PETALING JAYA: With the general insurance and takaful industry bracing itself for a significant change over the next three years, skilled workforce with the right acumen and calibre will be highly valued and a whole spectrum of job opportunities will open up.
Life Insurance Association of Malaysia (LIAM), General Insurance Association of Malaysia (PIAM) and Malaysian Takaful Association (MTA), in a joint statement, said options to choose from for a career included marketing, distribution, underwriting, actuarial, claims and customer service.
They said the industry offered stable career prospects and ample employment opportunities.
At present, the industry employs over 30,000 employees and hires over 190,000 agents throughout the country. The vibrant industry contributes 6% of Malaysia’s gross national income (GNI), with premiums totalling RM6.8bil in 2015. The industry is on a strong financial footing with excess capital of RM6.81bil.
“Despite the challenging environment, we are bracing ourselves in the coming years with courage and perseverance in managing our business and operations and prudent in cost management,” the associations said.
According to a recent survey conducted by the three organisations, the life insurance, general insurance and takaful companies are recruiting more new staff to fill up various positions available in these organisations. This is in tandem with the dynamic growth and transformation of the insurance and takaful industry under the Life Insurance and Family Takaful Framework (LIFE Framework) introduced by Bank Negara Malaysia.
In line with the Government’s Transformation Programme, which emphasises on establishing Malaysia as a major insurance centre, there is a high demand for skilled personnel in insurance and takaful industry. As part of a 10-year Government initiative, it will ensure a long-term job security for potential talents who plan to join the industry and consider the industry as a career of choice.
The insurance industry has also established a RM45mil Capacity Building Fund managed by the Malaysian Insurance Institute to provide world-class training programmes and certification courses for employees of the insurance industry.
Apart from long-term career opportunities, internship programmes are also offered by the respective insurance associations for young aspiring undergraduates.
LIAM’s Structured Internship Programme is a three-month internship programme which has commenced in September 2016 and interested undergraduates are invited to submit their resumes to talent@liam.org.my.
PIAM also offers internship opportunities through its 3-month General Insurance Internship for Talent (GIIFT) programme and interested students can send their resumes to talent@piam.org.my.
The industry is gearing itself up to improve productivity and create a more competitive market supported by higher level of professionalism and transparency, they said.
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