AIA Group Ltd is looking at recruiting more insurance agents from among Bumiputeras to provide awareness on insurance protection to the community, and hence, help Bank Negara Malaysia (BNM) meet the country’s life and takaful penetration target of 75 per cent by 2020.
Group Chief Executive Officer, Ng Keng Hooi said BNM’s target was a great aspiration for the company in not just contributing to the target, but also help increase the number of insured Bumiputeras.
“Insurance is a great business for people to be successful at as agents, and at the same time, they can help protect families from problems like premature deaths and critical illnesses,” he told a press conference after AIA Group’s three-day management retreat here today.
According to Ng, the insurance and takaful penetration has remained stagnant at between 54-56 per cent over the last five years.
Among the Bumiputera population, 15 per cent had some form of insurance protection, he said.
He also said the best way to get more Bumiputeras to have better life insurance plans, was the use of the services of insurance agents as they also contributed largely to the company’s business, at about 75 per cent.
“This is why it is important to grow the insurance agents segment. It also provides an opportunity for young people, especially fresh university graduates, to take on this job and earn a good income if they work hard.
“ AIA is happy to help new agents build their career,” Ng added.
He also hoped the number of AIA insurance agents in Sabah and Sarawak will multiply, as the number currently was fairly low when compared to other states.
He said there were only about 500 of agents or life planners here with about 54,000 policy holders statewide, while there are about 600 in Sarawak with about 84,000 policy holders.
“We see a huge potential in the Sabah and Sarawak markets and will continue to make significant investments to expand our reach in this part of the country,” he added.
AIA has branches in Sandakan, Tawau and Kota Kinabalu in Sabah and in Kuching, Sibu and Miri ( Sarawak).