• Skip to main content
  • Skip to primary sidebar
  • Home
  • Compare Car Insurance Online!
    • Comprehensive Car Insurance
    • Mileage Based Car Insurance
    • Third Party Car Insurance
    • Third Party, Fire & Theft Insurance
  • Insurance
    • Insurans Kereta Online
    • 马来西亚车险
    • Motor Insurance
    • Motorcycle Insurance
    • Medical Card

Liberalisation To Help Boost Life Insurance Penetration Rate

PolicyStreet / 04/06/2017

KUALA LUMPUR: Bank Negara Malaysia’s (BNM) efforts at liberalising the insurance sector will address the protection gap in the country and increase the insurance and takaful penetration rate to 75% by 2020.

Life Insurance Association of Malaysia (LIAM) industry promotion committee chairman Ramzi Toubassy said liberalisation would also help boost insurance sales in the country.

“According to BNM, the overall insurance and takaful penetration rate in Malaysia has ranged between 54% and 56% over the last five years.

“The advances in digital technology, demand and expectation for life insurance products and services will bring about new challenges and demands to a career in life insurance sales. But it will also help increase the penetration rate,” he told reporters after the opening of the 2017 Limra-Loma Operational Strategies Conference in Kuala Lumpur on Monday.

He said the Malaysian insurance industry had been undergoing a transformation with an implementation of key initiatives under BNM’s Life Insurance and Family Takaful Framework (LIFE Framework), aimed at promoting product innovations, diversification of distribution channels, greater transparency and consumer protection.

Ramzi said the significant developments and regulatory changes taking place in the industry required industry practitioners to move quickly to adapt to the new rules and policies, to re-strategise business models and think of new ways of responding to changing market demands.

He said towards becoming a more matured insurance market, such as that in Hong Kong, Australia and Japan, the association aimed to minimise the number of part-time agents.

“About 70% of insurance agents are currently part-timers. We need to turn them into full-time agents so that they can fully dedicate themselves to the industry, and provide better services,” he added.

– Bernama

Source: The Star Online

Primary Sidebar

Search Topic Here

Car Insurance

5 Reasons Not To Drive Without Car Insurance

E-hailing Insurance Add-on: What you need to know

Guide: What To Do If You Hit An Animal While Driving

PrOmilej: The Car Insurance For MCO?

Windscreen Insurance (2021): All You Need to Know!

Bahasa Malaysia

11 Makanan Kucing Terbaik Untuk Bulu Kucing Anda

Makanan Kucing Terbaik Untuk Bulu, Gemuk Dan Anak Kucing Anda!

Antara Doktor Pakar Sakit Puan

Pakar Sakit Puan (2021): 20 Senarai Doktor di Malaysia

Antara Doktor Pakar Sakit Tuan

20 Senarai Doktor Pakar Sakit Tuan di Malaysia (2021)

Apa itu NCD? Panduan untuk Diskaun Tanpa Tuntutan (2021)

15 Rumah Kucing Yang Simple Dan Mudah

15 Rumah Kucing Yang Simple Dan Mudah Dibina Secara DIY

Car Insurance Malaysia

Insurans kereta Online

汽车保险

Motorcycle Insurance

+601 11-684 2590

Get in Touch

Unit D-18-3A, Menara Suezcap 1
KL Gateway, No. 2 Jalan Kerinchi,
Gerbang Kerinchi Lestari, 59200,
Kuala Lumpur, Malaysia

 Call: +60 3-3310 0063

 WhatsApp: +601 11-684 2590

 Email: admin@policystreet.com

Our Company

About Us
News & Blog
Careers
Customer Support
Contact

Products

Life Insurance
Medical Insurance
Car Insurance
Motorcycle Insurance
Medical Malpractice Insurance
Home and Property Insurance
Disability Insurance
Diabetes Insurance
Cyber Insurance
Cancer Insurance
Business and Commercial Insurance

Newsletter

Receive resources & tools that can help you prepare for the future. You can cancel anytime.

Subscribe

PolicyStreet is a Financial Adviser approved by Bank Negara Malaysia Copyright © 2020 Polisea Sdn. Bhd.
Registration No: 201601041144 (1212085-T) All Rights Reserved

Insurans Kereta Online