What’s on the Hori­zon for 2013

We asked Vin­cent Kwo Shih Kang, Pres­i­dent of Life In­surance As­so­ci­a­tion of Malaysia (LIAM) to share the As­so­ci­a­tion’s plans for 2013.

Insurance - - FOCUS OUTLOOK 2013 -

Malaysia’s ris­ing domestic de­mand also needs to be sus­tained by the devel­op­ment of a much broader range of fi­nanc­ing op­tions for health­care, ed­u­ca­tion and re­tire­ment. It needs to be well sup­ported by a skilled work­force and am­ple distri­bu­tion av­enues to ser­vice its cus­tomers,” he said.

The Chal­lenge of Qual­i­fied Pro­fes­sion­als & LIAM’s Ini­tia­tives

In­vest­ment in hu­man cap­i­tal is in­stru­men­tal in shap­ing the im­prove­ments to the fi­nan­cial ser­vices in­dus­try. Knowl­edge, skill, com­pe­ten­cies and ca­pa­bil­i­ties have be­come the key strate­gic drivers of pro­duc­tiv­ity, com­pet­i­tive­ness and growth. Bank Ne­gara Malaysia (BNM) has spear­headed the es­tab­lish­ment of var­i­ous in­sti­tu­tions to de­velop hu­man cap­i­tal; work­ing closely with all stake­hold­ers to en­sure the tal­ent chain re­mains im­pec­ca­ble. The in­dus­try em­barked on var­i­ous ini­tia­tives to ad­dress this is­sue. One of them is the col­lab­o­ra­tive ef­fort with BNM in cre­at­ing the Ca­pac­ity Build­ing Fund (CBF) to stim­u­late the train­ing and devel­op­ment of a highly skilled and com­pe­tent work­force. The CBF was the out­come of the sug­ges­tion by the Gov­er­nor of BNM to ex­plore fi­nan­cial mech­a­nisms to help up­scale and el­e­vate The Malaysian In­surance In­sti­tute (MII) so that MII can de­liver its man­date. The CBF cov­ers two key ar­eas:

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