Spot­light on Re­tire­ment Plan­ning…

Insurance - - CONTENTS - Khadi­jah Ab­dul­lah Ed­i­tor in­sur­anceed­i­tor@mii.org.my

The Fo­cus sec­tion puts Re­tire­ment Plan­ning un­der the mi­cro­scope and we have ex­cel­lent con­tribut­ing au­thors shar­ing their in­sights on this sub­ject. Jan­ice Chia, Founder & Manag­ing Direc­tor of Age­ing Asia Pte Ltd in Sin­ga­pore ex­plains the fi­nan­cial im­pli­ca­tions of an ag­ing society and the need for in­sur­ers to act now as the num­ber of se­nior cit­i­zens is in­creas­ing in Malaysia. The bot­tom line for in­sur­ers is that, “There is a tremen­dous op­por­tu­nity to pro­vide health in­surance cov­er­age for older adults aged over 60 with yearly pre­mi­ums ad­justed based on their yearly med­i­cal check-ups.” Raja Ah­mad Khirud­din tells us about the true cost of re­tire­ment, en­com­pass­ing is­sues such as the need for in­surance and taka­ful ed­u­ca­tion to make re­tire­ment fi­nan­cially vi­able. He gives a word of cau­tion about emerg­ing trends and en­cour­ages peo­ple to make re­tire­ment plans as early as pos­si­ble. There are prac­ti­cal is­sues about re­tire­ment both from the busi­ness an­gle and from the per­sonal an­gle of our in­di­vid­ual plan­ning. Thought lead­er­ship in busi­ness fields tra­di­tion­ally comes from large firms with the funds to re­tain mar­ket­ing staff, fund in­ter­nal “in­sti­tutes” or hire mar­ket­ing con­sul­tants. But to­day, with the wealth of free chan­nels avail­able, even agents can de­velop a thought lead­er­ship agenda and de­liver valu­able knowl­edge di­rectly to their cus­tomers. Daniel W. Ras­mus in Be­com­ing a Thought Leader in the In­surance In­dus­try, pro­vides the steps on how to cre­ate ideas with an au­di­ence in mind and the steps that will lead one to be­com­ing a good thought leader. We car­ried out a sim­ple sur­vey about the use of so­cial me­dia by in­sur­ers as part of their or­gan­i­sa­tion’s busi­ness strat­egy. The re­sults in­di­cate that the use of so­cial me­dia is still in its in­fancy in this part of the South East Asian re­gion. In the ar­ti­cle – Is the Malaysian in­surance in­dus­try us­ing so­cial me­dia yet? – Etiqa In­surance and Taka­ful shared how they have em­barked on so­cial me­dia to cre­ate brand aware­ness and agency en­gage­ment. They hope to con­tinue us­ing so­cial me­dia in their busi­ness strat­egy, as this av­enue has shown pos­i­tive re­sults in meet­ing their ob­jec­tives. Ul­ti­mately and ide­ally, in­sur­ers would like to see so­cial me­dia be­com­ing a tool that they can use ef­fec­tively as a source of in­for­ma­tion for prod­uct and ser­vices devel­op­ment as well as re­fine­ment to add value to con­sumers’ lives. Busi­ness is a Con­ver­sa­tion: An In­tro­duc­tion to the Gur­teen Knowl­edge Café by David Gur­teen high­lights the benefits of knowl­edge shar­ing as be­ing key to an or­gan­i­sa­tion’s suc­cess. How­ever, real knowl­edge shar­ing, he says, re­quires an open mind­set. Gur­teen in­tro­duces a tool called knowl­edge café that can be used to share tacit knowl­edge and he ex­plains how this can be ap­plied to teams, com­mu­ni­ties or used in si­los to ques­tion en­trenched as­sump­tions, help fa­cil­i­tate learn­ing and to gain a deeper un­der­stand­ing of a sub­ject through con­ver­sa­tion. Most com­pa­nies will agree that data and in­for­ma­tion are im­por­tant as­sets. Yet, some might not re­alise that a stan­dard prop­erty pol­icy might not re­spond to a loss at cloud level. Jil­lian Raw in In­sur­ing the cloud – A wave of in­no­va­tion points out where in­sur­ers can par­tic­i­pate in un­der­writ­ing for cloud com­put­ing. His­tor­i­cally, cloud providers have al­ways dis­claimed all li­a­bil­ity for losses. But as the cloud com­put­ing mar­ket ma­tures, there is a need for this in­dus­try to be reg­u­lated. So, it is an­tic­i­pated that cloud providers will not be able to dis­claim all ac­count­abil­ity and it ap­pears that the in­surance mar­ket is al­ready recog­nis­ing these changes in the form of spe­cific cloud provider poli­cies and cus­tomised prod­ucts. In Mo­ments that mat­ter – how val­ues, cul­ture and be­hav­iour make a dif­fer­ence, Angie Wong points to the re­cent In­surance Banana Skin Sur­vey 2013 that high­lights the bur­den of reg­u­la­tion as the top risk in the world rank­ings for the sec­ond year in the sur­vey. Other is­sues in­cluded poor in­vest­ment cli­mate, dif­fi­cult macro-eco­nomic cli­mate and con­cerns over en­sur­ing con­sumer in­ter­ests. How­ever, the feed­back from the Malaysian re­spon­dents is starkly dif­fer­ent from the global play­ers. Malaysians com­mented very pos­i­tively about the reg­u­la­tory en­vi­ron­ment and their main con­cerns were in cor­po­rate ar­eas such as gov­er­nance. Angie homes in on cap­i­tal­is­ing an or­gan­i­sa­tion’s adapt­abil­ity and cul­tural el­e­ments for in­no­va­tion and meet­ing its goals suc­cess­fully. I hope this is­sue with its Fo­cus on Re­tire­ment Plan­ning will pro­vide “food for thought” to read­ers, whether you are an in­surer or a per­son on the street, to look ahead in terms of what to ex­pect and how to nav­i­gate through the range of prod­ucts and ser­vices that would best ful­fil the needs of the users.

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