largest general insurers and emerging life insurer in Malaysia backed by over 1,600 employees, a wide distribution network of more than 9,000 agents and partners and 49 branches.

With an expanded scale, breadth, and expertise, we strive to further our ambition of being a trusted Lifetime Partner and a progressive insurer that safeguards the needs of Malaysians and their future generations.

2. Why did your company choose Malaysia as an investment destination?

Malaysia has always been identified as a high-potential market for Generali Group, with its economy being one of the most open and diverse, and now one of the fastest growing in Southeast Asia. Its strong economic performance ― supported by the government’s initiative to build a robust financial ecosystem, creates a vibrant digital financial landscape and focuses on growing sustainability that makes Malaysia an attractive destination for investors. 

In line with Generali’s Lifetime Partner 24: Driving Growth strategy to strengthen our leadership position in high-potential markets, the integration and launch of Generali Malaysia enables Generali to secure one of the leading positions in the general insurance market, and provides us with entry into Malaysia’s life insurance segment. The transaction which values the acquired companies at close to RM1.29 billion (EUR 262 million) is one of the largest M&A transactions in Malaysia in recent years. This marks a significant proof of confidence from the Generali Group. 

3. What are your thoughts on the insurance sector in Malaysia?

The industry has gained good momentum since the pandemic years – insurers have learnt to adapt to the changes, demonstrating resilience and strength in the face of adversity. 

From January to March 2023, the combined General Insurance and General Takaful registered Gross Direct Premiums of RM7.068 billion, an increase of 11.8% over the same period in 2022 [YTD Q1-2022: RM6.324 billion]. The life insurance industry has also recorded a 7.87% rise in New Business Sum Insured amounting to RM184.1 billion in Q1 2023.

While we see strong growth potential in the industry, the insurance penetration rate in Malaysia is still rather low. There’s still an urgent need to create awareness of the importance of insurance protection and financial literacy, especially among the underserved segment. 

Hence, it is our focus at Generali to narrow the protection gap and ensure that our products are inclusive, affordable, and accessible for everyone, making sure that no one is left behind. We are also working on leveraging the strengths and capabilities of our People, improving operational efficiency, and investing in technology, innovation and digital capabilities to stay ahead of changing needs and market trends.

4. Where can you see the insurance sector heading in the future, both in Malaysia and ASEAN (if applicable)?

We are seeing the rise of advanced technology solutions such as AI which has enabled new capabilities, more efficient operations and changed the way insurers approach their business. 

This also means that there will be more non-insurance/tech players operating on high data volume coming to the market, with the interest of either integrating skills and technology with insurers to offer holistic customer experience or even selling insurance themselves.

While it’s an interesting space to watch, we believe that the future is all about human touch and nothing less. Apart from our strong legacy system, expertise and innovation, we believe ultimately it is the empathy that our people bring that gives us the competitive edge and creates memorable, long-term relationships. We call this the ‘Phygital Advice’ – where we hope to facilitate easy service with our customers, using a combination of best-in-class digital tools and in-person interactions with our agents and partners.

5. How is Generali positioning itself in the Malaysian market?

We have made Malaysia our home. We are here to stay and our ambition lies beyond the economic frontier. As a trusted Lifetime Partner to our customers, we are also committed to driving social progress in Malaysia and shaping a safer and more sustainable future, making sure no one is left behind. One of our key priorities is to leverage our strong heritage of over 190 years, expanded scale, touchpoint and network to narrow the insurance gap for the underserved market, by offering inclusive products and innovative distribution methods.