Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
LIAM-MTA To Develop Online Guide For Insurance Products
Last update: 17/05/2017

KUALA LUMPUR, May 17 (Bernama) -- The Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) is developing an integrated financial website, equipped with self-assessment tools to guide consumers in choosing suitable life insurance products.

Additionally, the associations would also introduce an online insurance product which would allow consumers to compare prices and product features, said LIAM Management Committee Member Gan Leong Hin.

"Advances in digital technology and the rise of the millennials are changing the demand and expectation for life insurance products and services, and these changes would bring about new challenges and demand to a career in life insurance sales," he said at the opening of the 16th Asia Pacific Life Insurance Congress today.

He urged insurance agents to embrace technology and use it to provide better service to customers.

Gan added that regulations around the world were also changing rapidly to address issues such as providing protection to consumers, financial risks due to fraud, poor corporate governance and disruptions due to technological advancements.

He said the implementation of the Life Insurance and Family Takaful Framework by Bank Negara Malaysia in 2015 had transformed the industry as it aimed to reduce protection gaps and ensure that 75 per cent of the population were insured by 2020.

Among other things, the framework aimed to promote innovation in products and diversification in distribution channels.

-- BERNAMA

 <Back>

Deficit Talent In Islamic Finance Impacts Quality Sukuk Issuance
Bank Islam's 147th Branch Opens In Kodiang

 
Bank Islam Signs MoU To Drive Digital Platform

Overseas Assurance Corp Rebranded As Great Eastern Insurance
Disaster Insurance Scheme To Be Introduced Nationwide - Shahidan

 
Insurance Industry Needs To Continue Innovating To Combat New Competition

CLOSING, TUESDAY, AUG 22
US 4.2790/2830
S'pore 3.1399/1439
100 Yen 3.9138/9193
Sterling 5.4925/4985
Euro 5.0291/0355
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?
 

 
  Main | News | Insurance

© 2017 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution