Nine out of 10 Malaysia policyholders would consider sharing additional personal data with insurers to gain a range of benefits, with the strongest motivations being more personalized services and enhanced claims processes. Many are willing to share data via wireless wearables, smart devices in the home and other means. However, with 72% of policyholders continuing to prefer purchasing insurance through representatives, creating a seamless omnichannel experience remains important for many insurers. Meanwhile, efforts to close Malaysia’s protection gap should leverage digital transformation and distribution to make insurance more affordable, accessible, and understandable.
“Over the next few years Malaysia’s incumbent insurers and takaful providers, joined by the new digital insurance and takaful operators (DITOs), will seek to gain a competitive edge by becoming more responsive to customer needs, while also trying to narrow the protection gap that continues to put too many Malaysian individuals and families at risk. Our survey findings show that Malaysia’s insurers have a great opportunity to innovate by capitalizing on their customers’ willingness to share data. The challenge will be to master how this data can be rapidly deployed to improve and personalize products that are targeted and timed more precisely around customer lifestyles, priorities and budgets.”
Darren Pigg, Partner & APAC Insurance Lead
METHODOLOGY
Interviews were conducted in Belgium, Brazil, Canada, Greater Bay Area (ex Hong Kong), Germany, Hong Kong, Italy, Malaysia, Poland, Singapore, Switzerland, Thailand, USA and the UK during February and March 2023. Respondents were aged between 18 and 65 years. This was a quantitative study conducted using diverse sampling methodology (social & ad networks). Country representative quotas (location, age and gender) were applied.
