Professional agents should be more concerned about the client’s exposures than even the client is because of the significant consequences of improper or missing coverages. Insurance is about saving your client from ruin!
The Financial Services (Financial Ombudsman Scheme) Regulations 2015 and their Islamic equivalent came into force on 14 September 2015. The regulations establish a Financial Ombudsman Scheme (FOS) in Malaysia as part of efforts by Bank Negara Malaysia (BNM) to enhance financial dispute resolution arrangements for consumers and strengthen consumer protection. The FOS will be an alternative to, but will not replace, dispute resolution through the courts.
A 40-year-old man, who was part of a syndicate which set up fake road accidents in order to cheat $104,700 (RM320,468) from insurance companies through fraudulent claims, was jailed for 44 weeks on Tuesday. Tew Yee Jeng, a Malaysian, will also be disqualified from driving for five years after his release from prison.
Rounding up accomplices desperate to absolve themselves from debts and financial hardship, Tew Yee Jeng, a 40-year-old Malaysian, made several trips to Singapore between 2012 and 2014, where he would orchestrate scam traffic accidents to make insurance claims for property damage and bodily injuries. The drivers he recruited would abruptly slam their brakes on purpose, leading to collisions with vehicles behind them that could not be stopped in time to prevent a crash.
Piam corporate communications representative Nur Fazliana Mohd Zuki said the private car insurance would be rendered useless if drivers engage in ride-sharing, which is deemed to be a commercial activity. “Therefore owners of such vehicles, drivers and passengers who use their private cars for commercial use will not be able to claim, under their insurance policy, in the event of an accident.
The world is becoming more connected in the digital age. Suddenly, almost everything is about sharing. Not only are ride- and home-sharing services wildly popular, but on-demand deliveries of meals and packages as well as sharing of tools, clothing and even bathroom facilities when a portable toilet is unappealing are becoming ever more available.
The Borneo Post ran a quick check – using a boarding pass of a local airline – on an online barcode reader site. Using only image of the barcode instead of the whole boarding pass, the programme managed to note the passenger’s full name, travel itineraries including frequent flyer number, flight and seating arrangement. Decoding the barcode only required uploading an image of the boarding pass.
The non-life insurance industry is not likely to see any detariffication in the near term; more like the Bank Negara putting it through some form of restructuring, i.e. from a risk-based premium pricing to making the industry workforce and agents more professional in their modus operandi. The following are emphasis:
(1) Premium should be fairly charged —- risk behaviour of policyholder is important.
(2) Insurers and Takaful operators must have a proper pricing regime in place so that those fairness as pointed out in item (1) above could be dispense. Not sure if this pricing regime is to be submitted to the regulator before launching the premium pricing structure….
If the first and the second innovation of the technology revolution liberated the human strength, the physical strength, this revolution liberate the strength of human brain —- the future world will be connected by data, instead of oil or other things. It is not about how the internet connects business to consumers but rather how the use of big data helps business customise their offerings according to the needs of the consumers. Ma said that the key for Internet companies to surviving and enjoying long and prosperous lives would depend on how well they work together with traditional brick-and-mortar companies.