Tag: Insurance

Kuala Lumpur, Malaysia – Insurance deals with the financial damages from insurable situations. But what about the emotional damage? This is the issue at the heart of Kurnia Insurans & Liberty Insurance Malaysia’s latest campaign called “Reinvent Regret.” 

Every year, thousands of Malaysians suffer home fires and burglaries, with damaged household items like burnt appliances or smashed windows often serving as a physical reminder of negative emotions like guilt, fear, or regret. 

For this campaign, the insurance brand worked with independent creative agency The Clan collaborated with local artists Anni Tai, Kaiyi Wong, and co2_karbondioksida to give these items a positive overhaul as uplifting works of art. 

Grace Quah, chief distribution officer at Liberty and Kurnia, said, “The area beyond the claims disbursement hasn’t really been addressed. When The Clan came to us with the concept of Reinvent Regret, it immediately struck us as fresh territory that we were keen to explore.”

Meanwhile, Yow Kuan Wai, executive creative director at The Clan, commented, “Art–both the creation and the experience of it–is known for its therapeutic benefits. For thousands of years, mankind has been using art to process complex emotions. So we thought, what if an insurance company used it to help people process a traumatic experience?” 

Lastly, Teh Sue May, Head of Copy at The Clan, added, “Insurance usually just replaces what’s broken. We figured — why not transform it into something beautiful instead? Breaking away from fear-based messaging, we focused on empowerment and creativity to make insurance more inspiring.” 

Despite launching during the congested year-end festive season, the campaign videos achieved over 10 million views in less than a month across Facebook and YouTube. A public contest to win these art pieces also saw an outpouring of real-life stories, many of which were highly personal and emotionally open. 

Kuala Lumpur, Malaysia – Sun Life Malaysia has appointed Noor Azam bin Mohd Yusof as the chief executive officer of Sun Life Malaysia Takaful Berhad (SLMT), effective 3 February 2025. He succeeds Jeffry Azmi, who has retired.

With distinguished industry experience of more than 25 years in both conventional and Takaful sectors, Azam Yusof brings a wealth of knowledge to Sun Life Malaysia. His expertise includes sales and marketing, bancassurance and bancatakaful, agency channel management, business development, and strategic business transformation. 

In his role as CEO of SLMT, Azam Yusof will be responsible for overseeing all aspects of the business, including Syariah compliance and governance. He will champion the implementation of SLMT’s business strategy, designed to achieve continued growth and elevate its position as a leading bancatakaful player in the Malaysian market. 

Azam Yusof joins Sun Life Malaysia from a leading family Takaful operator where he served as CEO since 2017. 

Speaking on his appointment, she said, “I am honoured to lead SLMT and scale our family takaful business to greater heights. I am passionate about helping our Clients and more Malaysians build a secure financial future that honour their faith and enabling them to live healthier, more fulfilling lives.”

Meanwhile, Raymond Lew, president and country head at Sun Life Malaysia, commented, “We are thrilled to welcome Azam Yusof to the Sun Life Malaysia family. His proven leadership and deep takaful expertise are precisely what we need to expand our takaful business’s reach and impact. With a ‘Play to Win’ mindset, we are confident he will lead us to become a family takaful leader, delivering exceptional growth, innovation and impacts for our clients.”

India – Indian life insurance provider Bandhan Life has collaborated with Havas CX India on a new campaign featuring humorous short films aimed at simplifying insurance concepts and highlighting financial planning during the peak season.

Timed for the key financial planning period of February and March, when life insurance sales typically rise in India, the campaign films use humour and relatable storytelling to engage viewers.

The films feature quirky characters in everyday situations, using humour to simplify concepts like wealth creation, guaranteed returns, and tax-saving benefits. By breaking down complex financial terms and policies into relatable stories, they make it easier for viewers to understand the key points without feeling overwhelmed.

Akhil Almeida, head of marketing at Bandhan Life, said, “In a market where financial planning often feels overwhelming—particularly during the high-stakes Feb–Mar season—our mission is to guide individuals and families toward choices that offer benefits far beyond meeting immediate tax deadlines.”

“By weaving humour and culturally resonant moments into our narratives, we show how straightforward and rewarding life insurance can be. We believe this approach not only simplifies the complexities of coverage and returns but also inspires meaningful conversations—encouraging people to step into a Bandhan Bank branch, ask the right questions, and confidently secure their future for the long run,” Almeida added.

