MITBA’S Per­spec­tive on What’s on the Hori­zon for 2013

Alex Low Choon Hoong, Chair­man of The Malaysian In­surance and Taka­ful Bro­kers As­so­ci­a­tion (MITBA) shares his thoughts on the chal­lenges that MITBA faces with hu­man cap­i­tal re­sources and meet­ing the strate­gic di­rec­tion of the Fi­nan­cial Sec­tor Blue­print.

Insurance - - FOCUS OUTLOOK 2013 -

Q: The domestic fi­nan­cial in­sti­tu­tions in Malaysia are un­der­go­ing re­struc­tur­ing, con­sol­i­da­tion and ra­tio­nal­i­sa­tion due to the ef­fect of glob­al­i­sa­tion. Hav­ing greater scale, there is in­creased in­vest­ment in tech­nol­ogy and tal­ent. How much of a prob­lem is the short­age of qual­i­fied work­ers for the broking sec­tor? What are MITBA’s ini­tia­tives in ad­dress­ing this cru­cial need? The in­surance in­dus­try in gen­eral has found it chal­leng­ing to at­tract grad­u­ates and tal­ent into the in­dus­try. For bro­kers, this has been more acute given the greater spe­cial­i­sa­tion of skills and re­quire­ments. The in­dus­try has em­barked on a num­ber of ini­tia­tives in­clud­ing es­tab­lish­ing the Ca­pac­ity Build­ing Fund in col­lab­o­ra­tion with the Asian In­sti­tute of Fi­nance, The Malaysian In­surance In­sti­tute and Bank Ne­gara Malaysia, to try to at­tract and re­tain tal­ent within the in­dus­try. Through this fund, a num­ber of projects have been ini­ti­ated, some of which have been com­pleted. One of th­ese is es­tab­lish­ing a set of com­pe­ten­cies within a Com­pe­tency Frame­work for the in­dus­try. As the Com­pe­tency Frame­work is pri­mar­ily for in­surance com­pa­nies, MITBA is tak­ing the Com­pe­tency Frame­work a step fur­ther by en­gag­ing a con­sul­tant to map out the re­quired pro­fi­ciency lev­els by jobs and/or po­si­tions for bro­kers. This will also en­tail un­der­tak­ing a de­tailed gap anal­y­sis to iden­tify the com­pe­ten­cies that are suit­able for bro­kers. In ad­di­tion, we are also de­vel­op­ing a Con­tin­u­ing Pro­fes­sional Devel­op­ment (CPD) pro­gramme in con­sul­ta­tion with Bank Ne­gara Malaysia, to en­hance the pro­fes­sion­al­ism and skill lev­els of bro­kers. We ex­pect to fi­nalise and im­ple­ment the CPD pro­gramme within the next 12 months.

Q: The launch of the Fi­nan­cial Sec­tor Blue­print 2011-2020 en­com­passes a strate­gic di­rec­tion to­wards em­pow­er­ing con­sumer rights and ex­cel­lent ser­vices by the in­surance and taka­ful in­ter­me­di­aries. As a pro­fes­sional in­ter­me­di­ary of the in­surance and taka­ful in­dus­try, how im­por­tant is this re­quire­ment to the broking in­dus­try? What are the ar­eas bro­kers need to im­prove to meet this re­quire­ment?

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