Kuala Lumpur, 9 September 2020 – The Life Insurance Association of Malaysia (LIAM) together with its 16 member companies today launched its inaugural consumer awareness program on social media called #BUKANEXTRA.
Targeting the youth, single professionals, newly-married couples and young families, the #BukanExtra campaign which commences from 9 September to 6 October 2020 aims to generate awareness and educate consumers on the importance of life insurance protection; to encourage financial planning among the younger generation and to create a sense of urgency to act early; and to bring the insurance industry closer to the younger generation and demystify life insurance through social media engagements.
Speaking at the launch of the campaign, LIAM President, Loh Guat Lan said that the industry would like to continue engaging with the young generation so that they are exposed to the life insurance industry and enhance their understanding and appreciation for life insurance.
“The life insurance penetration rate has been hovering around 54% for the past five years. After eliminating multiple ownership of life insurance/takaful policies, this figure reduces to 41% of insured population. Out of this, only 4% of households in the lower income group has some form of life insurance/takaful cover. In reality out of the 41% of insured population, over 90% of them do not have sufficient coverage for themselves and their loved ones,” said Loh.
Based on a study conducted by Universiti Kebangsaan Malaysia and LIAM in 2013, it is estimated that a family of five would need at least RM550,000 to meet their living expenses over the next 5 years, in the event of a loss of the breadwinner. There is still a huge protection gap for families with life insurance. On average, the gap ranges from RM100,000 to RM150,000.
The average protection gap for the group headed by a breadwinner who was not covered by either life or medical insurance was the largest, at about RM723,000 per family.
Loh explained that the industry together with the regulator and key stakeholders are working hand-in-hand to address these challenges through the implementation of various educational and promotional programs and initiatives to increase insurance awareness and to encourage insurance purchase amongst Malaysians at all level of the community.
“LIAM Consumer Education Program would continue to be one of the key strategies to raise the levels of financial literacy among Malaysians. To educate the consumers on the importance of life insurance protection is an ongoing process.
The industry hopes that by engaging with the key opinion leaders (KOLs) on social media, these KOLs would be able to drive positive messages to their followers, changing their mindset about life insurance and bring values to the lives of the young generation.
The industry remains focused in achieving its financial inclusion agenda by strengthening the existing frameworks and brainstorming new ideas to improve the quality of life of the rakyat through life insurance protection,” Loh elaborated.
Chairman of Industry Promotion Committee of LIAM, Ramzi Toubassy said that the industry hoped that the strategy in developing the concept of #BukanExtra this year will carry a strong and powerful message on life insurance and eventually will help raise financial literacy among the Malaysian youth.
The concept of ‘extra’ is based on Malaysians’ love for overly-dramatic scenarios in everyday life. The key message is that life can be pretty ‘extra’ sometimes, but life insurance is not; it is a necessity.
“It is hoped that via #BUKANEXTRA, we are able to change the perception and misconceptions about life insurance among the community” Ramzi added.
Ramzi believed that social media is the most effective medium of communication to reach out and communicate our message to the target audience.
“Through social media, we are able to communicate, educate, engage and receive instant feedback simultaneously. Ultimately, we want to educate the youth to think more positively and maturely as well as cultivate awareness on the importance of financial planning for themselves and their loved ones.
Meanwhile, the #BukanExtra campaign encompasses the following:
- A microsite (www.bukanextra.com) which hosts an interactive game, the Instagram contest mechanics, and shares educational information on life insurance.
- The interactive game on the #BukanExtra microsite allows visitors to create their own drama using very ‘extra’ scenarios from the campaign videos.
- Contest on Instagram allows members of the public to participate using Instagram Story as the method of submission. Contest prizes include a Grand Prize of RM2,000 Touch ‘n Go e-wallet credits and a feature in the final #BukanExtra Campaign video and Six Consolation prizes worth RM1,000 each of Touch ‘n Go e-wallet credits. The contest is also open to staff and agents of life insurance companies in Malaysia.
- Campaign shout-out by Key Opinion Leaders (KOLs)/ Influencers on their social media accounts, supported by social postings on LIAM Facebook and Instagram pages.
- Exclusive sets of #BukanExtra campaign stickers on Instagram Story for contest participants to decorate their Instagram Story/Video for the contest and also for the public to enjoy.
For more information, please log to www.bukanextra.com and follow LIAM Facebook page at LIAM-Life Insurance Association of Malaysia and @LIAMalaysia on Instagram to find out more details about the #BukanExtra campaign and contest.