persatuan insuran am malaysia · level 3, wisma piam, 150 jalan tun sambanthan, 50470 kuala lumpur...

1
THIS CIRCULAR SHOULD BE READ BY ALL CHIEF EXECUTIVE OFFICERS MEMBERS’ CIRCULAR NO: 00105 OF 2018 1 June 18 The Chief Executive Officer BY CDS Dear Sir/Madam, TALENZ NO. 16 JUNE 2018 ISSUE We refer to the above matter and attach herewith the 16th issue of the Talenz e-newsletter compiled by the Young Managers’ Think Tank of PIAM. Please do circulate this issue to all the Young Managers in your company for their reading. The Young Managers are also encouraged to share their thoughts/feedback on the newsletter or any other issues in the insurance industry which they feel should be highlighted or addressed by contacting the Talenz Editorial Team at [email protected] Thank you. Yours faithfully, Secretariat Persatuan Insurans Am Malaysia (This is a computer generated circular and does not require a signature) DISTRIBUTION: Member Companies /fy PERSATUAN INSURANS AM MALAYSIA (General Insurance Association of Malaysia) Level 3, Wisma PIAM, 150 Jalan Tun Sambanthan, 50470 Kuala Lumpur Telephone: 603-22747399 (Hunting Line) Fax: 603-22745910 E-mail: [email protected]

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  • THIS CIRCULAR SHOULD BE READ BY ALL CHIEF EXECUTIVE OFFICERS

    MEMBERS’ CIRCULAR NO: 00105 OF 2018

    1 June 18 The Chief Executive Officer BY CDS Dear Sir/Madam,

    TALENZ NO. 16 – JUNE 2018 ISSUE We refer to the above matter and attach herewith the 16th issue of the Talenz e-newsletter compiled by the Young Managers’ Think Tank of PIAM. Please do circulate this issue to all the Young Managers in your company for their reading. The Young Managers are also encouraged to share their thoughts/feedback on the newsletter or any other issues in the insurance industry which they feel should be highlighted or addressed by contacting the Talenz Editorial Team at [email protected] Thank you. Yours faithfully, Secretariat Persatuan Insurans Am Malaysia (This is a computer generated circular and does not require a signature) DISTRIBUTION: Member Companies /fy

    PERSATUAN INSURANS AM MALAYSIA (General Insurance Association of Malaysia)

    Level 3, Wisma PIAM, 150 Jalan Tun Sambanthan, 50470 Kuala Lumpur

    Telephone: 603-22747399 (Hunting Line) Fax: 603-22745910 E-mail: [email protected]

    mailto:[email protected]
  • Newsletter published by the Young Managers Think Tank of PIAM for Young Managers in the General Insurance Industry.

    ISSUE 16 l JUNE 2018

    Who Moved My

    Nasi Lemak?

    4th Leadership Camp & CSR

    8th Breakfast Talk (Q1)

    4

    6

    14

    Do continue to share your thoughts or feedback with us via email at [email protected] editorial team thank you for your comments and feedback.

    Tea Conversation

    with the Regulator 3

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  • To most of us, 5th April may not mean much, but toYMTT, it is a day to remember. It is the anniversaryday of YMTT, as this year, YMTT is celebrating

    its 8th Anniversary!

    Mr Bernard Ong, founder and former Adviser of YMTTwas the person instrumental in the setting up of YMTTback in year 2010. During the first 6 years, YMTT hassince achieved much under Bernard’s leadership andguidance. Bernard has served as a role model andmentor to young managers, providing strategic insightsand valuable advice to attract, retain and develop talentgiven his wealth of experience. YMTT continues to bethe only industry-wide platform for Young Managersamong the financial services industry in Malaysia andpossibly the region.

    YMTT has grown from strength to strength and we areproud to announce that as of to date, 36 differentYoung Managers have since served in YMTT comparedto 8 back then in the pioneer group.

    8 years is a very young age, if you are a human being.Our Think Tank had to gain credibility and authority

    progressively. We aim to inspire and influence theother young managers, in order for them to create a

    positive impact to the industry over time. Thus, 8years may be short for some but for YMTT, the 8 yearsrepresents our courage and resilience to be the bestand rise above the rest.

    With 5th April now behind us, we are looking forward toanother year of more milestones, under the leadershipof its current Leader and Adviser, Kelvin Siah andMokhtar Abdul Razak respectively, and the activeparticipation from its members who are brimming withgreat ideas.

    Well done YMTT on your many achievements and bestwishes for continued success!

