Insurance industry changes required in Malaysia

Insurance Industry News

The companies in the country need to have a closer look at their performance standards so they may be raised.

According to Datuk Syed Moheeb Syed Kamarulzaman, the Malaysian Insurance Institute deputy chairman, the insurance industry in the country requires considerable changes in order to increase its performance standards.

At the moment, the gap between best practices and performance standards are too great.

He stated that the performance of the Malaysian insurance industry are not close enough to the standards that it upholds. Moreover, he pointed out that the gap between the standards of the insurers and the international best practices and performance standards are also too large. At a press conference, he stated that “This will have direct relevance to further enhancing the pool of knowledgeable insurance workforce in the next decade and beyond.”

Insurance Industry NewsSyed Moheeb spoke regarding the competitive insurance industry and that it is always seeking professionals.

The insurance industry is always in high demand for customer service driven and knowledgeable professionals. He went on to direct his speech to the existing workforce and agents, urging them to continually upgrade their competencies and skills so that they will not fall behind in terms of their relevance. This will help to make sure that they will be able to keep up with the changing needs of insurers.

He added that as the insurance industry moves forward, it “demands value-added services to meet the increasing demands of competitive and globalized environment.” He added that “Enhancing professional standards through gaining knowledge is the differentiating factor.”

He also explained that the people who are currently in the insurance industry should be leveraging the experience and expertise of practitioners, especially from the leading markets and insurers, so that the gaps in skills and knowledge can be bridged.

He also added that there are several different talent development issues that are currently outside the insurance industry’s scope and that will require considerably higher coordination and collaboration. He stated that by driving forward with these efforts, it will allow the platform to be created for further infrastructure and institutional arrangements so that the human capital’s development can continue to move upward.

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