kuala lumpur: As Malaysia is envisaged to be the chairman of ASEAN this year, opportunities for cooperation between the insurance industry, particularly in education and training, are expanding.
Paul Low, CEO of the ASEAN Insurance Training & Research Institute, said the institute is already actively promoting such initiatives by procuring expert speakers to train ASEAN regulators.
“In 2025 alone, the Institute plans to implement six programs, including recent sessions on health insurance.
“In addition, there is a growing demand for specialized training, including upcoming programs on electric vehicles,” said Low, CEO of the Asian Institute of Insurance (AII). AII also provides this specialized training to the industry.
“For example, Indonesia has shown local interest in hosting the programme. Similarly, the Institute’s specialized accreditation programme has elicited a demand from Indonesia that it will be implemented on-site to reduce travel costs.
“AII also sees strong participation from Cambodia, and many experts are enrolled in the certification program through a variety of formats, including e-learning, in-person sessions and hybrid models,” he said. Sunvis.
Meanwhile, Low highlighted a downward trend in the number of insurance agents within the industry.
He said the life insurance industry is experiencing a decline in the number of agents. This is a trend driven by the availability of more attractive career options.
“In China, for example, the number of agents has fallen from about 10 million five years ago to just 2 million today.
This decline is primarily due to a lack of professional skills and inability to maintain quality business practices. ”
Law admitted that a similar trend has emerged in Malaysia, but not so serious. He said the number of life and general insurance agents is also declining.
To build a sustainable business, businesses must equip their agency troops with professional and digital skills, Law said.
“The way insurance is sold is becoming obsolete, especially among younger generations who rely on digital tools to do their business.”
He noted that digitalization plays an even bigger role in insurance in general.
If businesses have developed efficient portals and billing systems, products such as automobiles and travel insurance can now be easily sold online.
Low says that a well-designed digital platform allows businesses to reduce costs, and will ultimately benefit consumers.
“This shift reflects the rise of e-commerce platforms like Shopee and Lazada. Physical shopping still exists, but many consumers prefer online options for convenience.
“To stay competitive, insurance agents must adapt by adopting digital tools and new business models. Digitalisation poses challenges for traditional institutions, but also offers opportunities for those willing to evolve,” Law said.
He detailed the adaptation of digital transformation and Insurtech’s innovation, saying that companies are adopting digitalization but the scope is different.
Smaller or newer companies tend to accept it more easily, but larger established companies, especially those with strong institutional power, face greater challenges.
“Agents often perceive digitalization as a threat to their livelihoods. But no matter the size, every company has to embark on this digital transformation. That’s no longer an option,” Law said.
He also said it is encouraging to ensure that regulators and industry stakeholders are currently involved in joint discussions and recognize that meaningful solutions often require contributions from all sides.
“Reforming the healthcare model, for example, is a complex challenge, but focusing on affordability and keeping healthcare inflation at bay is a step in the right direction.”
When it comes to advancing the insurance profession, Law said that AII plays a key role in equipping professionals with the skills they need to meet the ever-evolving industry demands.
