Category: Consumer

Relates to numerous developments within the industry that may have some impact on consumerism. You need to read but need not have to understand fully… meaning read between the lines and then write us a two, three liners.

Motor and Fire Insurance unlikely to be detariffed rather will be restructured on risk-based pricing

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….

Jack Ma | His Speech In Hannover 2015

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.






GOVERNMENT SERVICE TAX (GST) | A RELIEF TOO FAR

Recent updates on GST for weekend reading…. (1) Relief granted on transitional motor and fire PERSONAL insurance policies a) Transitional relief to PERSONAL LINES FIRE POLICY The General Insurance Association (PIAM) had appealed to the Ministry Of Finance (MOF) recently…

Residential stratified properties now ‘GST exempt supply’

This is really beyond Insurance but since this is about GST and certain types of residential properties where the application of GST would have significant impact on our daily lives, I think putting up a simple blog posting here makes…

Motor Insurance Premium Increases in 2015 | Malaysia Insurance Everyday

This 2015 tariff premium increase is the 4th of the scheduled increases mooted under the 2011 New Motor Insurance Cover Framework that was established by a Joint Working Committee comprising of Bank Negara, PDRM, Ministry of Health, Judiciary, Malaysian Bar, Ministry of Finance, Insurance & Takaful Industry, Consumer associations and Transport associations. The implementation date is 23 February 2015.






Usage-based Insurance and Telematics

Usage-based Insurance basically utilise telematics data provided by policyholders vide some embedded gadgets in the vehicle or home surroundings to help insurers redefine how premiums are being imposed. The manner the vehicle is being driven or how homes are being monitored or even how policyholder handle their daily affairs where Health Insurance is concerned are important for insurers to better understand the risk as it progresses through time. The starting point of acceptance may still be discounting of premium but safety of love ones and health of policyholders are slowly catching on…. Check the INFOGRAPHIC by Tower Watson in one of their US consumer survey on the use of usage-based insurances….






Google Wants to be in the lucrative Online Motor Insurance

Google already provides auto- and travel-insurance quotes in the U.K., as well as mortgage quotes, and even credit cards. The moves suggest the search giant wants to offer similar services in the U.S., potentially displacing existing middlemen, as it has done in shopping and travel. Google provides its own product-search tools on the Google Shopping website, and increasingly offers specialized flight and hotel booking tools.






Motor Insurance | A Telematics Adventure for ASEAN?

CAR makers are taking the connected car seriously if examples at the ongoing Paris Motor Show is anything to go by..

From Peugeot to Volvo, new cars come with touch-screens, computers, telematics, sensors, and internet connectivity.

For supporters of connected cars – among them mobile operators and technology companies such as Google and Apple – the future cannot come soon enough.

However, the lifespan of automobiles, unlike mobile phones, is measured in decades, not months. No amount of fancy gadgetry will convince someone who has a new car to upgrade in a hurry.

Most cars on the road today are fitted with an on-board diagnostics, OBD II port, which can spit out a wealth of information about the car’s performance, including distance driven. Plug in a third-party device and it can harvest all that information.






GST Insurance Forum | Malaysia Insurance Forum

GST for Malaysian will be implemented on 1st April 2014; so what do you know about GST and how it will impact policyholders, agents, brokers and insurers. Or, what you know we do not know or what we know you may not know….let us just share them over a forum.

Why not we go forum over this GST matter? If there is no good and effective forum online for GST on Insurance for us to articulate matters as well as acquiring specific information, why not have it here on Malaysia Insurance Online | Forum?






Five benefits insurers could gain from the connected home

Great to explore the main benefits insurers could derive from the connected home, if they play their cards right. With analysts forecasting the connected home market will be worth billions in 2018, insurers unsurprisingly want a piece of the action. But with home telematics developing on very different lines to its vehicle counterpart, some wonder where insurance fits in….