Allianz Life banks on quality agents, new products to grow

Gross: We are constantly looking at providing new, simplified products to our clients.

PETALING JAYA: Rising competition in the Malaysian life insurance scene has resulted in a challenging business environment for the insurers, who have already been affected by the high medical inflation in the country and the weaker sentiment among consumers.

While life insurers have consistently introduced more innovative products to capture a larger slice of the pie in terms of market share, Malaysia’s life insurance penetration rate has largely remained stagnant over the past five years at about 55%.