Latest news with #SeanWang
Barnama
22-07-2025
- Automotive
- Barnama
Allianz Malaysia Forum Calls For Enhanced Safety Measures For P-Hailing Workers
KUALA LUMPUR, July 22 (Bernama) -- Allianz Malaysia Berhad today hosted a media forum to address the challenges faced by p-hailing workers and explore ways to further improve their safety. Allianz Malaysia chief executive officer Sean Wang said the initiative was taken because the contributions, sacrifices, and safety of this group have not received sufficient attention from various stakeholders. 'That is why Allianz Malaysia is committed to forging strategic collaborations with the Malaysian Institute of Road Safety Research (MIROS) and major p-hailing platforms to address the challenges faced by p-hailing workers. 'Last year, according to the national road fatality index, motorcyclists accounted for 67.5 per cent of deaths. It's time we took additional steps to change these statistics,' he said in his speech at the 2025 Allianz Malaysia Forum here. The forum was also attended by MIROS Human Factors and Road User Behavioural Centre (HUB) director Azhar Hamzah, Foodpanda Malaysia's operations director Shubham Saran, Grab Malaysia's country operations and mobility director Rashid Shukor, and Lalamove Malaysia's public affairs manager Abhishek Menon. Wang said Allianz Malaysia is not only committed to providing insurance solutions but is also actively contributing to the community's well-being beyond profit. He said two training programmes have been organised in collaboration with the Road Safety Marshal Club to provide exposure, enhance skills and knowledge to improve the safety of p-hailing workers. 'The first programme focused on rider safety and survival during road emergencies, conducted in collaboration with p-hailing companies. The second was tailored for public and private university students to foster a culture of safety awareness among the younger generation,' he said. Meanwhile, Azhar said that out of 600,000 road accidents recorded last year, 70,000 involved motorcyclists, with over 4,000 fatalities.
New Straits Times
18-07-2025
- Sport
- New Straits Times
NST win Allianz Media Badminton Championship
KUALA LUMPUR: The New Straits Times (NST) badminton team have reclaimed the Allianz Media Badminton Championship title after falling to Astro in the finals in the last two years. NST defeated the defending champions 2-1 in a thrilling final at the TT Sports Centre today. Displaying great fighting spirit, particularly in the men's and mixed doubles, NST smashed their way to the title. Allianz Malaysia Berhad Chief Executive Officer Sean Wang congratulated NST on their achievement, emphasising the value of sportsmanship and teamwork. Sin Chew Daily claimed third place after defeating China Press in the playoff match. A total of 12 media teams competed in the 2025 edition, including two new entrants — Astro Arena and Sin Chew Daily - to make the annual event a success.
The Sun
18-06-2025
- Automotive
- The Sun
Allianz Malaysia calls for harsher penalties to tackle widespread motor insurance fraud
ALLIANZ Malaysia Bhd has called on the authorities to introduce stronger penalties and clearer regulations to curb motor insurance fraud, which continues to drain the industry of approximately RM1 billion annually. The company's Chief Executive Officer, Sean Wang, stressed that current legal provisions addressing fraud and misconduct fall short when it comes to dealing with the tactics employed by unscrupulous tow truck operators and workshops. Wang highlighted that while existing laws indirectly touch on fraudulent practices, they do not adequately address the scale and complexity of the issue. According to FMT, he estimated that around 10% of the industry's RM10 billion total annual motor claims are lost to inflated or manipulated claims. He pointed to a deeply entrenched network of touts, tow truck operators, and complicit workshops who have long operated by inflating repair costs. These claims are often exaggerated by 15% to 20%, resulting in substantial financial losses for insurers. Touts are known to patrol busy urban areas, especially on motorcycles, and race to accident scenes where they quickly offer towing services under the guise of being affiliated with insurance providers. Once a vehicle is in their hands, these operators typically delay informing insurers and may hold onto vehicles for days or even weeks while negotiating with workshops willing to overcharge for repairs. In some cases, substandard parts are used or unnecessary work is performed to justify higher claim amounts. According to Wang, this practice has persisted for more than 40 years, misleading policyholders into believing their insurance provider is handling the repairs when in fact, the vehicle is in the custody of unverified agents. To address the issue, Wang advocated for greater industry oversight, the introduction of strict punitive measures against perpetrators, and increased transparency within the towing and automotive service sectors. He believes these steps are crucial to protect both insurers and policyholders from systemic exploitation. Efforts are already underway to curb these activities. Bank Negara Malaysia, which regulates the insurance sector, has implemented initiatives requiring insurers to offer direct towing services and contact options for clients involved in accidents. Insurers now have the choice to invest in their own fleet of tow trucks or engage verified third-party providers. Additionally, there are discussions about introducing electronic police reporting, which could reduce reliance on intermediaries who often offer to handle such paperwork as part of their exploitative services. Allianz Malaysia has responded proactively by establishing the Allianz Road Rangers, a nationwide network operating over 300 tow trucks to provide emergency assistance. The company has also strengthened its claims management system and blacklisted workshops and operators found engaging in unethical or fraudulent practices. Education remains a crucial tool in the fight against insurance fraud. Wang emphasised the importance of policyholders contacting their insurance provider directly following an accident. He warned that agreements signed hastily under duress at the accident scene could result in individuals unknowingly relinquishing their rights. Wang concluded that while the trauma of an accident often makes decision-making difficult, immediate communication with one's insurer is vital to ensure the proper and safe handling of claims. The industry, he said, must continue to evolve its strategy not only through regulatory support but also by equipping consumers with the knowledge they need to protect themselves.
