BNM: Embrace technology as opportunities rather than challenges
KUALA LUMPUR: Insurance and takaful agents have been urged to embrace the impact of technology, with the emergence of fintech and insurtech, as opportunities rather than challenges.
In making the call, Bank Negara Malaysia (BNM) Assistant Governor, Marzunisham Omar suggested agents work with aggregators as a means to develop an online presence and becoming more proactive.
“Agents and takaful operators need to work hand in hand to develop a comprehensive ecosystem catering to all segments of customers, whether online or off-line,” he said in his speech at the National Takaful Annual Convention 2018 here. The text of his speech was released by BNM.
Marzunisham said those who needed insurance and takaful products might not have the time or access to information, to even know, that it's there for them.
As such, customers tend to rely on agents to a large degree for information to help them make the right decisions, quite often, ones involving lifelong commitments, he added.
Meanwhile, he said a regulatory framework that would enable online product aggregators to operate by year-end, is currently being reviewed.
“The bank is reviewing the regulatory framework to enable the aggregators to operate by year-end,” he added.
Two product aggregators platforms are already operating within BNM's Regulatory Sandbox. — Bernama