    Happy 8th Anniversary

    Notes from the Editorial Team

    2

  • The informal session was held on 12 Jan 2018 where Mr Yoon responded tothe questions raised by YMTT members with regard to BNM’s direction forthe insurance industry, talent development and retention, consumerawareness on insurance, transformation of distribution channel, industrytraining, upskilling of agents’ professionalism, and other related issues.

    Mr Yoon said it is vital that the industry chip in to share their expertise andsupport MII to re-craft, revamp and enhance MII’s training syllabus andcontents. Mr Yoon had also provided his suggestions to YMTT to set up aplatform to discuss technical issues faced by the industry, besidesbrainstorming on talent development issues.

    In wrapping up the conversation, Mr Yoon’s advice to young managers of theindustry is to have a broader perspective in order to be able to connect tothe bigger picture, and bring meaning in their work. They should always staygrounded to keep firmly rooted within themselves and in life. He urgedthem to uncover their own skill sets, identify their own strengths andexpertise to be successful in work and to become effective leaders whoknow how to attract and motivate their teams.

    Mr Yoon and YMTT will continue with more engagements in future toexplore and exchange views on various issues facing the industry.

    Subsequent to officiating the 7th Young Managers Forum in August 2017,Mr Yoon Yew Khuen, Director of Insurance Development Department, BNM,had expressed his interest to continue his engagement with young managersof the industry, to share and exchange views on talent development.

    3

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  • Inspire.Influence.Impact

    Artificial intelligence (AI) is, by all accounts, here to stay. It is making serious inroads in 2018and is coming to a business near us soon. With revenues from AI expected to reach$59.8 billion by 2025, according to a report by Tactical, this task-reducing technologycan and will make our work responsibilities easier¹.

    The value and utility of artificial intelligence is a hot topic today. In fact, a recent reportby MIT Sloan Management Review asserts that almost 85% of executives believe AI"will allow their companies to obtain or sustain a competitive advantage¹.

    On 1 Mar 2018, YMTT kicked off with its yearlyBreakfast Talk, with Mr William Yap, Chief DataScientist of Artificial Intelligence Malaysia (AIM²)sharing his experience and aspiration on AI andhow to equip ourselves with tools to discover andleverage on AI.

    In his presentation on “AI and the Future ofWork”, William covered the definition of AI,different types of analytics, application of datascience in insurance industry and other sectors,along with steps towards implementing AI incompanies.

    William said that AI is a new electricity where communication technology has reached the pointwhere the workforce is increasingly mobile and telecommuting has been shown to increaseproductivity and reduce operational costs, and routine physical work can be done moreefficiently with robots and automation.

    “The growth in the gig economy will result in organizations hiring independent workers forshort-term engagements. The trend towards a gig economy has begun along with the rise offreelancer platforms. This will be accompanied by systematic layoffs at various industries,” hesaid.

    William also added that the shelf life of today’s skills is decreasing in the light of rapidtechnology changes. The pursuit of knowledge is accelerated with the convenience andaccessibility of the digital world. Lifelong learning is key and we must evolve to remain involved.

    8th

    Breakfast Talk

    4

    http://www.aisolve.com/

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    https://www.google.com/url?sa=i&source=images&cd=&ved=2ahUKEwjqoMa_g5vbAhXLK48KHVqEDmkQjRx6BAgBEAU&url=https://www.thebostoncalendar.com/events/ai-and-the-future-of-work--2&psig=AOvVaw2aC-4deLeKCHbJSdre_4pI&ust=1527136541590775

    http://www.stickpng.com/img/miscellaneous/grunge-banners/large-green-brush-stroke

  • “Today’s topic shared by William is certainly aninteresting and relevant topic to begin with, inline with the technological advancements thatare happening all around us. It will also help toinspire us, as we influence those around us andbe influenced in return, together creating animpact, befitting the theme

    “Inspire.Influence.Impact”.

    The Breakfast Talk had attracted some 80participants from member companies and onetakaful operator. PIAM and YMTT would like toexpress their appreciation to Malaysian Re forsponsoring the event and for the complimentaryuse of its Auditorium.

    Meanwhile, En Zainudin Ishak, Convenor of PIAMEducation/HRD Sub-committee said that with technologydriving changes across the world’s economy and thetightening of manpower situation, it has become evenmore crucial for the general insurance industry to adaptto these technological changes while improving onproductivity, yet at the same time preserving human’sskill sets that are still very much a necessity for thegeneral insurance industry to forge ahead.

    He added that the deeper adoption of technology will be changing the industry's business model and operations, as well as the delivery of insurance products.

    Notes & references :

    ¹ 3 AI Terms All Business Professionals Need To Understand By Venture Beat, 24 Feb 2018

    ² Founded in 2017, AIM is a national initiative to bring together AI research institutions, start-ups and companies to power Malaysia’s Digital Economy.

