https://padlet.com/learn2/y4cd6ilsgs8a Detariffication: Succeeding in a Competitive Environment en-us 2016-08-11 16:21:59 UTC 2017-05-17 06:41:36 UTC hello@padlet.com https://padlet.com/learn2/y4cd6ilsgs8a/wish/118228995 How do you think the usage of telematics in cars (i.e. Tracking locations and driving behaviors) and pricing products using these telematics will be received by consumers in Malaysia? 
How should the usage of telematics be "marketed" and introduced here?]]> 2016-08-15 02:27:40 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118228995 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118229568 How will insurer response on the price war after the detarrificationWill rating structure be based on technical aspects or commercial aspects]]> 2016-08-15 02:32:09 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118229568 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118229569 How will insurer response on the ]]> 2016-08-15 02:32:09 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118229569 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118230288 Any examples of successful ECM implementation for insurance companies?  

]]> 2016-08-15 02:38:05 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118230288 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118232402 What would be the impact to a company's capital and solvency post-detarif? Assuming that the detarif environment will cause a company to consume a lot of capital, what is your opinion on those companies who mainly underwrites motor insurance?

]]> 2016-08-15 03:01:40 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118232402 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118233106 Should companies invest in GLM or skip this and just focus on modelling PAYG motor coverage? ]]> 2016-08-15 03:10:45 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118233106 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118233464 2016-08-15 03:14:42 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118233464 siewchichin https://padlet.com/learn2/y4cd6ilsgs8a/wish/118233993 2016-08-15 03:21:44 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118233993 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118234033 Learning & Development will be the key success in the competitive environment for liberalisation, there will new products concept or wordings which will be introduced by the insurer. How MII is going to help the insurers for this, the agent and the consumers?]]> 2016-08-15 03:22:11 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118234033 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118235197 2016-08-15 03:36:58 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118235197 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118235198 What MII do for the different phases in this Liberalisation?

]]> 2016-08-15 03:36:58 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118235198 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118235475 Of the countries in the world who has implemented telemetics, which has the higest takeup.]]> 2016-08-15 03:37:35 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118235475 danielkewl https://padlet.com/learn2/y4cd6ilsgs8a/wish/118235929 Will the Msian culture adapt to the use of telematics? Will Msian's be comfortable that "someone" is watching you whilst you drive? Perhaps a risk of anti selection that only the better drivers will subscribe to it. What needs to happen for a user to say "please put a box in my car"?]]> 2016-08-15 03:43:29 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118235929 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118236234 In actuarial perspective, is there any benchmark on the volume of business to be able to make such tools , e.g. telematics, cost effective, especially to those companies who mainly underwrites motor insurance?]]> 2016-08-15 03:46:42 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118236234 danielkewl https://padlet.com/learn2/y4cd6ilsgs8a/wish/118236565 With ]]> 2016-08-15 03:50:27 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118236565 siewchichin https://padlet.com/learn2/y4cd6ilsgs8a/wish/118237561 The insurance industry will be confronted with new business models how will MII collaborate BNM, PIAM moving forwards?]]> 2016-08-15 04:02:45 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118237561 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118237729 Assuming that the cost of adopting telematics is high..how can the company that this cost will not be transferred to the consumers?]]> 2016-08-15 04:07:10 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118237729 jameschoi07 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118238184 Prior to the 1/7/2016 (BNM) detariffication roadmap, we found increasing tariff breaches albeit these were camouflaged or disguised in the form of product packaging. Examples some insurers created a packaged product under the General Accident (GA) class and injecting a motor tariff extension cover like NCD relief as part of it but naming it as NCD protector or shield. The premium that they charged for the package is much lower than the additional premium charged under tariff. This is just one simple example, there are alot more, like first  ]]> 2016-08-15 04:17:08 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118238184 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243467 2016-08-15 05:33:12 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243467 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243589 2016-08-15 05:36:49 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243589 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243724 Are Malaysian more price sensitive than we think they are? ]]> 2016-08-15 05:41:52 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243724 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243782 2016-08-15 05:43:16 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243782 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243808 Are Malaysians more price sensitive than we anticipate? How to stay competitive when customers in general value insurance based on price?]]> 2016-08-15 05:44:13 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243808 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243840 With ]]> 2016-08-15 05:45:46 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243840 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243841 With telematics, data captured ]]> 2016-08-15 05:45:46 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243841 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243859 Actuaries provide more value than what you think. ]]> 2016-08-15 05:46:33 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243859 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243863 2016-08-15 05:46:43 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243863 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243897 2016-08-15 05:48:16 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243897 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243936 Can we have more scenarios where telematics can be employed in the Fire class?]]> 2016-08-15 05:50:02 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118243936 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244125 2016-08-15 05:54:37 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244125 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244129 How is this liberalization market affect this two type of intermediaries business conduct? ]]> 2016-08-15 05:54:40 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244129 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244310 If my company is interested to learn more, what is available and in what form would that be offered? ]]> 2016-08-15 05:58:25 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244310 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244741 Prior to the 1/7/2016 (BNM) detariffication roadmap, we found increasing tariff breaches albeit these were camouflaged or disguised in the form of product packaging. Examples some insurers create a packaged product under the General Accident (GA) class and injecting a motor tariff extension cover like NCD relief as part of it but naming it as NCD protector or shield. The premium that they charged for the package as a whole is even much lower than the premium charged under tariff. This is just one of the many common breaches found with those so-called new products, there are alot more, like first-loss flood cover, loss of use of vehicle lump sum payment that circumvent the CART.... 

