Inspiring Young Leaders
It has become a tradition for INSURANCE to feature an interview with the winner of the Young ASEAN Managers Award (YAMA). It is a tradition that I really like because the winners are all so inspiring and open to sharing their experiences. This year’s winner, Pichet Jiaramaneetaveesin, Head of Corporate Actuarial of American International Assurance Company Limited Thailand, has achieved a great deal for both his company and his profession. What I find particularly impressive is the enormous time that Pichet devotes towards making sure that he contributes not only to his job but also to his profession. In his words, “a leader should be a good representative for the industry, showing his or her willingness to speak honestly to the public about the challenges facing the industry to encourage collaboration among stakeholders.” With young managers who think like Pichet, I believe the industry can look forward to an active, inspiring and dedicated team of leaders in the coming years.
From one extreme to the other – on the one hand, we have featured Pichet’s positive contribution to the insurance industry. On the other hand, in this same issue, we also feature the ugly side of human nature – fraud in the insurance industry. As Rebecca C., points out in her article, Insurance Fraud in Malaysia, “For as long as the insurance industries have thrived in Malaysia, so too have individuals and organised crime syndicates been raking in millions with false claims.”
Whilst insurance fraud is too large an area to cover in one issue, we have selected practical articles to trigger ideas for readers to battle against it. Particularly detailed and interesting is John Hoswell’s step-by-step explanation of what is involved in the scientific investigation of a fire claim. It is certainly a very thorough approach. Whilst John’s article concentrates on physical investigation, a great deal can also be gleaned from data analysis as a method of highlighting red flags for potential fraudulent claims. Helen Lim concentrates on the analytical aspects of fraud detection in her article, Fraud Detection Approaches.
In this issue we also continue our series of articles on knowledge management. Rumesh Kumar argues that as Malaysia moves along the K-economy master plan, knowledge assets are keys to a high performance culture. Rumesh writes in his article, Managing Knowledge Assets in the Finance & Insurance Industry that unfortunately, “Despite enormous efforts undertaken by the government and private enterprises to introduce knowledge management in the finance and insurance industry, the response in terms of successfully implementing knowledge management in this sector has been lukewarm. There is a general sense of reluctance to accept knowledge management as a tool to improve bottom line performance.” As an industry we clearly have a long way to go along the knowledge management path and in INSURANCE we will continue to do our part by providing good, practical articles and experience sharing articles in the area.