    5

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  • “A leader is best when people barely know he exists, when his work

    is done, his aim fulfilled, they will say: we did it ourselves.”

    ~ Lao Tzu, Chinese philosopher and poet

    Leadership is not about ideas, it’s about making things happen. Inspiration, influence, and

    impact - these are key factors that will determine our ability to be effective in leadership.

    To lead is to be inspirational. If one cannot create a vision for the organization drawing

    others into “What can be”, they cannot lead effectively.

    With this objective in mind, PIAM YMTT organised its 4th Leadership Camp & CSR on 11 &

    12 May 2018 at the Philea Resort and Spa, Melaka. 55 young managers from 16 member

    companies turned up with full enthusiasm at the one-and-a-half-day event despite clashing

    with the two days that were declared as public holidays by the new Government after GE14.

    The leadership camp was conducted by Captain Arivananthan and his team from Wealth IQ

    Network. Among the training objectives included understanding good leadership behavior;

    defining qualities and strengths, leading by example; empowering, motivating and inspiring

    others; and learning the difference between leadership and management - lead as a leader

    not as a manager.

    It was hoped that the participants will benefit professionally as they gained skills and

    acquired tools that will enable them to support their teams.

    6

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwio2oy33pvbAhWFppQKHaIUC_wQjRx6BAgBEAU&url=http://exchange.smarttech.com/details.html?id=5a817d1d-28e1-43a5-8120-a6f5beabab75&psig=AOvVaw0Am1gMj7beWYrAdNxFuCjr&ust=1527161593172469

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwil9MeM6ITbAhXKvY8KHUWZBkQQjRx6BAgBEAU&url=https://www.stl.unitedway.org/event/inspire-fashion-show-2/&psig=AOvVaw3Jgj2FlSmZ4YHQBxrmdsDu&ust=1526371821678448

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiYpoXzrKDbAhVP6bwKHeQVCSgQjRx6BAgBEAU&url=http://www.personalbrandingblog.com/how-to-increase-your-social-influence/&psig=AOvVaw3g0MRd0fHjhI82sbBAR3rZ&ust=1527320080067863

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjIv93r64TbAhUYSI8KHerPB8QQjRx6BAgBEAU&url=http://www.teamworkandleadership.com/2016/10/personal-leadership-story-small-things-can-have-the-greatest-impact.html&psig=AOvVaw2nWamF3q-JLUEqtHRRyWt3&ust=1526372009221430

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiymcXb7ITbAhUN3Y8KHd6BBqsQjRx6BAgBEAU&url=http://www.impactfounders.io/&psig=AOvVaw1qgMViAMDrxziAp1-ke4xF&ust=1526375142331289

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjpjuOn7YTbAhUHR48KHek9DaAQjRx6BAgBEAU&url=http://www.influence.se/en/&psig=AOvVaw2DwVNTSeTcArz3iStMrotl&ust=1526375298536579

    http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiF0NPo357XAhWKNo8KHcCZDCsQjRwIBw&url=http://www.chapterw.org/payment-donate&psig=AOvVaw1x2hDEThC7D-xuhxwK8VZK&ust=1509672848791320

  • 7

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwio2oy33pvbAhWFppQKHaIUC_wQjRx6BAgBEAU&url=http://exchange.smarttech.com/details.html?id=5a817d1d-28e1-43a5-8120-a6f5beabab75&psig=AOvVaw0Am1gMj7beWYrAdNxFuCjr&ust=1527161593172469

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiYpoXzrKDbAhVP6bwKHeQVCSgQjRx6BAgBEAU&url=http://www.personalbrandingblog.com/how-to-increase-your-social-influence/&psig=AOvVaw3g0MRd0fHjhI82sbBAR3rZ&ust=1527320080067863

    http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiF0NPo357XAhWKNo8KHcCZDCsQjRwIBw&url=http://www.chapterw.org/payment-donate&psig=AOvVaw1x2hDEThC7D-xuhxwK8VZK&ust=1509672848791320

    https://www.ipadizate.es/2017/05/30/mejores-fondos-pantalla-geometricos-iphone/

  • Score

    4.66/5

    Score

    4.58/5

    8

    http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiF0NPo357XAhWKNo8KHcCZDCsQjRwIBw&url=http://www.chapterw.org/payment-donate&psig=AOvVaw1x2hDEThC7D-xuhxwK8VZK&ust=1509672848791320

  • Score

    4.68/5

    Score

    4.51/5

    9

    http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiF0NPo357XAhWKNo8KHcCZDCsQjRwIBw&url=http://www.chapterw.org/payment-donate&psig=AOvVaw1x2hDEThC7D-xuhxwK8VZK&ust=1509672848791320

  • ► This Course is very, very Exciting for me.

