Digital Insurance & Takaful?
Is Malaysia Ready To Embrace
MALAYSIAN CONSUMERS HAVE EMBRACED MOBILITY, ARE VERY VOCAL ON SOCIAL MEDIA WITH MORE THAN 13 MILLION MALAYSIAN FACEBOOK USERS BY 2012, E-COMMERCE IS EXPECTED TO GROW TO RM3.4BILLION IN 2015 AND OVERSEAS
DIRECT PURCHASE OF INSURANCE ONLINE IS GROWING. ARE MALAYSIAN CONSUMERS READY TO
BUY INSURANCE & TAKAFUL ONLINE?
Before examining the readiness, here are 10 Digital Trends that the Insurance & Takaful industry cannot ignore:
Malaysians are highly “mobile” 42.6 million mobile subscriptions in Malaysia1.
Smartphones & tablets outsold PCs In 2011 the number of Smartphones sold exceeded the number of PCs sold. By 2015, tablet PCs sales will match or exceed desktop PCs and portable PCs combined sales3.
People use mobile phones very actively Mobile web users in Malaysia spent 103 min daily on their mobile devices (other than calls or SMS)
Malaysians are spending time on Internet 17,723,000 Internet Users in Malaysia (60.7% of the population) spending almost 20 hours per week online vs. 10.6 hours watching Broadcast TV6.
The rise of mobile-only users "The growth of “mobile-only” users are more profound in developing countries than developed countries, 26% of Malaysia web users are “mobile only”.
Consumers switch between multiple devices Consumers switch between multiple digital devices to complete their tasks or online activities; Smartphones are the most common starting point for online activities. Malaysians are very active on social media Internet users in Malaysia spent 33.0% online time on social networking sites, averaging 6.3 hours per week; viewing social network sites 14 billion times a month, with 13,589,520 Facebook users in Malaysia in 201210. Social media users share enthusiastically Facebook has over 1 billion users of which more than 60% are active, generating 2.7 billion likes, and 350 million uploads daily. More than 200 million hours of YouTube videos are watched daily.
Malaysian consumers are embracing e-commerce The mobile Malaysian commerce market grew from RM101 million in 2010, RM467 million in 2011 to an estimated RM3.4 billion in 201512. During festive holidays, 68% will shop on their mobile devices 3x or more per month13. However, only a small portion of this is spend on insurance and Takaful (primarily general e.g. motor).