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MII Hopes To Cooperate With Insurance Aggregator Apps
Last update: 04/08/2017

KUALA LUMPUR, Aug 4 (Bernama) -- The Malaysian Insurance Institute (MII) hopes to work together with insurance aggregator applications (apps) to provide more detailed information about†insurance products in the country.

Chief Executive Officer,†Datuk Syed Moheeb Syed Kamarulzaman, said the apps could be placed on MII's†website for the institute to solve queries†on insurance from the people.

"We expect those who compare insurance products and pricing on the apps would have questions†and they can get the confirmation from us," he told†reporters after signing a memorandum of agreement† (MoA) with Malaysia University of Science and Technology (MUST) here, today.

Syed Moheeb also expected more insurance aggregator apps†to†be developed in Malaysia in the near future, following the introduction of the first phase of the liberalisation of motor and fire tariff in July 2016.

"In the United Kingdom where the insurance industry is very advanced, there are at least five apps to cater to the market.

"Certainly, there will be more insurance pricing and products comparison apps to be developed in Malaysia in the future,"†he said.

The premium pricing for motor comprehensive†and motor third-party fire and theft products was†liberalised from July 1 this year, where premium pricing will be†determined by individual insurers and takaful operators.

Meanwhile, under the MoA, graduates of the Associateship of the Malaysian Insurance Institute (AMII) are able to pursue the Professional Master in Business Administration†at MUST with a 20 per cent rebate from the total tuition fees of RM25,000.

The first batch of the programme will begin on Oct 30, 2017, with an expected enrollment of 30 students.



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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?

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