The life insurance sector in Malaysia is focusing on enhancing digital skills in the workforce, says the Life Insurance Association of Malaysia (LIAM) in its recently released 2021 annual report.
In conjunction with this, LIAM has engaged the Center of Applied Data Science (CADS) to assess the stance of member companies in terms of being a data-driven organisation, says Ms Loh Guat Lan, LIAM president, in her message in the annual report .
The assessment framework covers six key dimensions, namely, Strategy, Organisation, Talent, Technology, Data and Analytics.
The study aims to provide a bird’s eye view of the data-driven organization landscape of the life insurance sector and a diagnosis of the strength, gaps and priority focus areas. It is to provide a baseline diagnosis to enable LIAM to draw up the appropriate measures at the industry level, to better navigate the digitalization transformation of the industry and drive the sector’s progression towards increasing its potential and competitive advantage at the global level.
Ms Loh notes that the COVID-19 pandemic and remote working measures have accelerated the adoption of digital technology in insurers’ daily business operations. Interaction with customers via digital channels has increased tremendously. Customer expectations of digital services are rising and intermediaries are stepping out of their traditional roles to address market expectations and to capture a wider audience.