An Event­ful 2017

Insurance - - EDITOR’S NOTE - Dato’ Haji Syed Mo­heeb Syed Ka­marulza­man Ed­i­tor in­sur­anceed­i­

As the year winds down, the IMF has pegged Malaysia’s GDP growth pro­jec­tion for this year to 4.8% from 4.5%, healthy signs for a bet­ter 2018 ahead. And the Statis­tic Department also marked that the fi­nance and in­surance, and busi­ness ser­vices ex­panded 5.1% and 8.5% re­spec­tively in Q2. The year has also been buzzing with com­pa­nies dip­ping their toes into the world of fin­tech and in­surtech, that tie in neatly with the lib­er­al­i­sa­tion of the in­surance in­dus­try. The phased de­tar­if­fi­ca­tion of mo­tor and fire in­surance, and Bank Ne­gara's LIFE Frame­work as well as the in­tro­duc­tion of the Fi­nan­cial Tech­nol­ogy En­abler Group will re­sult in prod­uct in­no­va­tion, di­ver­si­fi­ca­tion of dis­tri­bu­tion chan­nels, greater trans­parency and consumer pro­tec­tion – pav­ing way for Malaysia to be­come a more ma­tured in­surance mar­ket. Un­der the LIFE Frame­work, the reg­u­la­tor has placed em­pha­sis on Treat­ing Con­sumers Fairly (TCF), a world­wide reg­u­la­tory and su­per­vi­sory ap­proach in en­sur­ing that cus­tomers are not short­changed. Among the ini­tia­tives un­der Bank Ne­gara's guide­lines is the im­ple­men­ta­tion of the Bal­anced Score­card (BSC) where it com­pli­ments a com­pany's def­i­ni­tion of Fair Deal­ing to achieve the six out­comes out­lined in TCF. A suc­cess­ful im­ple­men­ta­tion of TCF is vi­tal to­wards cre­at­ing sus­tain­able in­surance play­ers un­der the chang­ing busi­ness land­scape. Mean­while, the Ethics Coun­cil Malaysia was launched in April this year, aim­ing to com­bat against pyra­mid schemes, il­le­gal in­vest­ment and un­law­ful schemes. With the Coun­cil in place, ev­ery­one can play an ac­tive in min­imis­ing these schemes. On this note, MII is in the progress of de­vel­op­ing a pro­gramme to pro­mote eth­i­cal con­duct in the in­surance in­dus­try, en­cour­ag­ing the prac­tice of pro­vid­ing fac­tual and ac­cu­rate in­for­ma­tion to con­sumers. Also since June, MII has been of­fer­ing an ac­cel­er­ated path­way to pro­fes­sional in­surance qual­i­fi­ca­tions through the Ac­cred­i­ta­tion of Prior Ex­pe­ri­en­tial Learn­ing (APEL) for per­son­nel work­ing in the in­surance in­dus­try. Be­ing the first pro­fes­sional body in Malaysia to do so, APEL al­lows in­di­vid­u­als who are qual­i­fied in other dis­ci­plines to pur­sue a pro­fes­sional in­surance qual­i­fi­ca­tion. Our pro­fes­sional pro­grammes have in­cor­po­rated new Life sub­jects, cater­ing to the many needs and de­mands of all as­pects of the in­surance in­dus­try. We con­tinue to strive to help in­surance pro­fes­sion­als to keep up with the ev­er­chang­ing consumer de­mands. In 2015 and 2016, AIF's Tal­ent & Skills Gap Sur­vey showed there is a need for more qual­i­fied staff, with the right ex­po­sure and ex­pe­ri­ence. MII hopes com­pa­nies will en­cour­age their staff to take up pro­fes­sional qual­i­fi­ca­tions. As for the se­niors in the in­dus­try, we in­vite you to come for­ward to share your knowl­edge and ex­pe­ri­ence via our Break­fast Talks, fo­rums and events. Lastly, I would like to wish all read­ers a Merry Christ­mas and a Happy New Year.

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