Share A LESSON ON NEW PRODUCT DEVELOPMENT I would love to move on by starting work on the other 3 Ps – P2 for Positioning, P3 for Pricing and P4 for Promotional but alas I have a friendly reader who insisted that I must write about the conceptual aspects of this product. This means I have to stuck myself for awhile at P1, the Product….Before we start this off, it is best we refresh...
Share Having sat in numerous meetings involving discussions on subjects relating to Risk-based Capital (RBC) and Risk Management & Compliance (mainly to do with the BNM’s directive in respect of JPI/GPI 22) I noticed people having differing understanding and opinion when articulating the subject concerning “fronting” a risk. In this blog I am not too concern with what they think or the academic sides of things but more on what I think from...
Share Lesson on NEW PRODUCT DEVELOPMENT When my boss directed me to come up with a product that must eventually make it as the best selling insurance product of all times, I was bewildered…. by the way he sarcastically thought so highly about me! Is there such an insurance product? Where am I to find or rather discover there is such a product? Peoples nowadays don’t give much thoughts on insurance except when they...
Share Your boss gave you a list containing “Referral or Referred” risks with specific instruction that your agents cannot accept them but to make referral to you. You would have to assess whether you have the authority to accept such referral otherwise your decision is whether you would want to escalate this to your boss for a decision. You boss also provide you with another listing containing “Declined” risks , and his instruction...
Share Happy Merdeka or Independence Day (52nd) for Malaysia. This year’s slogan is about living the 1Malaysia concept but can we? Or have we not been doing this for more than 52 years? Since independence we went through much commotions from the highs of communism, the 1964′s Singapore riot, May 13th 1969′s racial riot, 1986′s Sabah riot, the 1987′s Ops Lalang, Al-Arqam movement, the 1998′s Reformasi, the continual expansion of Islamic terrorism and Hindraf...
Share Since the Large and Specialised Risks (LSR) Scheme was introduced in 1994, Scheme managers have continually displayed increased flexibility in screening the insurance coverage for LSRs as adopted by the leading insurer and the broker. This is in line with the 1994’s objectives of developing a healthy and responsive Malaysian insurance industry by enhancing the level of technical expertise and professionalism prevailing in the industry, but at the same time ensue optimum retention...
Share Risk-based Capital (RBC) framework has taken effect since 1st Jan 2009. With all Captive insurers (“Captives”) registered under the Offshore Insurance Act (OIA, 1990) having no approved financial strength rating (fsr), it is difficult to see how “Captives” can generate interest among the (re)insurers operating in the country especially to provide a fronting platform for the malaysian domiciled risks. The sole purpose of the Captive vehicle is totally to save dollars which can be detrimental...
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