Not sure what the regulators are doing in this regard but such products are still very much available in the market inspite BNM's recent PD. If the regulators including PIAM, the self regulator are not truly committed to riddance such unethical practices then more and more of these insurers would push their way through. 

The industry certainly needs some whistle-blowing processes available to enable complaint being filed. Besides this....as regulators push towards strengthening ERM, Compliance and emphasis on actuarial processes, the underwriters are push to the backseat or at times, sandwiched in between business ppl and management, therefore playing a lesser and lesser role moving forward.


The other matter is about the "extra" commission being paid to targeted group of agents, obviously for business support. Not sure how such commission is being paid but generally the industry sees this being distributed in the form of advertising (i.e., banner) costs, markets entertainment reimbursement, product scheme development costs, etc. 
This is really a pain-in-the-arse, and before things get out of hand the regulators should put a stop to this and not to stop at "lip service" they should set up a team of CSI consisting of forensic investigators to launch investigation into the insurer's financial books if there are complaints filed against them.

While I understand this may not be too relevant today but nevertheless, it is important to have a forum to push or motivate the regulators to ensure a level playing field for this industry as we move towards detariffication and liberalisation. Otherwise, whatever today's presentations are they remained "nice to know" and "nice to think we want to do" but ineffective in reality....

]]> 2016-08-15 06:08:21 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244741 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244950 Collecting data is a good idea but with so many competitors, consumers may not come to you. How do we collect adequate data in this environment? ]]> 2016-08-15 06:11:07 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118244950 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118245049  ]]> 2016-08-15 06:12:42 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118245049 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118245051 How often do SM actually stop to think about what concerns and ideas on detariffication from their employees or key stakeholders? Strategy setting is a teamwork and should be a collective effort.]]> 2016-08-15 06:12:43 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118245051 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118245283 Is it the responsibility of the regulator or the insurance industry association or the industry to create awareness about insurance and detariffication? We are all worried about how to stay competitive in the midst of detariffication but we have forgotten about our consumers. They are just as lost as we all are and we put the blame on them when we all lose in the price war.]]> 2016-08-15 06:16:34 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118245283 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118245330 What is PIAM's role and strategy in ensuring all insurance companies are competing fairly in the detariffication markets, especially for Auto Insurance? (some big boys would give x% extra incentive to agents/ brokers on top of stipulated commission whereas small players unable to do so as they choose to comply to guidelines).]]> 2016-08-15 06:17:08 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118245330 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246184 Can you share an example of failure in a detarrifed market? ]]> 2016-08-15 06:26:16 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246184 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246219 What happens if my company doesn't have as good data as other competitors? ]]> 2016-08-15 06:26:43 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246219 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246220  ]]> 2016-08-15 06:26:43 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246220 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246312 Is competitiveness decided by how much data my company have? Does it mean we're doomed if we don't have enough data?]]> 2016-08-15 06:27:44 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246312 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246457 If every company is doing the same thing (e.g predictive modelling), then how to stay ahead?]]> 2016-08-15 06:29:33 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246457 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246564 Smaller companies would not be able to spend like the larger companies and would therefore compete with pricing. How would the other companies deal with this and would this last? ]]> 2016-08-15 06:31:14 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246564 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246633 It seems these actuarial modelling is a black box and not applicable in reality.]]> 2016-08-15 06:32:10 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118246633 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118247254 2016-08-15 06:39:39 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118247254 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118247258 How is the liberalization affect this two intermediaries business conduct?]]> 2016-08-15 06:39:41 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118247258 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118247411 How is this liberalization impact the agents and brokers business conduct?]]> 2016-08-15 06:41:29 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118247411 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118247784 Is there still a role for insurance intermediaries ]]> 2016-08-15 06:45:39 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118247784 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118251232 How is ratemaking going to give my company the competitive edge? Everyone will get the same info and insights if one undertake the same exercise.]]> 2016-08-15 07:24:36 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118251232 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118253570 Will Malaysia be another case study like India and China? What can go wrong?]]> 2016-08-15 07:58:53 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118253570 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118253638 Are bad risks always a no-go? Are there enough goid risks to share around the 30+ insurers?]]> 2016-08-15 08:00:21 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118253638 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118254171 2016-08-15 08:11:04 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118254171 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118254229 When we have any knowledge if BNM is currently looking into telematics and is there any strategy on controlling this segment?]]> 2016-08-15 08:11:59 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118254229 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118254824 When we have any knowledge if BNM is currently looking into telematics and is there any strategy on controlling this segment?]]> 2016-08-15 08:19:56 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118254824 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118256976 Nicholas, you mentioned that the 5 functions ' evaluate, analyse]]> 2016-08-15 08:48:01 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118256976 https://padlet.com/learn2/y4cd6ilsgs8a/wish/118257011 2016-08-15 08:48:36 UTC https://padlet.com/learn2/y4cd6ilsgs8a/wish/118257011