Since 1 July 2017, the motor and fire insurance in Malaysia has experience a phased liberalisation where Tariffs or fixed premium rates that were previously in place will be gradually lifted and consumers will have access to a better range of products at better prices and great service.
Here, Jimmy Tan, Head of Retail Business at Allianz General Insurance Company (Malaysia) Berhad shares what consumers should really know about phased liberalisation of motor and fire insurance.
The new wave of financial technology – better known as fintech – is often portrayed as a disruptive force that threatens banks with new, agile and savvy competitors. Globally, fintech is transforming the way people and companies connect with their banks, and the way banks manage their back-office operations.
“Fintech complements rather than threatens banking institutions. Banking has always been about technology, so today’s financial-technology innovation boom represents evolution rather than revolution for traditional banking. It is supplementing and diversifying the existing financial system – not replacing or disrupting it,” said Mukhtar Hussain, Chief Executive Officer, HSBC Bank Malaysia.
In Malaysia, connected vehicles and insurance telematics have been identified as two of the fastest growing use cases for IoT that will contribute towards the expected RM9.5 billion GNI creation by 2020.
Yesterday, Digi Telecommunications Sdn Bhd (Digi) announced their intention to make a strong push into IoT with their comprehensive Connected Vehicles strategy, offering a spectrum of solutions for commercial and private vehicles, and insurance providers.