IMPORTANCE OF FINANCIAL PLANNING & PROTECTION
Among The Young Generation MING CHING, a solo participant from Universiti Malaya, won RM17,000 — Grand Prize (RM15,000) and Best Video Award (RM2,000) — at the Grand Finale of the #IDAREYOUChallenge2017 on Sept 3 at Lanai Kijang in Bank Negara Malaysia, K
Lee Ming Ching outshined nine finalists from three Universities with the most creative business plan and the best video on the topic, “Explain Ways on How the Rural Areas and Underinsured Markets Can Benefit from Life Insurance.” Lee won the hearts of the jury with her presentation and research in her hometown, Pulau Ketam, Selangor, highlighting the need for life insurance and financial protection among the residents.
The first runner-up was Group Eleven team from the Asia Pacific University which took home RM7,500 cash. Their winning topic was, “Why Is Life Insurance Very Important in Everyone’s Life Especially Today? Group Eleven attracted the jury with their “out-of-the-box” idea on how to protect the lives of loved ones by one simple way — Giving a Gift — as life itself is a Gift.
The second runner-up was to Nathaniel, another solo participant from IACT College (Advertising, Communication and Technology College), who spoke on “How Can You Reach Out to Everyone to Have a Life Insurance?”, which won him RM4,000.
The People’s Choice Video Award, was based on public voting on Facebook, went to UTAR’s Stormers, a duo from University Tunku Abdul Rahman Kampar who produced a video titled, “Explain Some Ways on How the Rural Areas and Underinsured Markets Can Benefit from Life Insurance.” UTAR’s Stormers won RM2,000.
A total of RM50,000 in cash prize was up for grabs in the various categories at the Grand Finale. The event was graced by Bank Negara Malaysia Assistant Governer, Nazrul Hisyam Mohd Noh, who presented the prizes and trophies to the winners.
Speaking at the event, Nazrul praised LIAM for the innovative effort targeting the millennial and encouraged the industry to open more collaborations with other stakeholders to make the industry more attractive and exciting.
LIAM president, Anusha Thavarajah said the #IDAREYOUChallenge initiative was to realise LIAM’s aspiration to be closer to the young generation and to raise the awareness on the importance of financial planning and protection to help them plan their long term financial goals when they enter the working world.
Anusha said: “As a progressive industry player who is open to changes, we want to hear from the youth, your ideas, your strategies and the best formula to enable us to make changes and stay relevant. In this era of digitalisation, the way we approach the millennial has changed from the traditional way. The use of digital technology and social media is imperative to enable us to capture the market and fulfil the evolving needs and demands of today’s consumers.”
In his welcoming address, Ramzi Toubassy, chairman of Industry Promotion Committee of LIAM, said the #IDAREYOUChallenge competition encouraged students to think out of the box, to develop creative and innovative business/marketing plan that was focused on the theme, “What would you do to feel financially secure”?
“The competition instils positive values in young people, who are leaders of tomorrow, on important it is for them to plan their future. It also develops creative thinking, innovativeness and a change in mindset towards LIFE and make them understand the value of LIFE.”
“Other than cash rewards, winners get recognition and are exposed to career opportunities in the industry,” Toubassy said.
The campaign, launched on Oct 3 last year, saw the participation of 20 universities and colleges in Malaysia, including from Sabah and Sarawak. It attracted over 2,500 group entries from students of various races, disciplines and courses. It went through a few stages: from pre-awareness stage via 20 roadshows and 10 classroom engagement sessions to formation of groups; shortlisting the top 30 teams to attend a Bootcamp for a pitch presentation; selection of the best 16 groups to present at the semi-final stage in preparation for the marketing presentation with video shooting and production; and shortlisting the top 10 to compete in the Grand Finale.
The 10 finalists were from Universiti Malaya (UM), Universiti Tunku Abdul Rahman (UTAR), International Advertising, Communication and Technology College (IACT) and Asia Pacific University of Technology & Innovation (APU).
Held at the Multipurpose Hall of Lanai Kijang, Bank Negara Malaysia, the event was attended by Abu Hassan Alshari Yahaya, the Assistant Governor of Bank Negara Malaysia, who is a board member of Finco (Financial Industry Collective Outreach Programme). Present were CEOs of life insurance companies, stakeholders, senior management and representatives from financial services sector, officials from the Education Ministry, Bank Negara Malaysia and lecturers from the participating universities.
The finalists were judged based on the presentation of their marketing proposal and video production. The criteria include innovation, relevance and content, confidence, eye contact and gestures, voice tone, narrative impact, audio, creativity, strength of story and cinematography.
The #IDAREYOUChallenge2017 is a creative collaboration between LIAM and 16 member companies under its community service platform, Insurans Hayat Cares and is supported by the Education Ministry. Visit www.idareyouchallenge.com