Malaysia’s insurance industry is in for a rough year as weak consumer spending making insurance less important to consumers, but
Allianz Malaysia believes that their growth is resilient to withstand these pressures.
Linda Lor, head of digital innovation and special projects for Allianz Malaysia, said that the company will continue to bring together business value and customer value through the products it offers.
“We expect the current economic climate to soften consumer spending and demand for insurance products is expected to be less of a priority,” she told the
Borneo Post. “It will be a challenging year for insurers but we are positive the industry will remain resilient and continue to grow at a moderate rate.”
The firm’s business savvy in the digital era allows it to find better ways to serve customers and address their needs.
“We have also started to expand out of traditional markets by venturing into small-ticket insurance partnerships that give us access to new markets,” she added. “We started partnerships with ParkEasy (a parking application) and RecomN.com (a services provider) last year as we moved towards service on digital platforms.”
The insurer also entered a partnership with Speedrent, an online platform for tenants and owners of for-rent homes to find each other. These agreements help Allianz diversify its business and reach a wider customer base.
Additionally, Allianz Malaysia recently launched Allianz Online, which allows customers to conveniently purchase insurance products online.
Related stories:
Insurer abandons talks to buy takaful provider
Insurer abandons talks to buy takaful provider
Twenty-two insurers fined for violating competition rules
