KUALA LUMPUR, Malaysia, Oct. 1, 2015 /PRNewswire/ -- The 5th Malaysia Insurance Summit (MIS) will take place from 7-8 October 2015 at the InterContinental Hotel, Kuala Lumpur, Malaysia. The event is organized by the Malaysian Insurance Institute and co-organized by Fleming Gulf.
The insurance industry is faced with pressing issues that are creating new market opportunities for insurance providers in the region. These issues include growth in customer sophistication, the implementation of technology and big data analytics, regulatory compliance and more.
Big data analytics is especially used as an advantage to acquire and retain customers, help design tailored product and services, and more. Using big data analytics also improves processes internally in favor of being more efficient and cost saving. With 42% of the world's Internet users coming from Asia, it is no surprise that insurance consumers choose online platforms as their preferred service channel. Insurers should opt for alternative channels to distribute customer solutions and generate more sales by targeting the tech-savvy population.
Furthermore, rising individual income levels has increased the middle- and high-class population in the region. A report by Ernst & Young (2014) found that the region's global middle class is expected to double up in the next five years. This is a sign for insurers to invest more in product innovation to cater to the varying needs. Insurers must adhere to the strict regulations and adopt new principles and developments as regulations become more complex. In Malaysia, the new Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA), insurance operators are required to split their general/life and takaful business into separate entities by the year 2018.
The conference will feature concurrent streams on Life and General insurance, with more than 25 sessions by over 30 speakers from around the region. One of the special features of this year's event is the Bank Negara closed-door dialogue with Malaysian Insurance CEOs. Industry experts can expect to learn new strategies, get exposed to practical insights, network and interact with top insurers in Asia Pacific.
Further information can be gathered by contacting:
Media Contact:
Farah Hanizar, Marketing Executive
E: farah.hanizar@fleminggulf.com
T: +603-2027-4767
F: +603-2272-5350
