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Monday, April 02, 2018

Tech, agents to boost the insurance sector | The Malaysian Reserve

Insurance firms have been more responsive than ever as they try to garner the larger size of the business.


Photo: Prem Kumar
"In THE last 20 years, the Internet and the digital revolution have changed how people interact, work, live and function. Emails have replaced written letters" says P PREM KUMAR, Senior Writer at The Malaysian Reserve.

Photo: Storyblocks.com

Group messaging applications, like Whatsapp, have more or less buried the once traditional short messaging service, or SMS.

The number of Facebook users worldwide has surpassed two billion, almost a third of the world’s population.

Many people have more friends on their social media networks than in real life. The number of mobile phone users are expected to surpass five billion in 2019. In Malaysia, there are more subscriber identification module cards issued to users compared to the country’s total population, which is inching to 32 million.

The connected world has dawned on us. Ordinary people perform more transactions in the comfort of their bedrooms instead of lining up at bank counters. 

Globally, the banking and insurance sectors have been one of the most innovative. 

Disruptive technologies, digital tokens, blockchain, mobile wallets, artificial intelligence (AI) and the Internet of Things are forcing the financial services sector to abandon legacy systems, archaic models and less responsive procedures.

Today, anyone can perform almost all financial services on the desktop, touchpad or even on mobile devices. It has opened a new world for the sector, including for insurance companies. Car insurance renewal can be done online.

Requests for quotes can be completed within minutes. Speed and service delivery have improved multi- fold. Even insurance products are sold online.

General insurance companies have been more responsive than ever as they try to garner the larger size of the business. While the digital revolution has opened up new opportunities, worries such as “simple systems driven by AI” will make the insurance agents’ professions obsolete.

Insurance analysts believe the digital revolution has offered opportunities for consumers to reach their insurers directly, receive services and products fast, including enjoying discounts that otherwise would have been earned by the agents as commissions...

We Do Best in Raising Awareness
 
 Ann Choo, an insurance agent from AIG Malaysia Insurance Bhd.
Photo: AFIF ABD HALIM
Ann Choo, an insurance agent from AIG Malaysia Insurance Bhd, said the perception on insurance has evolved positively in the last few years as newer products that are designed to cater to their specific needs start to be available in the market.


“At one time, we had to search for clients, but now, we have clients searching for us. That is how well the perception has recovered since then,” she told The Malaysian Reserve in an exclusive interview.

Choo, who has been in the field for 33 years, said clients today are more educated and aware of insurance, but they still require guidance.
Read more... 

Source: The Malaysian Reserve


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