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Change To Stay Ahead, Says LIAM
Last update: 17/05/2017

Gan Leong Hin

GENTING HIGHLAND, May 17 (Bernama) -- Life insurance professionals and financial advisors should constantly change and adapt to stay ahead, says Life Insurance Association of Malaysia (LIAM) Management Committee Member Gan Leong Hin.

The landscape of the global life insurance industry was being transformed with changes in demography, regulations and technological innovations.

“We should ask ourselves if we are prepared to manage these disruptive forces that are affecting our businesses”, he said at the 16th Asia Pacific Life Insurance Congress 2017 here Wednesday.

Some 5,000 life insurance intermediaries from 13 countries around Asia Pacific attended the congress.

Gan said regulations in the industry were rapidly changing to address protection for consumers, financial risks due to fraud and poor corporate governance, disruptions due to technological advancements and many others.

Malaysia’s insurance industry was undergoing a transformation with the implementation of key initiatives under the Life Insurance and Family Takaful Framework (LIFE Framework), aiming to promote product innovations, diversification of distribution channels, greater transparency and also to protect consumers.

The LIFE Framework was issued by Bank Negara Malaysia in November 2015.

“There has been a lot of talk on the future of insurance agents. Will technology replace them?

“Yes - If we only focus on selling insurance products and no if we remember what we stand for and care and protect our customers’ future,” said Gan.

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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 Banker’s Cheque, Bank Draft and Cashier’s Order. Do you think this additional charge is justified?
 

 
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