Kuala Lumpur, 23 June 2023 – The Life Insurance Association of Malaysia and its 16 member companies wrapped up the #NoFOMO Social Wellness Challenge (#NoFOMO Challenge) with the unveiling of the grand prize winner who walked away with RM10,000 cash and a brand-new iPhone 14 Pro and 10 Consolation prize winners of RM2,000 cash each at the Youth Festival Finale in UiTM Puncak Alam.

 

The momentous event was graced by Director of Financial Development and Innovation Department, Bank Negara Malaysia, Lau Chin Ching, who presented the prizes and certificates to 11 lucky winners witnessed by LIAM President, Raymond Lew, LIAM CEO, Mark O’Dell, students from various universities and participants of #NoFOMO Challenge at the UCS Multipurpose Hall.  

 

Universiti Kebangsaan Malaysia student, Izz Idlan Zulkifly bagged the Grand Prize of RM10,000 cash and an Iphone 14 Pro while 10 Consolation  winners from various higher learning institutions and other youths on social media received RM2,000 cash each.  Over RM42,000 worth of prizes were offered in the #NoFOMO Challenge.

 

Speaking at the event, LIAM President, Raymond Lew said that the life insurance industry has been actively engaging with youth, specifically to bring the industry closer to the younger generation.   

 

Through the #NoFOMO Challenge, we educate them on the importance of wellness in the aspect of physical, emotional as well as financial.  As the key target segment of the industry’s consumer education agenda, we want the youth to think more positively and maturely as well as cultivate awareness on the importance of financial planning for their future.  We want to produce youths who are capable in managing and planning their financial and can make informed financial decisions before stepping into the workforce.” 

 

“We believe that the industry is on the right track in capturing the young audience in delivering its messages on life insurance.  We are committed to reaching out to the younger generation to engage continuously in our consumer education programmes, which is seen as a strategy to combat misconceptions about insurance, educate on key issues and guide them to become savvy consumers,” Raymond added.

 

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

 

As a key player in the industry, LIAM hopes to continue working with the Ministry of Education, universities, Bank Negara Malaysia and the Financial Education Network (FEN) in championing its financial education and financial inclusion agenda for the rakyat.  LIAM is committed in achieving its objectives and aspirations by undertaking various key initiatives and educational efforts to elevate the level of financial literacy and financial well-being of Malaysians.  

 

The industry is committed to achieve the desired targets set under the five-year roadmap of the Financial Sector Blueprint 2022-2026 and continues to adapt to meet the changing needs of consumers and the wider economy by focusing on key priorities so the industry can contribute to a more dynamic, innovative, and sustainable financial sector in Malaysia,” Raymond said.

 

Meanwhile, in his welcome address, Mark O’Dell, LIAM CEO, said “As an industry-wide initiative, the #NoFOMO Challenge is aimed to inspire and nurture the young generation to be creative and innovative as well as raise insurance awareness against unforeseen risks in life.  Riding on a tagline, Live Well, No Fear of Missing Out, LIAM invited youth to participate in the #NoFOMO Challenge by creating a short video content using humour, memes, tragedy, or drama based on the three key elements of wellness namely physical wellness, emotional wellness, or financial wellness.   

 

These three wellness elements are closely interconnected and vital for the overall well-being of the youth.  Physical wellness relates to maintaining a healthy body and avoiding illness, emotional wellness relates to maintaining a positive outlook and managing emotions, and financial wellness relates to managing one’s financial resources effectively.

 

We are at different stages of our life, and we are facing different challenges.  But no matter what you are going through, I want you to know that taking care of yourself is always important.  Whether you are dealing with stress from school, work, family or trying to figure out who you are and what you want to do in life, wellness is something that can help you navigate those challenges,”  

 

“The 6-month campaign encompassed nationwide roadshows at 40 universities, 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 and social media postings by Key Opinion Leaders /Influencers,” Mark added.   

 

The campaign which kicked off on 1 December last year and ended on 31 May 2023, saw the participation over 2,000 entries from universities, colleges nationwide as well as the young people on social media.  The #NoFOMO Challenge campaign reached 30 million people on various platforms namely Facebook, IG, TikTok, YouTube as well as on ground.   Online engagements attracted over 1.2 million people on social media. 

 

The Youth Festival was also attended by Deputy Vice-Chancellor UiTM (Student Affairs), Prof. Dr. Mohd Sazili Shahibi and representatives from financial services industry, officials from  UiTM Cawangan Selangor, lecturers as well as students. LIAM members as well as stakeholders put up 16 booths at the Youth Festival promoting financial planning, wellness tips, internship opportunities and career prospects to students in line with LIAM’s aspiration to promote the life insurance industry as a career of choice with vast career opportunities for students to explore as their future career.  

 

The students were also entertained by performances from three celebrities namely Yonnyboii, Alvin Chong and Nicole Lai. The celebrities also had the opportunity to share their tips on financial, emotional and physical wellness during the town hall session with students. 

 

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