1 The Protection Gap Study in Malaysia Farzana Ismail, FIA On behalf of Actuarial Society of Malaysia Actuarial Partners Consulting, Malaysia 1
2 Background Actuarial Partners ( AP ) performed a Protection Gap Study as at 2012 in Malaysia. What is the Protection Gap Working population due to mortality and disability risks. Excludes medical, savings and retirement gap Why the Gap exists Potential strategies to minimise the Gap
3 Why a Protection Gap Study is important? To determine whether Malaysians are sufficiently insured (via life insurance or takaful) to protect and provide for their loved ones in the event of death or on Total and Permanent Disability
4 What is Protection Gap? In life assurance or takaful terms, it is the difference between the financial resources available to the family of the breadwinner against the amount required to maintain the current standard of living for the dependents, in the event of death or disability of the breadwinner
5 Typical Life Cycle
6 Resources available Resources required Resources available Protection Gap Study Methodology Income to Maintain Living Standards Protection Gap Social Security Benefits Savings and EPF* Protection Gap Savings Household Debt Takaful / insurance Takaful / insurance Employed Self-Employed *Note: Employees' Provident Fund (EPF) is a Malaysia government agency under the Ministry of Finance. It manages the compulsory savings plan and retirement planning for private sector workers in Malaysia. Membership of the EPF is mandatory for Malaysian citizens employed in the private sector, and voluntary for non-malaysian citizens
7 The Protection Gap in Malaysia in 2012 Resources available Insurance / Takaful Social Security Savings Cover Cover 133 bn USD 384 billion USD 437 billion USD The Gap is 9 times the average annual salary Protection Gap 780 billion USD Amount required to maintain living standards 1,495 billion USD Household Debt 239 bn USD Resources required The average gap per working person is 63,000 USD. The average sum assured for insurance/takaful policies in Malaysia is 15,000 USD. The actual gap per person will vary depending on the individual family s financial needs.
9 Market segments with the largest protection gap The take-up rate for insurance/takaful is highest at the age groups 30-50, and for those with available disposable income.
10 Aggregate Gap USD bn The Protection Gap - By Age Group Age group with the largest aggregate protection gap is the younger working population (i.e. 30 years and below) at 330bn USD (average gap of 78,000 USD per person) < >55 Age band Age < >55 Working Population 17% 18% 15% 13% 11% 10% 8% 8% Key reason for the gap: Insurance/takaful cover is not viewed as urgent as the younger generation is more willing to spend on other lifestyle accessories (e.g. cars, phones).
11 Aggregate Gap USD bn The Protection Gap - By Income Group The largest aggregate gap is for those earning below 300 USD a month (290bn USD), with an average gap of 63,000 USD per person Social Security or Microinsurance Insured target market < ,200 1,201-1,500 1, Key reason for the gap: Lack of funds to buy insurance/takaful. Nearly two-thirds of Malaysians earn less than US600 a month.
12 Average gap per working person USD The Protection Gap - By Employment Group The gap is larger for self-employed compared to the employed 350, , , , , ,000 50,000 - < ,200 1,201-1,500 Income per month (USD) Key reason for the gap: The self-employed are not members of SOCSO. SOCSO is effective at reducing the protection gap for the employed. Approximately 60% of the working population is covered by SOCSO, largely covering the younger population as these would receive low entry level pay (automatic SOCSO membership for the employed with monthly income of below 1000 USD) SOCSO: Social Security Organisation in Malaysia 1,500-3,000 SOCSO member SOCSO non member Self Employed
13 The Protection Gap - By Geographical Area The average gap per working person is highest for East Malaysia Areas with darker reds indicate greater numbers of agents Key reason for the gap: Agents are largely focused in big cities. East Malaysia (Sabah and Sarawak) and rural areas are largely underserved due to challenges in product distribution.
14 Aggregate Protection Gap Malaysia vs other markets Source: Actuarial Partners analysis and recalibration of Swiss Re s Mortality Protection Gap analysis Mortality Protection Gap: Asia-Pacific 2011 Swiss Re
15 Average gap per person Malaysia vs other markets Source: Actuarial Partners analysis and recalibration of Swiss Re s Mortality Protection Gap analysis Mortality Protection Gap: Asia-Pacific 2011 Swiss Re
16 Understanding the market Consumers generally view an insurance/takaful product as a savings/investment product, rather than a protection product, and would be willing to pay more for a savings-type product (despite the lower protection) so that they are able to enjoy their investments. Pure protection products, which are cheaper, are seen as poor value for money. Sellers prefer to sell investment-linked products.
