Share Are you an insurance agent? Do you know what your roles are in as far as the governing laws are concerned? This may be of interest to you. Insurance agents must take their role as contracted personnel of an insurer and that someone who solicits and connects a policyholder with the insurer. Therefore the agent has a contractual responsibility to both insurer and policyholder and their representation has heavy legal weightage. The Malaysian...
Share 348 agents to process illegal foreign workers‘ applications for the purpose of legalising them in a biometric-system-driven programme or Program 6P And the General Insurance companies and Takaful Operators are going to be a part of these 348 agents….. But is this a strategic move for the industry? First of all, isn’t this some BREAKING NEWS for the industry? Or you are asking me…. “You mean the insurers are now able to provide...
Share 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 of opening more branches nationwide in order to extend its reach. In fact, this remained the most important strategy...
Share 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 insurance companies would have to allow 10% discount to all INDIVIDUAL customers BUYING MOTOR INSURANCE DIRECT with them. This...
Share 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). In 1997 after the then new Malaysian 1996 Insurance Act came into force, this episode over agents’ role in...
Share 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 number of software for insurance companies. Any good accounting software in this category packs some startling features that are...
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 manage a website.
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 internet helps life insurance agents to access information and quotes faster and reduce the time of paperwork. Job opportunity is...
Share 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 in respect of trailers. They claimed those discounts were already part of the industry day-to-day practices and no reason why NCD...
Share 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 complete this task, and as expected things can look abit messy. Also point to note the front-page slider image-show...
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