Fact Versus Misconception
there is nothing wrong with this
general understanding one cannot ignore the truth that there are
where insurance offers may be structured.”
INSURANCE MAY NOT BE THE HOTTEST TOPIC FOR discussion for many people from different walks of life. In fact some label it as a waste of money and simply ignore its importance until they hit the wall and a dire need to have a policy arises. No doubt that, to some extent, the low acquisition of knowledge and less attention given to the subject of insurance, is influenced by the belief system and environment where we are living in, as well as the values rooted in our upbringing. Although today we are living in a modern and borderless world, where almost everything can be reached by a swipe of our finger, it is difficult to comprehend the fact that the level of market awareness on insurance is still relatively low as compared to other more developed societies. This trend is not only seen in Malaysia but other countries within the region where the driving force for insurance penetration relies heavily on government intervention through compulsory cover and the aggressiveness and marketing prowess of the agents.
THE JOURNEY BEGINS
Under the backdrop of many misconceptions about insurance, one may think that starting a career in this field could prove to be more risky as compared to other sectors that are more prominently established. To a novice that has just started to establish a strong grasp on the subject matter, I must say that it is not an easy journey to travel. The main stumbling block is not the negative hearsays that keep on nagging in the mind, but rather the fear of failure for taking the wrong career path. Being raised in one of the most remote areas in the Land of Hornbill, where accessibility and basic needs remain a major issue, I was nurtured to be an independent person with the liberty to decide what I want to do in my life. Difficult situations allowed me to be extra prudent and cautious with any major decisions and I did not have any buffer for making mistakes. I started off my career as an insurance dummy with trivial experience on the subject under my belt. With limited knowledge and exposure on the subject matter, not knowing whether or not I had made the right choice, I braved my pursuit of insurance back in 2006 when I took up a job with the organisation that I am still serving. I must say that it was not an easy decision, given that I had limited options to consider at that particular time. To make the story more exciting, allow me to share on how my bonding with insurance began. My very first encounter with insurance began at the end of 2004 when I took “Insurance and Risks” as part of my first-degree coursework in my final semester. Believe it or not, I was awarded the Best Student Award for that particular subject, fully sponsored by the insurance industry players as part of their annual Corporate Social Responsibility programme, which made me 500 ringgit richer. Even then, I was very naive and clueless as to whether or not such limited knowledge gained from one particular syllabus would be useful in my future endeavours. After all, my major was international finance, and it is quite different as compared to insurance. Without thinking too much about it, given my financial and accounting acumen, I was quite determined to purse the finance-related profession, and surely not insurance! I thought my journey with insurance ended there, but it evolved instead. In 2005, prior to my graduation, I was offered to be an intern at one of the major reinsurance companies where a large proportion of the business was undertaken with overseas counterparts. Such internship programmes were made compulsory as a part of the prerequisite in completing the coursework. Little did I know that the internship programme would bring any merit for a deeper bonding with insurance until I realised that I was actually surrounded by people who are passionate about insurance and the jobs they are doing, to be exact, reinsurance business. That was where my interest and the desire to know more about insurance took off and continues to flourish today.
Although the nature of my job does not involve developing any insurance product, I, however, started to accumulate knowledge and experience