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.
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: