ANZIIF Appoints Dato’ Tan Kian Beng as Malaysia Ambassador Amid Insurance Sector Transformation

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has recently announced the appointment of Dato’ Tan Kian Beng as its new ambassador for Malaysia. This strategic move underscores ANZIIF’s commitment to enhancing insurance professionalism throughout the Asia-Pacific region.

Dato’ Tan comes to the position with over 23 years of experience in various facets of the insurance industry, including underwriting, claims management, and risk surveying. His qualifications also feature an ANZIIF Fellowship and a Diploma of General Insurance from the same institution.

In his role as ambassador, Tan will represent ANZIIF in Malaysia, collaborating with local insurance companies and professionals. His primary aim is to advance professional education for insurance practitioners, ensuring that Malaysian practices align with international standards.

Tan expressed his vision for the role, stating, “[I am to] bridge local industry practices with international standards, enhancing the capabilities of Malaysian professionals in the global insurance landscape.”

ANZIIF CEO Katrina Shanks welcomed Tan’s appointment, highlighting the strong historical ties between ANZIIF and Malaysia’s insurance sector. She stated, “ANZIIF has a long history with the Malaysian insurance sector, and appointing a Malaysian ambassador reflects our commitment and passion to the region.”

During an interview with ANZIIF, Tan spoke about the nation’s relatively high insurance penetration rate, ranging between 4.5% and 5% of GDP, which surpasses other regional markets. He believes digital engagement could further boost these figures.

Malaysian insurers have been increasingly focusing on improving customer experiences by streamlining claims and policy purchases through digital platforms and offering personalized products. The industry is undergoing a significant digital transformation, accelerated by the COVID-19 pandemic and shifting consumer behaviors.

According to industry reports, the number of insurtech startups in Malaysia has doubled since 2019, a trend supported by Bank Negara Malaysia (BNM) through initiatives like the fintech sandbox and a fast-track approval process for innovative financial solutions.

While digital insurer licenses are now available, Tan anticipates they will enable new market entrants to establish partnerships economically, without necessitating significant ownership in local companies.

The Malaysian insurance industry has seen substantial consolidation with the entrance of foreign investors, reducing the number of insurers from over 50 to about 20 within a few years.

Tan also touched upon regulatory challenges, including recent policies by BNM that enforce operating cost controls and the phased liberalization of motor and fire tariffs, aimed at spurring competition and offering consumers a broader range of insurance options at competitive prices.

The industry is also adapting to the escalating risks of climate change by developing new assessment models and policies. Generali Malaysia, for instance, has modified its fire insurance policies to support environmentally-friendly repair or replacement, aligning with their sustainability efforts.

ANZIIF’s influence in Malaysia’s financial sector is further reinforced by its role in the Future Skills Framework initiative, designed in collaboration with the Malaysian Insurance Institute to enhance talent across the financial services industry.