Tuesday, March 28, 2017

Issue 36 (Oct - Dec 2016)

COVER STORY:
Bridging Industry and Regulator - Yoon Yew Khuen Insurance Development Department Director shares how his team can bolster the industry through sustainable financial policies that will benefit the country's economy and boost public trust in the long run.

FEATURES:
The Changing Cyber Threat Landscape The explosion of new devices being connected to the internet has created major benefits for businesses, facilitating the sharing of information in ways that were unimaginable a few years ago. However, this has also revealed innumerable known and unknown weaknesses in the underlying architecture of the internet and company networks, and there is no shortage of attackers looking to exploit these to damage businesses and further their own agendas.

Global Fraud Trends and How to Fight Fraudsters For over a decade, BAE Systems has been helping insurers fight fraud in the insurance industry, supporting some of the world’s most mature markets. We have seen that insurance is both an acceptable target for opportunistic fraud, including evidence that 30% of university students would willingly defraud their insurer, and worryingly, an easy target for organised fraudsters.

The Subscription Market – Fueling Innovation in Local Markets Risk, or the level of risk, is an important factor to consider when it comes to insurance. Whether you’re a broker, insurer, or the insured, the element of risk is present. Lloyd’s, a specialist insurance and reinsurance market, is committed to the subscription market, a system where risk is shared among syndicates.

Value of Insurance Data in Road Safety Research In the Global Status of Road Safety report published by the World Health Organization in 2015, it was REPORTED that every year, 1.25 million people were killed and 20 to 50 million people were injured due to road crashes.

Life After Framework - Toi See Jong LIAM President shares his views on the LIFE Framework implementation, key focus areas, its effects and challenges facing the industry and clients, and overall market practices.

The Cyber Threat Facing Businesses Businesses face the risk of financial loss and disruption due to theft of private or sensitive information, attacks on IT systems, and fraud. Cyber exposures are on the increase, as businesses become more reliant on the Internet and networking technologies to conduct business and interact with the outside world.

The Insurance Act 2015 Diploma level Members of the MII have an internationally recognised qualification such that the Chartered Institute of Loss Adjusters provide immediate entry to MII Diploma holders to their Advanced Diploma in Loss Adjusting. What’s more, the MII Diploma provides an exemption from the first paper meaning MII members need to pass only two more papers to gain the Advanced Diploma with the CILA. The purpose of this article is to highlight recent developments in the UK market with particular regard to the end of utmost good faith as we know it to assist those looking to further their knowledge in this regard.

KNOWLEDGE MANAGEMENT:
Knowledge Management and Real Conversation There are many barriers facing the productive use of knowledge within organisations today. I'd like to take a brief look at three of these roadblocks and suggest how ‘real conversation’ could help reduce such barriers.

FOCUS:
Open Column - A Little Something for Everyone The low-income group is often the least protected despite being one of the most at risk. Microinsurance and microtakaful exist to offer specific coverage with small premium payments.

CASE STUDY:
Arbitration Clause: A Dysfunctional Agreement
This article would come as a shock to many or all in the Malaysian insurance industry. The Arbitration Clause as found in the main line polices is defective and consequently, unenforceable. The problem surfaced since the commencement of the Arbitration Act, 2005 (“AA 2005”) (ACT 646) replacing the repealed Arbitration Act, 1952 (“AA 1952”) (ACT 93). The problem lies in the usage of the word “Umpire”.

  MII HIGHLIGHTS:
MII Graduation Ceremony 2016
The Malaysian Insurance Institute (MII) has successfully organised their Graduation & Awards Ceremony on 27 August 2016, at Sasana Kijang, Bank Negara Malaysia. This year, the Deputy Governor of Bank Negara Malaysia, Shaik Abdul Rasheed Abdul Ghaffour has graced the ceremony and presented the certificates to the graduates, accompanied by Hashim Harun, MII Chairman.

The General Insurance Agents Convention 2016 (GIAC 2016) The General Insurance Agents Convention 2016 (GIAC 2016) is the first major convention for general insurance agents organised by PIAM, with the strong support from MII as the official event organiser. Themed “Distribution in a Liberalised Environment”, it was held on 4 Aug 2016 at Connexion@Nexus Bangsar South. The GIAC is timely given the recent announcement on the Phased Liberalisation Roadmap by Bank Negara Malaysia (BNM).

Pursuing Pinnacle of Professionalism In an effort to encourage a commitment to self improvement, the MII has introduced a Fellowship programme for senior leaders to enhance their knowledge, experience and professional recognition.

Optimising e-Learning Within the Industry Learning via technology is not new in Malaysia’s education and training environment. Many would agree with this statement but how many of us actually embrace this development in teaching and learning?

Financial Services Knowledge Portal

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