and INCEIF. We have ar­ti­cles from the var­i­ous part­ners in this ini­tia­tive and it is heart­en­ing to see the sin­gle fo­cus and ob­jec­tive emerg­ing. It is clear that each or­gan­i­sa­tion sees syn­ergy for the whole of the in­surance in­dus­try, es­pe­cially in tal­ent devel­op­ment, and also many ad­van­tages for the in­di­vid­ual or­gan­i­sa­tions through the KMTF.

KMTF, how­ever, is an ini­tia­tive at the in­dus­try level. For knowl­edge man­age­ment strate­gies to really de­liver, there needs to be ef­fec­tive knowl­edge man­age­ment within or­gan­i­sa­tions. This is the topic of our fo­cus sec­tion in this is­sue.

The ar­ti­cle, Fo­cus on Tech­nol­ogy Plat­forms drills down to ex­actly the ar­eas in which in­surance com­pa­nies can ben­e­fit from knowl­edge shar­ing and there are many – re­duc­ing fraud risk, im­prov­ing claims turn­around times and re­duc­ing time to mar­ket are just a few of the ar­eas. With th­ese kinds of ben­e­fits on the hori­zon, in­sur­ers are in­vest­ing into knowl­edge man­age­ment sys­tems; how­ever, there are sig­nif­i­cant ob­sta­cles to re­al­is­ing the ben­e­fits.

Firstly, the in­surance in­dus­try has re­cently gone through a ma­jor con­sol­i­da­tion phase and so knowl­edge man­age­ment is not a top pri­or­ity for sys­tem devel­op­ment; in­stead the fo­cus is on con­sol­i­dat­ing front end and core busi­ness sys­tems in those com­pa­nies that have newly merged or have com­pleted ma­jor ac­qui­si­tions. Se­condly, as we see re­peated in our fo­cus ar­ti­cles, at an in­di­vid­ual level there is a feel­ing that knowl­edge equates to power. This is a cul­tural is­sue, which is prov­ing dif­fi­cult to over­come. The an­swer it seems from the ar­ti­cle, Cor­po­rate Story Telling, is not to con­cen­trate on cold hard facts, but in­stead to in­voke the emo­tions of staff so they be­come em­broiled in the ad­ven­ture of cor­po­rate chal­lenges.

We also take a look in this is­sue at an­other area, which is both a sig­nif­i­cant chal­lenge and a sig­nif­i­cant op­por­tu­nity for the in­surance in­dus­try in Malaysia – Pen­sions. Jef­frey Lai from Ac­cen­ture, shares the re­sults of a sur­vey of some 8000 peo­ple and gives some very prac­ti­cal step by step ad­vice on seg­men­ta­tion as a way to ap­proach the grow­ing re­tire­ment mar­ket place.

This is­sue also looks upon mat­ters that the Malaysian in­surance in­dus­try is cur­rently fac­ing. With glob­al­i­sa­tion tak­ing over the world to­day, Malaysia, as a small yet sig­nif­i­cant mar­ket must be able to quickly adapt and re­spond to the aris­ing chal­lenges and de­vel­op­ments of the in­dus­try. There­fore, we bring you high­lights of our 2nd Malaysia In­surance Sum­mit 2012, in which we have peo­ple from var­i­ous lev­els and back­grounds in the in­surance and taka­ful in­dus­try to share their thoughts and an­tic­i­pa­tions on the out­look of the Malaysian in­surance mar­ket.

We take this op­por­tu­nity to wish you the very best in 2013. With the moun­tain of op­por­tu­nity and chal­lenge for our in­dus­try be­com­ing ap­par­ent, it cer­tainly prom­ises to be a very ful­fill­ing year for those will­ing to take on the chal­lenges.

A Happy New Year to all our read­ers.

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