Latest news with #RaymondLew
The Star
21-05-2025
- Business
- The Star
Sun Life's InsureLit survey debunks myths of legacy planning for retirement
RETIREMENT is often seen as the ultimate achievement in life—a hard-earned reward after years of dedication to work. However, the lack of preparation and 'tidak apa' attitude towards retirement planning among Malaysians is a growing concern. While the Employees Provident Fund (EPF) serves as the primary retirement savings for many, it may fall short, especially amid rising inflation and healthcare costs. And this just scratches the surface, as there are still other aspects to consider when planning retirement. Planning your future extends beyond retirement An overlooked element of retirement planning is family legacy planning. This aspect ensures hard-earned assets, cherished possessions and important family traditions are preserved and passed down to your loved ones. Legacy planning isn't just about distributing assets, but a proactive and deliberate process of preparing and transferring your wealth, values and life lessons to future generations, providing a financial safety net for your family, ensuring their security and well-being. Essentially, effective retirement planning directly impacts what you will have available to leave as a legacy, making it less likely that you will deplete your assets during your lifetime, preserving more for your beneficiaries. '71% of Malaysians with a legacy plan rely on insurance and takaful, highlighting the trust in these solutions to protect their loved ones' future,' said Lew. A silent crisis The Insure or Unsure Insurance Literacy Survey, recently conducted by insurance and takaful provider Sun Life Malaysia, found that 65% of Malaysians recognise the importance of legacy planning, but only 15% have a plan in place. The survey was conducted among 1,040 citizens across different income brackets and geographical locations, to gauge their attitude, behaviour and understanding of insurance and takaful knowledge, as well as legacy planning preparedness. Among the 65% who recognise the need for legacy planning, 60% are married, 34% are single and 6% are divorced, widowed or separated. 'This second edition of the survey takes a more profound look at how we can empower Malaysians to achieve long-term financial security, extending beyond their retirement years to secure the financial future of their families,' said Sun Life Malaysia president and country head Raymond Lew. 'Retirement planning is not just about securing your own financial future—it's about ensuring the well-being and financial stability of your loved ones for generations to come. 'The statistic that 85% of Malaysians lack a legacy plan isn't just a number; it is a call to action to broaden our understanding of retirement planning to include the profound impact of a well-structured legacy.' The survey further disclosed that 39% of respondents claim they are unsure how to begin, highlighting a lack of accessible resources and guidance. Meanwhile, 54% of those who initiated legacy planning sought professional advice, showcasing the complexity and importance of this process. Why is proactive planning important? Building a secure retirement isn't just about our own well-being; it's also about laying the foundation for our loved ones' financial future. Sun Life Malaysia's survey revealed that the most common barrier to legacy planning is that immediate needs often overshadow long-term planning, especially among single individuals and childless couples. Other obstacles included financial constraints (41%), lack of knowledge (39%) and competing financial goals (35%). Proactive planners choose insurance/takaful as the key legacy planning tool The survey results also highlighted a clear trend among proactive legacy planners—71% of this group reported utilising insurance or takaful products, followed by trust funds (54%) and wills (44%) to secure their legacy. This is where Sun Life Malaysia steps in, as the company's value proposition is centred around empowering Malaysians to plan, build and protect their legacy through a wide range of tools, including insurance and takaful plans. 'At Sun Life Malaysia, we are committed to empowering Malaysians to take a more proactive approach to their retirement and legacy planning so that they can protect the financial future of their families,' said Lew. For example, Sun Life Malaysia offers free digital resources on its website, including legacy and retirement planning tools, empowering Malaysians to make informed decisions. For those who like a face-to-face chat, Sun Life Malaysia's advisors are available to help you explore legacy planning. These professionals can simplify the process and get the ball rolling for you. Think of it this way: a solid retirement plan isn't just about your own future—it's the bedrock for building a meaningful family legacy. By weaving legacy considerations into your retirement planning from the start, you are not only securing your own comfort but also paving the way for your loved ones' financial well-being for years to come. For additional details on the InsureLit campaign, click here. For more information, visit or speak to their trusted advisors at
The Sun
05-05-2025
- Business
- The Sun
Rising medical costs, digital transformation to define Malaysian insurance landscape this year
