Dig­i­tal In­sur­ance & Taka­ful?

Is Malaysia Ready To Em­brace

Insurance - - FEATURE - Text Kevin Steer | Pres­i­dent & CEO One Two One Ad­vi­sor Sdn Bhd

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.

in

20147.

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11

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).

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