Bandhan’s ad films will be featured across digital platforms like social media and OTT channels, aiming to reach a wide audience during the peak season. The campaign seeks to make financial planning feel more approachable while encouraging informed decisions for long-term security.

Ashu Mhatre, head of creative at Havas CX India, explained, “Bandhan is known to have a special bond with its customers. They understand the nuances seeped in culture to make enduring, life-long relationships.”

Mhatre continued, “The task at hand was to get customers to enquire about Bandhan Life. So, we decided to tap into the idiosyncrasies of typical Indian behaviour—from the haggling auto customer to the art connoisseur looking for a deal, from a future-telling parrot to a failed fireman looking for savings; telling all of them there are better ways to grow money and secure your life. All you need to do is walk into the nearest bank branch and ask about these products. With a generous dollop of humour, we wanted to land a serious message—this isn’t just life…this is Bandhan Life.”

Kuala Lumpur, Malaysia – Sun Life Malaysia has announced the appointment of local personality Alif Satar as the brand’s 2025 brand ambassador. This strategic partnership is set to amplify the company’s mission to empower Malaysians with essential financial and Takaful knowledge, with a focus on legacy planning and family financial stability.

The collaboration is an expansion of Sun Life Malaysia’s ‘InsureLit Campaign,’ which has already impacted millions of Malaysians across diverse age groups in 2024 through innovative resources like financial literacy roadshows, engaging workshops, a dedicated women financial empowerment award, series of educational articles and videos and interactive board games.

As a father, entrepreneur, and well-loved public figure, Alif Satar brings a relatable and inspiring voice to Sun Life Malaysia’s campaign. Beyond being the face of the brand, Alif will actively participate in initiatives to raise the bar of Takaful literacy among Malaysians, such as the Takaful 101 video series, a digital content series that equips Malaysians with the knowledge needed to build and protect their financial legacies through Takaful.

Speaking on his ambassadorshop, Alif said, “As a father, my top priority is ensuring a secure future for my family, and as an entrepreneur, I believe financial literacy is not just important. I’m proud to partner with Sun Life Malaysia to help more Malaysians make informed financial decisions and secure brighter futures for their loved ones.”

Meanwhile, Raymond Lew, president and country head of Sun Life Malaysia, commented, “Alif Satar reflects the values that define Sun Life Malaysia – the commitment to building resilient family, entrepreneurship, and financial responsibility. With his influence and genuine connection to Malaysians, we are confident that Alif will inspire people nationwide to take ownership of their financial journeys and build meaningful legacies.”

It is worth noting that based on the “Insure or Unsure: Sun Life Insurance Literacy Survey” done in 2024, only 28% out of 1,107 Malaysians surveyed are confident in their knowledge of insurance and takaful products, while almost one-third (32%) have no insurance protection.

Reflecting on these findings, Lew said that their efforts in 2024 showed the power of creative engagement in promoting financial literacy. He noted, however, that there is still immense potential to elevate financial literacy among general Malaysians.

“With Alif onboard, we’re confident we can deepen our reach and inspire Malaysians of all ages to embrace financial responsibility. Building on this momentum, the InsureLit campaign is set to create an even greater impact in 2025,” he concluded.

Kuala Lumpur, Malaysia – AIA Malaysia has teamed up with MBCS to launch a new campaign raising awareness on the importance of combining prevention and protection for healthier, longer, better lives.

The AIA “It’s what’s inside, that matters” campaign launched to educate Malaysians to take a pulse check on their health and take stock of their protection and coverage. 

The campaign microsite inspires a call to action for users to rate their health, and that of their loved ones by way of a simple quiz, alongside the educational video featuring three groups of Malaysians across different walks of life – young adults, family with kids and retirees – who speak candidly about their health scores, journey and concerns.

The 360-degree campaign was executed with sister media agency Universal McCann, and runs till March across digital platforms, programmatic, DOOH and radio. 

Rudy La Faber, creative director of MBCS said, “Malaysians aren’t always the most open when it comes to health, and this is all about getting people to become more proactive and have these active conversations with their loved ones. The inspiration stems from the fact that people’s perception of health is largely based upon how they look physically, but what truly matters is what’s on the inside – looking after yourself fully, both inside and out.” 

He added, “Quizzes are always great fun, and we’ve all at some point in our lives shared a pop quiz with a loved one to get to know them better. So, why not when it comes to health? Rating family and friends through the quiz is a useful conversation starter with loved ones (and yourself), with a rating system to explain your well-being score. It serves as a reminder for Malaysians to complement their preventative measures of exercise and nutrition and is a great opportunity to trigger these deep and life-changing conversations that could positively impact lives in years to come.” 

