Kuala Lumpur, 27 August 2021 – The Life Insurance Association of Malaysia (LIAM) together with its 16 member companies today launched the #BUKANEXTRA 2.0, a consumer awareness campaign on social media, targeting the youth, single professionals, newly married couples, and young families in the country.
 

The #BUKANEXTRA 2.0 is the second campaign rolled out by the industry following the successful launch of #BUKANEXTRA, the first campaign launched in September 2020 which received positive feedback and garnered over 10.2 million viewers, over 14 million impressions and 1.5 million video views throughout the campaign period.   
 

The industry targets to reach over 20 million youths this time around through two important elements - Awareness and Engagement via various Touchpoints namely a digital contest, a microsite www.bukanextra.com, three series of video, campaign hype by Influencers/Key Opinion Leaders as well as Facebook and Instagram postings.
 

The #BUKANEXTRA 2.0, which commences from 27 August to 5 October 2021, is aimed to generate awareness and educate consumers on the importance of life insurance protection; to encourage financial planning among the younger generation and to create a sense of urgency to act early; and to bring the insurance industry closer to the younger generation and demystify life insurance through social media engagements.
 

Speaking at the launch of the campaign, LIAM President, Loh Guat Lan said, the campaign reiterates the message on the importance of having a life insurance protection as a safety net in the event of unforeseen circumstances that may happen anytime, anywhere, and unexpectedly.
 

“Certain things in life can be just ‘extra’, but life insurance is not. Life insurance is a necessity; it is not something we might have; it is something we must have.”
 

“As a key player in the industry, LIAM plays an important role of championing financial education and financial inclusion for the rakyat. Higher level of consumer education and awareness on life insurance is crucial, especially when insurance and takaful penetration rate in the country is still low at just 56.1% in 2020. Even alarming is the average coverage of Malaysian household at a mere RM50,000, indicating a huge protection gap.

 

The #BUKANEXTRA 2.0 is the industry’s way of addressing these challenges together with our key stakeholders, increase insurance awareness and encourage insurance purchase with adequate coverage amongst Malaysians”, Loh added.

 

“Consumer education has been an ongoing effort by the industry in generating greater awareness among the consumers through various platforms including the social media.  Through #BUKANEXTRA 2.0, we leverage on social media platforms and key opinion leaders to reach out to the young population and continue to engage with them to further enhance their understanding and appreciation for life insurance.  Our engagements with key opinion leaders or KOLs on social media, would help to drive positive messages to their followers, changing their mindset about life insurance and bring values to the lives of the young generation. 

 

By leveraging on digital technology, social media and key opinion leaders/influencers, the industry will continue to develop creative ideas to attract the young generation to embrace life insurance. 

 

“Since 2017, the industry has been undertaking various initiatives to promote affordable protection plans under the Perlindungan Tenang – Mampu & Mudah initiative, which targets Malaysians particularly the lower- and middle-income community to help them get basic protection plans for themselves and their loved ones,” Loh highlighted.  
 

These products are also intended to be suitable for Malaysians who are not currently covered by any form of insurance protection. The support from the Government is important to empower the B40 group to take the first step to introduce financial planning in their families. 

 

In relation to this, the industry has developed a consumer education website, www.mycoverage.my - a handy guide with practical information in finding the right insurance coverage to suit one’s needs including an insurance calculator and answers to frequently asked questions. Available in two languages (English and Bahasa Malaysia), MyCoverage guides consumers to make informed decisions to meet their protection needs” said Loh. 
 

“In line with our commitment in nurturing young talents, the industry has to date enrolled over 500 undergraduates from over 150 Universities in Malaysia and abroad under the LIAM Structured Internship Programme.  It is part of the industry’s contribution towards human capital development in collaboration with the Ministry of Education, targeting final year undergraduates of all disciplines to undergo a 3-month internship experience with 16 life insurance companies in Malaysia. 

 

The programme has provided vast career opportunities as well as attracted bright young graduates to choose the industry as a career of choice.  The soft skills training provided under the programme helped students to develop good leadership skills and hence produced young talents who are confident, creative and innovative. 

 

The industry continued to participate in various educational webinars to educate the young generation on life insurance.  These include the “#YOLO but your cover is low – Insurance and takaful for youth” jointly organised by BNM and FEN in October last year, “My Money & Me financial workshop series nationwide jointly organised by the Malaysian Financial Planning Council and FEN from March to November this year and the Sarawak Financial Awareness Campaign in Kuching organized recently by BNM,” Loh added.

 

Speaking on the lifestyle of today’s youth and what they have in common, LIAM Vice President, Raymond Lew said, “They are digitally savvy on social media. Social media is the platform they go to for advice and information.  Top 5 social media platforms that they use are YouTube, WhatsApp, Facebook, Instagram, and FB Messenger.
 

Research shows that 75% of the consumers choose to use the Internet in helping them make buying decisions for healthcare products and services.  Majority of them love to watch videos online and will share with their friends if they find the content interesting and funny. They are more likely to find out more about the products/services posted/reviewed by influencers.”  
 

Raymond believes that the industry is on the right track in capturing the young audience in delivering its messages on life insurance. Social media is one of the fastest and popular platforms in today’s environment, where they can get messages instantly at a click of a button.
 

Meanwhile, Chief Executive Officer of LIAM, Mark O’Dell said, “The #BUKANEXTRA campaign is one of the industry’s strategies in reaching out to consumers as part of our public education and awareness initiatives. Targeting the young generation, the campaign carries a strong and powerful message on life insurance. 
 

The industry hopes to change the perception and misconceptions on life insurance, and eventually bring the young generation closer to the industry.  We want to inculcate the youth to think more positively and maturely as well as cultivate awareness on the importance of financial planning for their future.” 
 

“The three videos of #BUKANEXTRA 2.0 highlight the elements of all things Malaysians do (with a touch of humour, of course!) to educate users that accidents can happen anytime, anywhere, and unexpectedly—especially with how EXTRA we are these days.   

 

The engagement element via the microsite (www.bukanextra.com) will lead the campaign, shares educational information on life insurance and hosts the interactive infotainment. The infotainment will take the audience through a journey to find out why life insurance #BUKANEXTRA.  This infotainment follows a character named Liam on his journey as he learns the importance of Life Insurance through the different characters he meets along the way.  A digital giveaway is hidden at the end of the infotainment as a surprise reward for those who played through the entire infotainment journey.

 

The special giveaway offers prizes worth RM8,000 for grabs by 40 lucky winners who will receive RM200 Touch & Go eWallet credits each.  To generate hype, campaign shout-out by Key Opinion Leaders (KOLs)/ Influencers on their social media accounts, supported by social postings on LIAM Facebook and Instagram pages will be intensified,” O’Dell explained.

 

The launch of #BUKANEXTRA 2.0  was virtually attended by over 300 audience on zoom platform and streamed live on LIAM Facebook.  It was attended by LIAM President, Loh Guat Lan; LIAM Vice President, Raymond Lew; LIAM CEO, Mark O’Dell; LIAM member companies, representatives from Bank Negara Malaysia and other key stakeholders in the life, general, takaful and financial services industries.

 

For more information, visit www.bukanextra.com and follow LIAM Facebook at LIAM-Life Insurance Association of Malaysia and @LIAMalaysia on Instagram to find out more details about the #BUKANEXTRA 2.0 campaign and contest. Link to the Frequently Asked Questions on #BUKANEXTRA 2.0.

 

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