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Digital licenses specifically designed to address underinsurance
Malaysia’s Ministry of Finance and Bank Negara Malaysia are taking action to address this issue. Mindful that recent digitalization among incumbent insurers has largely not benefited the underserved, Malaysia’s proposed digital insurance license framework is explicitly designed to close the protection gap.
The recently released exposure draft for issuing DITO licenses is making financial resilience a policy priority. Prospective DITOs will be granted lower initial minimum paid-up capital requirements and certain regulatory flexibilities in return for solving the insurance problems faced by millions of Malaysians.
Winning a license will require applicants to demonstrate how they will improve the lives of those most in need by:
- Enhancing the financial resilience of customers whose protection needs are currently not adequately served
- Introducing more innovative technology and data-driven solutions to cater to consumers’ diverse protection needs
- Offering a frictionless consumer experience which is delivered efficiently
The objective is to deliver inclusive insurance protection, creating a competitive and efficient eco-system to benefit Malaysians.