This is an interview with Adie Mudzaffar, who serves for six years with Prudential’s agency, Al Isra’ Associates Sdn Bhd shares his experience and commenting the general perception towards insurance and protection.
Personally, how you see the importance of having insurance?
Along six years my participation in insurance world, clearly I would say that the society tendency especially Malays to own insurance is still low.
I can say that 90 percent of Bumiputras people in Malaysia are not yet protected by insurance. Whereas, the insurance itself give sufficiently large advantages to individual and family at now and future. Not only it gives protection medically and in term of life, insurance scope is far bigger; as a fund to oneself in his old time later.
In your opinion, what causes people to not want having insurance policy?
This returns to the society’s culture of upbringing itself. If we see Malay community as example, culture of saving itself is not a habit. Let alone on insurance ownership in Malay families household.
Somehow this is different in the Chinese community. They make culture of saving and habit of having insurance policy since their children are still small.
So what is the real cause that cause people refused to have insurance?
The main cause is the financial factor. Let alone the effect of the world economy which indirectly gives great influence to the society’s daily expenditure. This is felt more by men which became the head of his family and moreover if his wife is not working and bringing up children in the city area. It is acknowledged, it is difficult for men to bear the living cost in town and at the same time have insurance.
Is there still opportunity for this group to have insurance?
I did not say no. It returns to the awareness factor itself. If men as a family leader realize his importance as the future pillar for himself and his family, insurance is the best answer in ensuring his family’s fate guaranteed. Imagine when one is not protected, what would happen to his fate and family in the future?
How to evaluate a person’s ability to have insurance?
Usually, as insurance representative we will evaluate the total monthly income owned by individual and inflow and outflow of his finance. A good insurance package usually includes 10 percent of monthly total income amount. This package is subjected to protection scheme is whether it is wanted as a saving, medical or both like often done by policy owner.
How can we get to know the advantages of an insurance package?
It is important for every of us to know the insurance package that being offered. Investigate insurance company background and the advantages that would be enjoyed from the investments that we are doing. Do not ever falls for cheap offer and package which offers insurance without knowing further details and claims which can be made later on.
Back to people perception, how to ward off community’s negative perception on insurance policy ownership?
Once upon, when talking on insurance people will see as a death protection. Peoples are not interested to talk about deaths. This story was 10 years ago where insurance package converge a lot to life insurance plan which gives compensation to family member if policy owner passed away.
Currently, many packages enjoyed by policy owner such as change help, emergency, saving package for old age and so on.
What will be enjoyed if one owns an insurance policy?
Not only are his interests protected, insurance owner usually given a medical card that qualify him to receive treatment incentive in registered private panel hospitals. He or she only needs to show the insurance medical card, the patient is eligible to get specialist treatment compared to those who do not own insurance.
Not that only, during hospitalize, the policy owner is also paid. Isn’t that attractive?
How is the flow of ownership of insurance policies during five years lately?
I can say that, within these five years the number are increasing among the societies especially in Malay society and those who reside in town choose to have insurance. This awareness is increasingly expand as they are thing the long term effect and to seek the best protection for themselves and family.
If we look to government hospital nowadays also provides specialist treatment where it impose high payment rate to patient who need treatment. Because of that we should think of the importance of owning an insurance policy.
In your opinion, how to change community’s perception on advantages of owning insurance policy?
It should be taught since small and starting from school level. It also becomes insurance representative’s responsibility to approach society to ensure that they understand and become aware of the importance owning insurance policy in the quite challenging environment today.
Who own more insurance policies, men or women? What factor contributes to the figure?
According to source that we believe, it is undeniable men have more insurance policies compared to women. It may be caused by awareness and men’s role factor as the head of family and bigger responsibility causing them to choose to own insurance policies.
How one man as family’s head can protect his family with insurance?
He still can own insurance through family insurance plan where each of his family members is protected. But this plan does not include medical coverage like in personal insurance.