    ► I feel GOOD!

    ► The program is fun and engaging. I have learnt some new values (i.e. Win-Win situation).

    ► Good Training.

    ► Amazing program and most importantly get to know our friends and colleagues in the

    industry.

    ► Excellent & Good Job to YMTT for organizing this event. Encore!!

    ► Very good platform to play, learn and know each other from other insurance companies.

    ► It is very good program for the up & coming young managers and should have

    more programs like this in future.

    ► It's a good thing to learn. Especially how they incorporate the learning into the games.

    Fruitful sharing.

    ► Love this program, it should continue.

    ► It feels more like team building, which I have attended multiple times before. Wondering if

    there are more substantial stuff beyond these training which we could have in the future :)

    ► Having great fun here! Thanks

    ► The games are interesting, Captain is good. But games are not much related to real life

    experience and do not tie to leadership course. Suggest to have more on personality test

    games, how to handle difficult situations and role play.

    ► Very good program. I'm enjoying myself and happy to know other people.

    ► Instead of one-and-a-half day, can consider to do 2 full days, with a bit more activities.

    ► Should have more exciting training like this.

    ► An ice breaker session could have been conducted among all participants which would

    have enhanced the networking and communications better.

    ► Like want to attend this camp again :)

    ► The facilitator brought a high level energy and engagement with the crowd that was

    infectious and kept us engaged throughout.

    ► Captain Ariva was hilarious & engaging.

    ► Excellent! Well organised!

    ► Very interesting and lots of excitement.

    ► One of the best courses!!!!!!

    ► Well done! Great experience!

    10

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  • The General Insurance industry acknowledges its responsibility to society and places

    corporate social responsibility at the core of its business model. The Fire Safety

    Awareness initiative on Day 2 was organised with the aim to educate children on the

    dangers of fire hazards as well as raising fire safety awareness and alertness among

    them. In addition, it was also to instil the importance of cooperation and working as a

    team through the prescribed activities lined up for them by the fire and rescue team.

    This initiative was held in collaboration with the Ayer Keroh

    Fire And Rescue Station, Melaka. 40 children aged between

    7 to 17 years old from Pusat Jagaan Harapan Kanak-kanak

    Bukit Baru and Pertubuhan Kebajikan Bhagawan Sri

    Ramakrishna Ashram participated in a series of fire safety

    activities such as the introduction to the fire fighting equipment,

    gear and tools; as well as hands on training to use fire

    extinguishers and fire safety water hose.

    Tuan Mohamad Hamdan bin Sudin, the Station Chief, and

    his team members conducted safety briefings and also

    introduced the attendees to the control room operations.

    Other activities lined up for the day included Stop, Drop & Roll,

    learn to crawl low in smoke etc. The children also observed a

    members of the Fire Department donning the protective gear that is typically worn to fight fires.

    11

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  • “It was a good initiative by PIAM as we had

    enjoyed ourselves very much and we still

    feel excited and can’t help talking about it

    even days after the event.”

    Ms Hannah, caretaker of Pusat Jagaan Kanak-Kanak Harapan felt blessed as the

    children were given the exposures on fire safety as well as a fun day out; whilst Mr

    Saravanan Nair of Pertubuhan Kebajikan Bhagawan Sri Ramakrishna Ashram

    expressed his appreciation to PIAM and YMTT for making it a wonderful experience for

    the children.

    “My friends and I totally enjoyed the

    activities. We were trained to put out

    fire and also learned how the 999

    emergency call system works. For

    me the best experience was the ride

    on the fire truck.”

    “We learned how to put out fire using

    ABC powder and wet cloth. We had

    enjoyed it so much. Best of all, we were

    given the chance to try on the fire safety

    water hose. This program had helped to prepare us in the event of a fire.”

    12

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  • At the conclusion of the nearly 90-minute

    activities, before the children adjourned for

    lunch, they were taken on a fun ride on the

    fire engine. The children thoroughly enjoyed

    themselves and are now more aware of

    what to do in the event of a fire.

    Meanwhile, PIAM and YMTT would like to put on record their heartfelt appreciation to all

    participants for their confidence and participation, contributing to the success of this eye-

    opening experience in educating both the children and themselves on fire safety and rescue at

    the Ayer Keroh Fire and Rescue Station.