KUALA LUMPUR: The domestic insurance industry is expected to face several key trends this year that will significantly impact the landscape, with rising medical costs being a major concern. The escalating expenses may lead to higher claims and subsequent premium adjustments, pushing insurers to develop more innovative products that address the root causes of these cost increases. Meanwhile, digital transformation will continue to accelerate. The licensing of digital insurance and takaful operators is expected to significantly improve market access and close protection gaps. At the same time, generative artificial intelligence (AI) is increasingly playing a vital role in the industry, especially in the area of enhancing fraud detection, enabling hyperpersonalised services, and streamlining operations through automation. Furthermore, predictive analytics will allow insurers to anticipate customer needs, while AI-driven efficiency will reduce costs and improve service speed. Sun Life Malaysia president and country head Raymond Lew said the industry is also witnessing more strategic cross-industry collaborations, which are increasingly vital for insurers. 'Partnerships with healthcare, technology and financial services sectors enable the development of integrated solutions that cater to diverse client needs. Examples include comprehensive health programs, advanced digital platforms, and bundled financial products. 'By delivering seamless, holistic experiences, insurers can significantly enhance client satisfaction, foster long-term loyalty, and improve retention,' he told SunBiz. Liew said domestic and global economic uncertainties are driving a strong focus on financial inclusion. He said the industry is actively working to expand insurance and takaful penetration, particularly among underserved communities, to ensure greater financial resilience in the face of these uncertainties. For 2024, Liew said the Malaysian insurance industry remained resilient, despite rising costs and premium concerns, with investment-linked products leading the market. This lined up with Malaysia's positive economic growth, which grew from 3.6% in 2023 to 5.1% in 2024. The growth in consumer spending and favourable digital and regulatory reforms, including the comprehensive Policy Document on Licensing and Regulatory Framework for Digital Insurers and Takaful Operators also supported the industry's favourable performance, he added. Liew said inflation and rising living costs are significantly impacting financial resilience in Malaysia. He stated that many people prioritise meeting their basic needs, which leaves little space for future savings. 'Escalating costs, from food to medical bills, are creating financial strain,' Liew noted. He pointed out that Sun Life's Asia Financial Resilience Index 2024 revealed that only 38% of Malaysians have a financial plan beyond one year ahead. Furthermore, the respondents listed retirement and savings as their second-highest financial priority, but only 18% currently have a retirement or pension plan to support their goals. 'We recognise the challenges posed by inflation and rising living costs. 'Sun Life is addressing these concerns through increased emphasis on financial literacy programmes, making retirement planning tools more accessible, and developing products that help Malaysians build financial resilience in the face of these economic pressures,' Liew said. Sun Life's priority remains empowering Malaysians to secure their financial future through better awareness and accessibility to insurance and takaful solutions, he said. 'Legacy planning will be a major focus in 2025, as we continue to bridge knowledge gaps in this crucial area. Our recent insurance literacy survey indicated that 65% of respondents acknowledged the important role of legacy However, only 15% of respondents have a plan in place. 'A key initiative driving this agenda is our partnership with Alif Satar as Sun Life Malaysia's 2025 ambassador. 'Through initiatives like bite-sized education series, Alif will help deepen public understanding of how takaful supports long-term financial security and family stability,' Liew said. Beyond education, Sun Life is also focused on growing its agency and bancassurance channels in tandem, providing customised solutions to meet their evolving needs. Such coverage includes legacy solutions for high-net-worth clients, comprehensive family critical illness protection for middle-to-lower-income families, and simple term plans sold online to protect a wider audience. Liew said, 'We are committed to exploring all avenues to boost our business growth and capabilities. Being a digitally driven enterprise, we are actively intensifying our digital efforts, including investing in technology, digital tools, and analytics to transform operational efficiency. 'We aim to use technology to help our advisers deliver the best possible advice and experiences to our clients. 'For example, we have partnered with Munich Re Automation Solutions, adopting their SaaS underwriting platform, Allfinanz Spark, to streamline and automate the underwriting processes. This enables us to provide quicker, better service and more personalised assessments to clients.' Globally, Liew said, Sun Life is embracing the generative AI trend with Amazon's AWS. 'Our 'Sun Life Asks' chatbot is a game-changer. It is answering over 10,000 queries a week and saving our team significant time. In short, by leveraging AWS and generative AI, we are able to scale our operations, reduce costs, and innovate rapidly, ensuring we stay ahead in the competitive insurance landscape,' he said.
