With the growing digital generation, it is important for businesses to embrace the digital opportunity and consider new digital business models.
Although many insurance companies have already commenced their own digital transformation roadmap, it becomes more evident that the effort needs to be accelerated with the COVID-19 pandemic where people have been forced to carry out various tasks virtually.
Currently there are a total of 49 players who are actively involved in the insurtech space in Malaysia, compared to only 16 players back in 2019. The importance of these digital business models is further emphasised by Bank Negara Malaysia (BNM) via the introduction of the Licensing Framework for Digital Insurers and Takaful Operators (DITO).
This is an indication that there is a market need and strong growth potential for the insurtech companies and Digital Insurance platforms in Malaysia.
As fintech is doing to banking, insurtech, the digitisation of insurance, is transforming the insurance industry.
Create unique and differentiating value propositions by understanding customer needs to differentiate from other traditional / established digital player as well as enhancing customer user experience.
Reimagine and simplify insurance/takaful sales, services and operations model by leveraging next-gen technology across digital, data and automation (e.g. AI/tech-assisted underwriting, claims and servicing).
Comply with various regulatory requirements (e.g. capital and risk management requirements, cybersecurity, RMIT etc).
Identify potential strategic options and prioritise overall way forward based on strategic objectives (e.g. breakeven period, commercial vs reputational prioritisation).
To have the right talent to drive the business from the strategic and technology angle.
In PwC, we have end-to-end capabilities which can support your digital insurer roadmap seamlessly.
Significant insurance protection gaps continue to exist in Malaysia among the more vulnerable groups, with the uninsured and underinsured communities and smaller businesses are the most susceptible to external shocks. Our report shares key findings from a 2023 nationwide survey and assesses the insurance and takaful...
A PwC overview of the Digital Insurance and Takaful landscape in Malaysia
Globally, various measures have been taken to contain COVID-19. These have led to unexpected consequences worldwide including significant volatilities in the financial markets across many countries, including Malaysia.
Deals Partner Deals Strategy & Operations, and Healthcare Leader, PwC Malaysia
Tel: +60 (3) 2173 0551
