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….
“We are so risk adverse that we are requiring levels of capital that are probably beyond what is sensible, and intrusive supervision which I think is not really sustainable,” he added. There has been a very sharp swing of the pendulum post-global financial crisis for the financial system as a whole, he said.
In the aftermath of the riot and /or malicious damage occurrence at Low Yat Plaza on the 12th July 2015, the public was wondering what could have gone wrong – there were numerous versions as to what having caused such an untoward event to happen – perhaps it was the petty theft incidence or was it about the merchant having cheated the customer by selling a cloned phone for a genuine version, or this was triggered by a group of political trolls, maybe thugs? Additional questions? Of course, we are looking at this from the insurance angle….
Was this event a riot to begin with?
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.
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.
Talking about ASEAN and how as a regional hub will help push the Malaysian Insurance industry to a newer height, this is one good article at KNOWLEDGE@WHARTON —- I supposed this makes great reading since contents were tastefully compiled and presented. Hope our readers will enjoy…. The 620 million people living in the Association of Southeast Asian Nations, or ASEAN, are facing some potentially big changes in coming months, given lower oil prices and the formation of a regional economic community.
Detariffication (where both Motor and Fire related insurances are going down the free market path) is not exact a bad word but as the industry probe along, people seem to have differing viewpoints and at time some are wondering why are we so jittery about this…. — the industry is already operating its Marine, Miscellaneous Accident, Liability and Engineering classes without much of a problem. Of course they may had forgotten the combined Motor and Fire contributed some 67% of the overall non-life premium for the country; that’s the very reason why the authority is concerned.
….whatever being the real reason(s), the locals and the foreign lieutenants must learn how best to work efficiently and effectively towards achieving established common goals – it is pathetic when those foreign lieutenants don’t articulate well the strategic and tactical direction for the company, and through it all, consultants after consultants are being engaged to carry out projects after projects that may at the end of the day doesn’t add up….