Hong Kong – OCBC Hong Kong has announced that it has entered into an agreementto sell its entire 33.33% stake, represented by 290,000,000 ordinary shares in the capital of Hong Kong Life Insurance to Yue Xiu Enterprises.

The net asset value of the entire Hong Kong Life was HK$1,024m as at 31 December 2023 (approximately S$180m). The consideration for the sale shares is HK$589.3m (approximately S$103m), payable upon completion and will be satisfied wholly in cash. 

“The consideration was arrived at following arm’s length negotiations on a willing-buyer, willing-seller basis, taking into account among others, factors such as the net asset value and the embedded value,” OCBC said in a statement.

The completion of the transaction will be conditional upon customary closing conditions including but not limited to regulatory approvals. 

Upon completion of the sale of the Sale Shares, Hong Kong Life will cease to be an associated company of OCBC Hong Kong and OCBC Bank. 

The transaction is not expected to have a material impact on the net tangible assets or earnings per share of OCBC Group for the financial year ending 31 December 2024. 

Indonesia – Prudential plc has announced that its Indonesian subsidiary PT Prudential Sharia Life Assurance has entered into a long-term strategic bancassurance partnership with Bank Syariah Indonesia (BSI). Through this cooperation, Prudential will become the Syariah life insurance provider of BSI from early 2025 and BSI will market, promote, distribute and/or refer Prudential products to its customers.

This partnership marks a significant step in diversifying Prudential’s Indonesian business which has historically been dependent on the agency channel. It will increase Prudential’s participation in the fast-growing bancassurance channel and deepen its exposure to the under-penetrated Syariah segment.

Solmaz Altin, managing director of strategic business group at Prudential plc, said, “This is a unique opportunity for us to partner with the market-leading Syariah bank in Indonesia. Indonesia is a key growth market for Prudential in ASEAN and this partnership will accelerate our growth ambitions. We look forward to working closely with BSI to support their customers in achieving their savings and protection goals.”

Meanwhile, Anil Wadhwani, CEO at Prudential plc, commented, “We are excited to leverage our bancassurance expertise in the Indonesian market. We will deploy our operating experience and product capabilities for our new banking relationship with BSI, further advancing our extensive transformation of our Indonesian business. Our focus is on creating a platform of long-term sustainable value for our customers, our partners and our shareholders. This in-country transaction aligns with our strategic and financial objectives.”

Jakarta, Indonesia – AIA in Indonesia has recently launched its latest ‘Rethink Healthy’ campaign, which aims to change how common folks view health and make it a bigger part of their daily lives by offering a new definition of health, encouraging more people to live healthier lives through enjoyable and easily integrated daily activities.

The ‘Rethink Healthy’ initiative from AIA seeks to advance a new, more relevant, and inclusive notion of health for all. It promotes a more sustainable and all-encompassing approach to health and emphasizes routine tasks that, when completed consciously, can enhance health in a more comprehensive and doable way.

The new campaign places a strong emphasis on the idea of “Berbeda-beda tapi sehat juga (different, but healthy too),” which suggests that everyone has a different definition and approach to maintaining a healthy lifestyle. Everyone may find their own method to reach their health goals with the support of easy-to-integrate simple activities like walking, singing, resting, taking public transit, and spending time in nature.

Kathryn Parapak, chief marketing officer at AIA Indonesia, said, “Everyone has a unique way of taking care of their health. Through ‘Rethink Healthy’, we want to show that healthy living can be achieved with multi-dimensional activities. The important thing is to find activities that suit each person’s lifestyle and preferences. We believe that by providing space for individuals to explore and tailor healthy activities to their needs, they will be more motivated to achieve their health goals.”

She added, “With simple and diverse daily activities, we hope that this campaign will involve more people in Indonesia to jointly realise a healthier, longer, better life. This campaign is also carried out in various AIA Group markets and is expected to contribute to AIA’s One Billion ambition to engage one billion people in healthier lives by 2030.”

As part of this local campaign rollout, AIA will also host a ‘Sing A Thon’ to bring the idea to life, inviting everyone to join in on group singing and karaoke. The purpose of the activity is to demonstrate that singing has advantages for both physical and mental health in addition to being enjoyable. The public is welcome to attend the ‘Sing A Thon’, which is scheduled for the end of 2024. 