    PIAM donated RM2,000 to each of the

    orphanages to cater to the daily needs of

    the children. As a gesture of appreciation

    for their participation and support, PIAM

    also contributed RM500 to the Ayer Keroh

    Fire and Rescue Station Sports Club, a

    crystal plaque and event jerseys to the

    team members of the fire and rescue

    team.

    13

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  • Article on Artificial Intelligence By Mr William Yap

    William Yap is the Chief Data Scientist of Artificial Intelligence Malaysia (AIM). He began his

    career as an actuarial analyst in the insurance industry. With over a decade of data expertise,

    he also provides data science training and consultancy services. For more info, please email

    [email protected]

    Like many Malaysians, I grew up loving nasi lemak. A perfect breakfast to me is a serving of nasi lemak,

    topped with spicy sambal, anchovies, hard-boiled egg and all wrapped neatly in banana leaf.

    Growing up, the best nasi lemak to me was made by the friendly mak cik in my neighbourhood.

    Office workers, labourers and students would all stop by her stall and pick up a packet of her delicious

    nasi lemak for just RM1. Her stall was very popular and was known as the best in town.

    The thing about nasi lemak is that you can build the best nasi lemak business in Kuala Lumpur, and

    someone else can build the best nasi lemak business in Johor Bahru and someone else in George Town,

    and they can all co-exist. It is, at least for now, still a very location-dependent business.

    However, we are living in a new world now. A new digital world where so many of our needs are being

    handled online. With a press of a button, a car can come and transport you to your preferred destination.

    With a click on a mouse, you can order a limited edition “Marvel Legends Series Infinity Gauntlet

    Articulated Electronic Fist” to be delivered from halfway across the world right to your doorstep.

    With a swipe of a finger, you might even end up meeting your soulmate.

    Many companies are gradually becoming tech companies, where everyone with access to the internet

    is a potential customer. It is slowly becoming a sum-zero game, a winner-takes-all environment.

    This is because their “nasi lemak” can be accessed by anyone at any time anywhere with any device.

    The market is no longer location-dependent. Your customer could be next door or could just as easily

    be in the next state or the next continent. Unfortunately, this also applies to your competitor.

    There was a time when there was an entire industry built solely to help people find and book their travel

    arrangements. Today, with just a single Google Search, you can immediately see all the available flight

    options, optimally arranged in order of price and convenience. Once you have selected your preferred

    flight, you will immediately be redirected to hotel recommendations and tour promotions.

    In this new world that we currently live in, the world’s largest taxi company does not own any cars (Uber).

    The world’s largest hotel does not own any property (Airbnb). The world’s largest shop does not own any

    inventory (Alibaba). Who is going to become the world’s largest insurer? And when they come, what will

    they look like and will we be ready?

    Having a digital strategy is the first step that your company can take to protect itself from disruption.

    Digitalizing your organization can give you a competitive advantage by doing things better and faster

    than your competitors. A proper digitalization plan can help reinvent processes, improve quality and

    future-proof your business.

    Adopting today’s technologies is no longer optional. The businesses with the best technologies will win.

    Artificial Intelligence is one of these latest technologies. It is the branch of computer science dedicated to

    making computers behave like humans. Big Data, Machine Learning and Deep Learning are all Artificial

    Intelligence tools that your company can use to gain the advantage. The time for digitalization is now.

    Perhaps now is the time to add some “lobster” to your “nasi lemak”.

    http://daisybisley.com/5things-moviemotivation/

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjFpqDb_JrbAhXCgI8KHSR6A84QjRx6BAgBEAU&url=http://www.macleans.ca/opinion/artificial-intelligence-is-the-future-but-its-not-immune-to-human-bias/&psig=AOvVaw08CZvpohKyJdJx264A-Nad&ust=1527135364477740

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjFpqDb_JrbAhXCgI8KHSR6A84QjRx6BAgBEAU&url=http://www.macleans.ca/opinion/artificial-intelligence-is-the-future-but-its-not-immune-to-human-bias/&psig=AOvVaw08CZvpohKyJdJx264A-Nad&ust=1527135364477740

    mailto:[email protected]

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjbz-ORgZvbAhXLy7wKHfNCCOUQjRx6BAgBEAU&url=https://betanews.com/2018/01/09/artificial-intelligence-changing-future-of-work/&psig=AOvVaw2aC-4deLeKCHbJSdre_4pI&ust=1527136541590775

    https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiZ3beth6PbAhXEMY8KHXWJDe0QjRx6BAgBEAU&url=https://www.tinypinc.com/product/nasilemak/&psig=AOvVaw1zGdPAm2WW8MkYcpjuY-Tm&ust=1527413017339709

    HCT-ADMINFile AttachmentTalenz 16-June 2018 Issue (final).compressed.pdf