17 Do customers know what they want? How does somebody know what they want if they haven t even seen it? Steve Jobs
18 Percentage Distribution Employed population salary distribution Nearly two-thirds of employed Malaysians earn less than USD600 a month 45% 40% 38% 35% 30% 28% 25% 20% 15% 10% 5% 0% Source: EPF 15% 6% 6% 6% 2% < ,200 1,201-1,500 1,501-3,000 >3,000 Monthly Salary (USD)
19 Why the Gap exists? Key reasons Lack of awareness and knowledge in financial planning Perceived lack of funds for most income groups Limited financial and tax incentives Limited reach of existing distribution channels and product competition in the banca channel. Limited understanding on how insurance works by consumers Preference for savings-type products which are more expensive Quality of agents and sales process: Limited experienced full-time agents, too many part-time agents, limited sophistication in the sales process.
20 Potential strategies to minimise the Protection Gap Recommendations Education and awareness Empowering consumers by providing financial planning education (including takaful) in school/workplace Industry awareness drive through road-shows etc. Create understanding on the value of pure protection products Developing fair tax incentives Separation of the tax incentive between EPF and insurance as lobbied by the industry Dollar-for-dollar subsidy for lower income group, towards pure protection products Level playing tax incentives between unit trusts vs takaful/insurance products Developing a more effective agency force Using needs-based selling through financial projection tools so that customers understand the importance of insurance and improve on emotionbased selling Increase the number of full time agents Pro-active agents to engage customers at relevant lifecycle trigger points.
21 Reaching out to customers Developing a more extensive distribution channel Tying up with existing structures to reach the rural places such as Pos Malaysia, mobile phones, small retailers Developing branches developed by industry associations so that costs can be shared by participating members Smartphone penetration % of total population in 2013 Source: Our Mobile Planet (Google) October 2014
22 Reaching out to the younger populations Younger people conduct a significant proportion of their lives online Smartphone penetration % of total population in 2013 (by age group) Source: Our Mobile Planet (Google) October 2014
23 Potential strategies to minimise the Protection Gap Simplify products and sales process Need simple products that a consumer can understand A complicated buying process (e.g. underwriting) combined with a poor understanding of products can lead to the perception of insurance having poor value for money
24 Percentage consumers with positive consumer experience on insurance A complicated buying process combined with a poor understanding of products can lead to the perception of insurance having poor value. Source: Voice of the Customer Survey, World Insurance Report 2014, CapGemini
25 Simplifying the sales process The need of medical underwriting only gives opportunities for buyers to procrastinate. Remove underwriting burdens from frontline sales using new solutions in processes and technology.
26 Whose financial advice do you trust the most? Developing trust, reputation and transparency Develop a better relationship between the buyer and seller, to develop trust Developing a product aggregator on the web will empower consumers to compare simple insurance products without the need to meet an agent Reward consumer loyalty to encourage trust and persistency (e.g. reward points) Source: ABI Quarterly Consumer Survey 2010 Q4 (2608 responses)
27 Potential strategies to minimise the Protection Gap Recommendations Product customisation For those without a regular income, offer a single premium protection product that is simple and cheap For the younger generation, products need to be bundled with lifestyle items (e.g. gym membership) Industry-wide effort Developing a national product to meet the gap at the lower income group on shared-services basis to keep costs low To increase the market penetration to the younger generation who are internetsavvy, develop a national pure protection takaful product to be sold via the internet Industry to highlight to the consumers how much protection coverage is typically required and how much support is available from social security, existing coverage and available assets, similar to those practiced in Denmark and the US
28 Other markets food for thought.. The challenge for insurers is to create motivation to act on insurance, instead of convincing Australians of the need to protect their living standards and income earning.less than a tenth of (Australians) meet the minimum recommended level of cover To overcome the inertia amongst those that do not have life insurance but know it is important, the industry needs to provide structural triggers for people to take out insurance. These include government tax incentives that make it costly not to have life insurance, and linking consideration of life insurance with structured life events Source: Aparthy to Action Understanding consumer barriers to adequacy in life insurance in Australia, MetLife Australia and the Financial Services Council (1 st April 2014)
29 Next Steps The insurance and takaful industry working together to develop practical solutions and strategies on a holistic basis to minimise the protection gap
30 Actuarial Partners Consulting Sdn Bhd Suite Kenanga International Jalan Sultan Ismail Kuala Lumpur Tel Fax The author of the report can be contacted at:
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