Meanwhile, Dion Wiyoko, an AIA vitality ambassador, commented, “As someone who has a busy schedule, with this ‘Rethink Healthy’ I am rethinking my health and my family and I have found a new way to maintain a healthy lifestyle through AIA Vitality which helps me to maintain my health in a simple way even by walking. I became aware that these small, consistent steps can bring great benefits and changes to my health.”

Singapore – MoneyHero Limited, a publicly-traded personal finance and digital insurance platform in Greater Southeast Asia, has made a US$8m non-binding offer to acquire 100% of the shares of its competitor, MoneySmart.

MoneyHero’s acquisition of MoneySmart is designed to strengthen its market leadership and unlock significant synergies in Asia’s rapidly evolving personal finance and insurance sectors.

Under the terms of the offer, MoneyHero values MoneySmart at US$8.0m, with additional potential valuation upside. The US$8.0m will be paid in new MoneyHero shares, while any extra valuation upside will be settled in cash, contingent upon the results of a comprehensive due diligence process.

Although MoneyHero aims to acquire 100% of MoneySmart, the company is also considering purchasing shares from individual shareholders on a case-by-case basis.

The US$8.0m offer in MoneyHero shares, plus additional cash based on due diligence, accounts for MoneySmart’s recent capital reduction noted in filings with Singapore’s Accounting and Corporate Regulatory Authority. MoneyHero’s offer includes a premium, reflecting its confidence in the added value MoneySmart will bring to the combined entity. 

Rohith Murthy, CEO of MoneyHero, said, “Our offer to MoneySmart reflects the strategic value of combining our two companies. This acquisition will further strengthen our leadership in Greater Southeast Asia, delivering enhanced products, services, and technological innovation. Given MoneySmart’s recent share buyback, we believe we’ve made a fair and compelling offer that benefits both sides. Most importantly, we believe the synergies from this merger will drive significant value for our shareholders and customers.”

Singapore – The Monetary Authority of Singapore (MAS) has released a statement on the Allianz-Income Insurance deal following a recent parliamentary query on whether the organisation will be working alongside the Competition and Consumer Commission of Singapore (CCCS) regarding the acquisition deal. It is worth noting that this follows a slew of public outcry regarding the acquisition, stating how it will ‘commercialise’ a brand that Singaporeans trust in the insurance space.

The response, made by Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Board Member of MAS, noted that MAS’ primary role as regulator is to promote a sound and progressive financial sector. For the insurance sector, they want insurers to manage their risks well so that policyholders are assured that their long-term policies are safe and will be adequately protected.

Moreover, Tat noted that when MAS assesses the application for a change in substantial shareholder in an insurer, they will consider a range of criteria, in particular, the applicant’s track record, financial soundness, reputation, as well as fitness and propriety.

“MAS had reviewed and was satisfied with the relevant processes Income’s Board had put in place to address conflicts of interest with respect to the appointment of its financial advisor on this proposed deal, and the decision to enter into the deal with Allianz. In the appointment of the financial advisor for the deal, the Chairman of Income’s Board had recused himself. The decision to enter into the deal was made by the Board, comprising a majority of independent directors,” he stated.

Moreover, Tat also highlighted that fostering a competitive insurance market with financially strong insurers is a key part of MAS’ approach to ensuring that insurers operate sustainably and serve the public well. They believe that a competitive market is the most effective way to meet the insurance needs of Singaporeans, and facilitate access to affordable insurance options and good service over the longer term.

“The insurance market in Singapore is highly competitive. There are currently more than 50 direct insurers in Singapore offering a wide range of insurance products to meet the insurance needs of individuals and businesses. In both life and general insurance, Income has market shares of less than 10% based on written premium. For many insurance products, Income does not always offer the lowest prices compared to other insurers,” he remarked.

Lastly, he stated that he understands the public concerns and even those in the government, assuring them that MAS has regulatory requirements and guidance in place for insurers to maintain sufficient capital reserves, put in place robust governance and risk management frameworks, and also to treat their customers fairly.

“Should the proposed deal be approved, there will be no change to the terms and conditions of existing insurance contracts. MAS expects Income to fulfil its obligations to all policyholders under the terms of its existing insurance contracts. I note that Allianz has also publicly stated its intent for Income to continue to honour the terms of the existing policies underwritten by Income and ensure a seamless transition with no impact to existing policyholders. MAS will hold Income and Allianz to account to these commitments”, he stated.