Page 8 - LIAM Annual Report 2020

6 ANNUAL REPORT 2020

encourage more Malaysians in three languages was also
to take up life insurance featured on mainstream
protection. media and social media
With the
The Government’s decision implementation of platforms.
to allow EPF members to A minimum standard
utilize EPF Account 2 to these incentives, for sales practices for ILP
purchase life insurance the industry hopes it as best practices for the
and Medical and Health industry was also distributed
Insurance (MHI), including will help to fulfil the to member companies as
critical illness would help nation’s aspirations a reference and guide for
members augment their EPF member companies and
savings to provide financial of insuring 75% their representatives in
protection for themselves conducting sales/marketing
and their family in times of of the population of ILP from pre-sales to post-
need and to provide better and accomplish the sales as well as ensuring
long-term protection. the competency of their
industry’s financial
With the implementation inclusion agenda. representatives.
of these incentives, the LIAM also developed
industry hopes it will help to a communication plan
fulfil the nation’s aspirations to educate the public
of insuring 75% of the on Medical and Health
population and accomplish Insurance (MHI) and factors
the industry’s financial inclusion agenda. that contribute to medical inflation and premium
repricing by focusing on educating and shaping the
CONSUMER EDUCATION, AN ONGOING behaviour of financial consumers. The objective was to
COMMITMENT facilitate informed decision-making and encourage
Despite the COVID-19 pandemic during the year, more responsible behaviour in the purchase and
usage of MHI plans.
LIAM continued with its commitment to educate
general consumers on the importance of life insurance A public awareness program to promote the
protection and financial planning, leveraging on importance of making nominations was also
social media platforms and key opinion leaders. developed during the year. A press statement was
issued to inform the public on the communication
In September 2020, LIAM together with its 16 member exercise conducted by the industry to create
companies launched its inaugural consumer awareness on Nomination and an infographic to
awareness program on social media called guide the public on Nomination was also boosted on
#BUKANEXTRA.
social media platforms.
Targeting the younger generation, the #BUKANEXTRA A consumer education portal, MyCoverage was
campaign which was held from 9 September to 6 jointly developed by LIAM and MTA to educate and
October 2020 aimed at generating awareness and guide the public on insurance and takaful products
educating consumers on the importance of life and to make informed decisions to meet their
insurance protection; encouraging financial planning protection needs. The website is targeted for launch
among the younger generation and to create a in the second quarter of 2021.
sense of urgency to act early.

LIAM hopes that through our engagements with Key PROACTIVE ENGAGEMENTS WITH
Opinion Leaders (KOLs) on social media, they would REGULATORS AND STAKEHOLDERS
be able to drive positive messages to their followers,
changing their mindsets about life insurance and During the year, LIAM continued to engage with
adding value to the lives of the younger generation. various stakeholders to seek guidance, feedback
and consultations on various issues involving the
Further to the Investment-Linked Plans (ILP) campaign industry including Bank Negara Malaysia (BNM),
in 2019, LIAM continued to educate the public on Ministry of Finance (MOF), Ministry of Health (MOH),
Investment-Linked Plans in 2020 by producing Bahasa Perbadanan Insurans Deposit Malaysia (PIDM),
Malaysia and Chinese versions of the ILP Vector Videos Association of Private Hospitals Malaysia (APHM),
and boosting their presence on social media. An National Association Of Malaysian Life Insurance
educational piece on ILP Sales Illustration Disclosures Fieldforce and Advisers (NAMLIFA), Financial Services

Life Insurance Association of Malaysia