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Insurtech Players Spur Growth in the Malaysian Insurance Industry
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This study covers the reaction of traditional insurance companies, the Malaysian government and supporting organisations to the new-generation trend of InsurTech and explores InsurTech start-ups active in the Malaysian market.The Malaysian insurance industry has been showing good growth since its inception as Bank Negara Malaysia (BNM; the central bank) has timely introduced new regulations wrapped in strong governance principles, which has ensured a smooth sailing for the industry so far. BNM has taken initiatives to support InsurTech, as it looks to achieve the target insurance penetration rate of 75%. In this study, we have analysed the steps taken by the regulator to continue to guide the insurance industry to a growth path. We have also attempted to identify the different types of insurance players active in the market and explore the industry’s performance in 2018. Further, we cover key trends impacting the market and assess how the regulator is using these market trends to steer the industry forward.We have studied 12 industry players bringing to light their digital ambition and push relating to technology as a whole, but also covering InsurTech and FinTech. We have examined how their vision and mission statements have reshaped to accommodate the changes brought over by InsurTech and furthered our understanding on various initiatives taken by companies to increase their level of customer engagement, and thus their understanding on customers. We have also detailed the ecosystem play of insurance companies, their partnerships with InsurTechs, telecommunications providers, technology companies and new-age start-ups.Through this study, we have reviewed the Malaysian InsurTech landscape and further investigated key InsurTech companies active in the country. For each InsurTech covered, we have included basic information such as milestones, investment received, overview and solutions offered. As most of these InsurTechs have different and newer ways in which they engage with customers, we inspected their engagement models and product features that differentiate them from tradition insurance companies. We have further captured key people enabling such technology-driven companies and attempted to discover their partnerships and relationships with existing market players.We also delved into how and where InsurTechs are impacting not only the industry as a whole but also the incumbent insurance companies, the government and other associated organisations. We have analysed the degree of impact and/or whether it has been positive or negative.We have added an executive summary that brings all of this together in a crisp form, to help busy executives get a gist of this study and then read sections in detail that matter to them.
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