Great article posted on the website Malaysia Insurance Online what agents can expect from insurance companies in regards to products during the Detariffication. So what can agents expect from insurance companies in the first year?
In summary, when it comes to new produts, we can expect that insurance companies will not be very innovative, because the hurdles remain the same. In addition, there is little incentive for insurance companies to come with new products, because a long approval process from BNM will prevent any advantage of being the first. This leaves us to believe that more focus will be given on UW and pricing to stay competitive during Detariffication. Here the article in full. What To Expect In The First Year Of Detariffication Of The Motor And Fire Insurance Framework