Monday, March 1

Changes must be made to raise M’sian insurance performance standards

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KUALA LUMPUR: Significant changes must be made to raise the performance standards in the Malaysian insurance industry, said deputy chairman, Malaysian Insurance Institute, Datuk Syed Moheeb Syed Kamarulzaman.

He said the changes were a must in order to narrow the gap between the standards and performance of Malaysian insurers with that of established international best practices and performance standards.

“This will have direct relevance to further enhancing the pool of knowledgeable insurance workforce in the next decade and beyond,” he told a press conference after the Malaysian Insurance Institute Graduation and Award Presentation 2013.

Syed Moheeb said today’s competitive business world always demanded highly knowledgeable and customer service-driven professionals.

He urged existing workforce and insurance agents to constantly upgrade their skills and competencies to remain relevant and ensure that they were able to meet the changing needs of the industry.

“Moving forward, the industry demands value-added services to meet the increasing demands of competitive and globalised environment.

“Enhancing professional standards through gaining knowledge is the differentiating factor,” he added.

Syed Moheeb said people in the insurance industry should leverage on the expertise and experience of industry practitioners, particularly from leading insurance companies and markets, to bridge the knowledge and skills gaps in the industry.

He added there was a wide range of issues in talent development which was outside the scope of the insurance industry which required greater collaboration and coordination.

“These initiatives will provide an enabling platform from which further institutional and infrastructure arrangements for the development of human capital in the industry can be made, moving forward,” he said. — Bernama