Qualampur: The domestic insurance industry is expected to face several major trends this year that will significantly affect the landscape, the rising medical cost is a major concern.
Increasing expenses can lead to high claims and later premium adjustments, the insurers can carry forward more new products that address the root causes of increasing these costs.
Meanwhile, digital changes will continue. Digital insurance and licensing of tackful operators are expected to improve market access and close security intervals.
At the same time, Generic Artificial Intelligence (AI) is playing an important role in the industry, especially in the field of detection detection, enabling hypersonalized services and streamlining operations through automation.
In addition, the future will allow the future analytics to allow insurers to estimate the needs of customers, while the AI-powered efficiency will reduce the cost and improve the speed of the service.
Raymond Lu, president of Sun Life Malaysia and head of the country, said that the industry is also watching more strategic cross-industry cooperation, which are rapidly important for insurers.
“Healthcare, technology and financial services enable the development of integrated solutions that meet diverse customer needs. Examples include comprehensive health programs, advanced digital platforms and bundled financial products.
“By providing easy, overall experience, insurers can significantly increase customer satisfaction, promote long -term loyalty, and improve retention,” he said Sunbiz,
LIEW said that domestic and global economic uncertainties are focusing a strong focus on financial inclusion.
He said that the industry is actively working to expand insurance and tacked penetration, especially among the undested communities, to ensure maximum financial flexibility in front of these uncertainties.
For 2024, LIEW said that the Malaysian insurance industry was flexible with leading products, despite rising costs and premium concerns, with investment products. It stood with Malaysia’s positive economic growth, which increased from 3.6% in 2023 to 5.1% in 2024.
He said an increase in consumer expenses and favorable digital and regulatory reforms, including comprehensive policy documents on licensing and regulatory framework for digital insurers and topul operators, also supported industry friendly performance.
LIEW said that inflation and increasing costs are greatly affecting financial flexibility in Malaysia.
He said that many people give priority in meeting their basic needs, which leaves very little space to save future.
“From food, from food to medical bills, they are causing financial stress,” Liew said.
He said that the Asia Financial Regulation Index 2024 of Sun Life revealed that only 38% of the Malaysian people have.
Financial plan beyond one year.
In addition, the respondents listed retirement and savings as their second largest financial priority, but currently only 18% has a retirement or pension scheme to support their goals.
“We recognize the challenges caused by inflation and the cost of growing.
“Sun Life is addressing these concerns through growing emphasis on financial literacy programs, making retirement planning tools more accessible, and helps develop products that Malaysians help the Malaysians to create financial flexibility in front of these economic pressures,” LIEW said.
He said that the priority of sun life is strengthening the Malaysian people through better awareness and access to insurance and strong solutions to secure their financial future.
“Legacy Planning 2025 will be a major focus, as we continue to bridge the knowledge interval in this important field. Our recent insurance literacy survey indicated that 65% of the respondents accepted the important role of the heritage.
However, only 15% of the respondents have a plan.
“We have a major initiative to run this agenda, Sun Life Malaysia’s 2025 Ambassador with Alif Satar.
Through initiatives such as byte-shaped education series, Alif will deeply help public understanding of how tacked tackful supports long-term financial security and family stability, “LIEW said.
Beyond education, Sun Life also focuses on increasing its agency and bangsurons channels in the pioneering, providing adapted solutions to meet their developed needs. Such coverage includes inheritance solutions for high-net-forth clients, comprehensive family serious illness protection for mid-to-i-i-i-i-i-i-I-or-I.
LIEW said, “We are committed to finding all avenues to promote our business growth and capabilities. Being a digital -operated enterprise, we are actively intensifying our digital efforts, including investing in technology, digital tools and analytics, which is to change operational efficiency.
“We want to use technology to help our advisors provide the best possible advice and experience to our customers.
“For example, we have partnered with Munich RE Automation Solutions, adopting our Saase underwriting platforms, allphin sparks, to streamline and automate underwriting procedures. It enables us to provide quick, better service and more personal assessment to customers.
Globally, Liew said, Sun Life is embracing Amazon’s AWS AIS AI.
“Our ‘Sun Life asks” Chatbot is a game-changer. It is answering more than 10,000 questions in a week and saves our team
Important time. In short, by taking advantage of AWS and generative AI, we are able to score our operations, reduce costs and innovate rapidly, ensuring that we be ahead in the competitive insurance scenario, ”he said.
