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Jun 2020

Malaysia: Insurers urged to change messaging about life insurance

Source: Asia Insurance Review | Mar 2020

Life Insurance Association of Malaysia (LIAM) president Loh Guat Lan suggested that insurers can present their offerings in a new way – in terms of financial wellness.
 
She said that life insurance products need to be radically transformed to remain relevant so that consumers understand, value and want them. 
 
This will stop the working population from regarding insurance products as expensive and ‘nice to have’ rather than necessary protection, she told The Edge.
 
Ms Loh, who is also Hong Leong Assurance CEO, proposed that insurers should change their approach and improve their offerings through microinsurance. 
 
They can instead come up with life insurance coverage with bite-sized premiums which will help to boost insurance penetration and in turn reduce inequality, she said. A 
 
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