LIAM celebrates Raya with 120 children and teenagers from four homes
Industry regulators, stakeholders, business partners and media friends join the festive get-together in the spirit of muhibbah
Kuala Lumpur, 19 May 2023 - The Life Insurance Association of Malaysia (LIAM) and its 16 member companies yesterday celebrated Raya with 120 children and teenagers from four homes together with their caretakers at the LIAM Hari Raya Open House held at the multipurpose hall in AICB Building, Jalan Dato Onn, Kuala Lumpur.
The children and teenagers aged ranging from 4 to 19 years old were from Rumah Anak Yatim Teratak Che Dah, Rawang, Selangor; Pertubuhan Kebajikan Anak-Anak Yatim Dan Asnaf Baitun Nurrawdhah, Keramat; Yayasan Chow Kit, Jalan TAR, Kuala Lumpur; and Pertubuhan Rumah Kebajikan Kanak Kanak Home of Peace, Old Klang Road. More than 300 industry stakeholders, regulators, business partners, staff of LIAM member companies and media friends joined in the celebration in the spirit of muhibbah.
The children and teenagers were delighted when LIAM’s President, Raymond Lew, along with LIAM CEO, Mark O’Dell and Malaysian Life Reinsurance Group CEO, Patrick Cheah presented them goodie bags containing stationaries, notebooks, caps, face towels, water tumblers, lunch boxes, coin boxes, face masks and soft toys.
In addition to the goodie bags, LIAM and Malaysian Life Reinsurance Group made a total contribution of RM20,000 in a form of donation-in-kind.
According to Raymond, the contribution would be used to provide daily necessities. “Each home will receive household items based on their needs such as groceries, toiletries, study tables and chairs, vitamins, and other related items, which will be delivered directly to the homes. We hope that this contribution will help to support their operations and enable the children and teenagers to continue with their daily lives.”
LIAM has been actively organising various programmes through its Insurans Hayat Cares community platform to engage with the community and bring the life insurance industry closer to the people from all walks of life.
“Over the years, the life insurance industry together with its 16 member companies have been organizing various CSR programmes ranging from blood donation drives, contributions to orphanages, old folks’ homes, paediatric wards, engagement programmes with youths, underprivileged and the needy in different parts of the country,” said Raymond.
Raymond also emphasized that the involvement of the private sector in community programs, whether through participation or contributions, helps improve the well-being of the community, promotes good values, and raises awareness about our responsibilities as caring corporate citizens.
The audience were served sumptuous Raya buffet spread and entertained with nostalgic Raya numbers by a 4-piece band, The Frontiers. They also had a great time enjoying the dancing performances by young talents from Yayasan Chow Kit, Jalan TAR, Kuala Lumpur.
At the industry level, Raymond explained that the launch of the Financial Sector Blueprint 2022-2026 by Bank Negara Malaysia in early 2022, has set the strategy for the development of the financial sector over the next five years. LIAM and its 16 member companies have outlined a 5-year roadmap and strategies to achieve the desired targets set for the industry with the following key focus areas:
- proactive strategies to make life insurance accessible to all especially among the B40 market/underserved segment.
- to address the long-term sustainability and affordability of private medical and health insurance.
- to enhance the development of an open data ecosystem to support digital transformation.
- to enhance the industry’s skills development, professionalism, and distribution.
- to increase product transparency and disclosure to improve and enhance customer experience.
- to increase consumer education through proactive engagement with the Financial Education Network platform and to enhance public and private partnerships for catastrophic risk (eg: COVID-19); and
- to review climate change’s impact, risk management and disclosures.
Meanwhile, LIAM CEO, Mark O’Dell highlighted that the industry is committed in pursuing its financial inclusion agenda for the nation by embarking on its ongoing consumer education exercise. One of the key target segments is the young generation who are the nation’s future leaders.
“The ongoing consumer education campaign is seen as a strategy to combat misconceptions on insurance, to educate on key issues and to guide them to become educated consumers particularly the young generation on the importance of financial planning and protection. We are leveraging on social media platforms like Instagram, TikTok, Youtube and Facebook to reach out to today’s young generation.”
LIAM is currently embarking on a campaign called the #NoFOMO Social Wellness Challenge (#NoFOMO Challenge) aims at inculcating wellness habits among the youth, inspiring and nurturing them to be creative and innovative as well as promoting the importance of financial planning and protection.
The programme encompasses nationwide roadshows at 40 universities and colleges nationwide, 15 classroom workshops, engagement with students’ clubs and societies at universities, informative campaign microsite at www.nofomo.my, short video postings on social media platforms i.e Tiktok, Instagram and social media postings by Key Opinion Leaders (KOLs)/Influencers. The industry is collaborating with three celebrity KOLs namely rapper Yonnyboii, singer and actor Alvin Chong and singer Nicole Lai to promote the campaign. The closing date of entries for #NoFOMO Challenge is 31st May 2023, and it will be concluded in a grand finale #NoFOMO Youth Festival 2023, to be held on 22 June 2023.
LIAM members have been proactive and innovative in developing new, simple, and affordable products to cater to the young population, in line with the industry’s aspiration to attract the young generation to embrace life insurance. We will continue to improve and enhance customer experience through our distribution channels and digital platforms to cater to different target segments.
“LIAM has been engaging proactively with our key stakeholders and regulatory authorities in our quest to improvise our service delivery and fulfil customer expectations to build a dynamic insurance industry where Malaysians will enjoy financial security through what we are doing. Hence, the ultimate objective is to further drive the adoption of life insurance protection in the country and help to achieve higher insurance ownership and household resilience among the population,” Mark concluded.
