MSIG Insurance (Malaysia) Bhd. plans to ramp up investment in analytics and artificial intelligence to sharpen customer insight and accelerate decision-making as the insurer seeks to sustain growth in Malaysia’s expanding general insurance market.

Its CEO thinks manufacture maturation lies successful affordable insurance.

MSIG Insurance (Malaysia) Bhd. plans to ramp up finance successful analytics and artificial intelligence (AI) to sharpen customer penetration and accelerate decision-making arsenic nan insurer seeks to prolong maturation successful Malaysia’s expanding wide security market.

“AI allows america to value much accurately and respond much quickly to marketplace needs,” CEO Ang Yien Chia told Insurance Asia. “This isn’t conscionable astir operational ratio but fundamentally changing really we prosecute pinch customers.”

Ang, who took nan helm successful July, said nan industry’s semipermanent maturation depends connected making security much affordable and accessible without sacrificing quality.

“By offering modular, on-demand solutions, we tin service customers who mightiness person been priced retired of accepted products while besides gathering nan evolving expectations of digitally autochthonal consumers,” she said successful an emailed reply to questions.

Gross written premiums of Malaysia’s wide security assemblage are projected to turn 6.6% annually to $7.2b by 2029 from $5.5b now, according to GlobalData Plc.

MSIG Malaysia, a portion of Japan’s Mitsui Sumitomo Insurance Co., said its integer channels helped assistance capacity past year, contributing $19m (RM80m) successful gross written premiums—up 39% from a twelvemonth earlier. Growth was driven by online sales, integer partnerships, and targeted societal media campaigns that boosted marque visibility.

The institution has besides deployed AI successful its declare process, utilizing image study to measure conveyance harm and place cost-effective repairs. The strategy handled 56% of outer assemblage harm claims pinch 93% accuracy, cutting turnaround times and improving customer satisfaction.

Ang said her attraction this twelvemonth would besides see talent development, peculiarly attracting young professionals amidst rising title for skilled workers.

“Today’s young talents want to cognize their activity matters,” she said. “They’re drawn to environments wherever collaboration is genuine, not a firm buzzword, and wherever they tin return connected assignments that person existent impact.”

MSIG is introducing fast-tracked profession paths and investing successful pricing devices to support this goal, whilst strengthening programmes connected intelligence wellness and work-life balance.

The institution faces a tight labour market: 2 successful 5 Malaysian labor are considering switching jobs wrong a year, according to Aon Plc. Compensation remains nan apical factor, but Gen X and Millennial workers besides prioritise elasticity and autonomy.

The greater differentiator is meaning, Ang said. “When we framework our activity successful position of real-world impact—helping families retrieve from unexpected events aliases enabling businesses to return calculated risks—the security manufacture becomes overmuch much attractive.”

Ang succeeds Chua Seck Guan, who retired connected July 2 aft a 42-year career. Chua oversaw 2 mergers and 4 acquisitions, introduced risk-based pricing, and built nan insurer’s information analytics capability, steering 15 consecutive years of underwriting profitability.

MSIG Malaysia’s nett income roseate 9.8% twelvemonth connected twelvemonth to $88.1m (RM370.13m) past year. Chua remains arsenic elder advisor to guarantee a soft activity transition.

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