Intermediary

STRETCHING THE BUSINESS-REACH GEOGRAPHICALLY – Building on BRICK-AND-MORTAR or Mobile-eCOMMERCE setup, which is more effective? Expanding business reach nationwide is not exactly easy nowadays. With underwriting agents and multi-tier agency models gone since the 1990s, widening the business network has become rather difficult. In the mid 1990s, most insurers worked tactically along simple analogy...
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In 2009, the Malaysian non-life insurance industry had resolved to provide MANDATORY discount on all motor insurance purchased directly from the insurers – the scheme of discounting was such that it would be 5% for the first year of implementation and thereafter at 10%.  Thus, come 1st July 2010 and onwards all Malaysian non-life...
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Since the early 1990′s after the sun had dawn on the now defunct underwriting agency channel and their network of sub-agency, insurance companies had totally discontinued allowing the issuance of policy documents (other than cover notes) by agents. Moreover the Bank Negara then was very much against intermediaries issuing policy and settling claims on behalf of their principal(s)....
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Insurance business has developed and prospered by leaps and bounds in the last few decades. This has not only made their transactions big but have also made them a little more complicated with new insurance policies being launched every day. There are specific business requirement for insurance companies. So, software engineers have produced a...
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Smart insurance agents understand that having a well-designed insurance agent website is critical to succeeding as an insurance agent today. But how does an agent launch and manage their website? In this article, we look at the pro's and con's of the three main options insurance agents have available to them to launch and...
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Job opportunities are high for the life insurance agents with a background in computer skills and finance. Life insurance agents, these days, use "Smart System" (computer applications) to manage risks accurately. "Smart System" helps life insurance agents in avoiding undue losses and making sound decisions. Internet also influences the work of insurance agents. An...
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Whenever I met up with agents nowadays, they never failed to complain over decisions that were adopted by the industry recently. Of course, mandatory direct rebate and refusal to write third party cover were some of those but very recently, the agents, especially those writing substantial portfolio of commercial “A” vehicles are again upset over their clients having lost out on NCD...
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I must be quite a relieved man, having spent the last 5 days single handedly (with bare hands) got the prototype site for Project – MIIA Network running. You may want to check this site out: http://malaysiainsurance.info/Project-MIIA Because of this very busy time of the year, I have to burn the midnight oil to...
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The Guidelines in respect of Direct Motor Mandatory Rebate (click on the PDF for details of the Guidelines) can be quite confusing, having confused numerous insurers when it was first implemented on 1st July 2009. Now some critical issues were also raised recently in respect of subsection 4.1.1 (highlighted in yellow) - “Motor Business” - whether the...
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In recent days, My E.G. Commerce Sdn Bhd (including MyEG Services Berhad) and their insurance principals are consistently lambasted with complaints coming from other insurers. Most cited the blatant breach or disregard the existence of General Regulation 33 of the Motor Tariff, Guideline on Minimum Disclosure Requirements in the Sale of General Insurance Products and PIAM Members’ Circular...
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