The Sun
18-06-2025
- Automotive
- The Sun
Allianz Malaysia Seeks Tougher Laws Against Insurance Fraud
ALLIANZ Malaysia Bhd has called on the authorities to introduce stronger penalties and clearer regulations to curb motor insurance fraud, which continues to drain the industry of approximately RM1 billion annually. The company's Chief Executive Officer, Sean Wang, stressed that current legal provisions addressing fraud and misconduct fall short when it comes to dealing with the tactics employed by unscrupulous tow truck operators and workshops. Wang highlighted that while existing laws indirectly touch on fraudulent practices, they do not adequately address the scale and complexity of the issue. According to FMT, he estimated that around 10% of the industry's RM10 billion total annual motor claims are lost to inflated or manipulated claims. He pointed to a deeply entrenched network of touts, tow truck operators, and complicit workshops who have long operated by inflating repair costs. These claims are often exaggerated by 15% to 20%, resulting in substantial financial losses for insurers. Touts are known to patrol busy urban areas, especially on motorcycles, and race to accident scenes where they quickly offer towing services under the guise of being affiliated with insurance providers. Once a vehicle is in their hands, these operators typically delay informing insurers and may hold onto vehicles for days or even weeks while negotiating with workshops willing to overcharge for repairs. In some cases, substandard parts are used or unnecessary work is performed to justify higher claim amounts. According to Wang, this practice has persisted for more than 40 years, misleading policyholders into believing their insurance provider is handling the repairs when in fact, the vehicle is in the custody of unverified agents. To address the issue, Wang advocated for greater industry oversight, the introduction of strict punitive measures against perpetrators, and increased transparency within the towing and automotive service sectors. He believes these steps are crucial to protect both insurers and policyholders from systemic exploitation. Efforts are already underway to curb these activities. Bank Negara Malaysia, which regulates the insurance sector, has implemented initiatives requiring insurers to offer direct towing services and contact options for clients involved in accidents. Insurers now have the choice to invest in their own fleet of tow trucks or engage verified third-party providers. Additionally, there are discussions about introducing electronic police reporting, which could reduce reliance on intermediaries who often offer to handle such paperwork as part of their exploitative services. Allianz Malaysia has responded proactively by establishing the Allianz Road Rangers, a nationwide network operating over 300 tow trucks to provide emergency assistance. The company has also strengthened its claims management system and blacklisted workshops and operators found engaging in unethical or fraudulent practices. Education remains a crucial tool in the fight against insurance fraud. Wang emphasised the importance of policyholders contacting their insurance provider directly following an accident. He warned that agreements signed hastily under duress at the accident scene could result in individuals unknowingly relinquishing their rights. Wang concluded that while the trauma of an accident often makes decision-making difficult, immediate communication with one's insurer is vital to ensure the proper and safe handling of claims. The industry, he said, must continue to evolve its strategy not only through regulatory support but also by equipping consumers with the knowledge they need to protect themselves.
Free Malaysia Today
18-06-2025
- Automotive
- Free Malaysia Today
Tougher penalties needed to curb RM1bil losses to insurance fraud
Allianz Malaysia Bhd CEO Sean Wang warns of a network of 'touts', tow truck operators and service workshops that thrive on inflating insurance claims. (Envato Elements pic) PETALING JAYA : An insurance firm is urging the authorities to enforce tougher penalties on the perpetrators of motor insurance fraud to curb the massive losses suffered by the industry. Sean Wang, CEO of Allianz Malaysia Bhd, said that while insurance fraud is indirectly addressed through laws targeting fraud and misconduct, these measures are inadequate in dealing with the modus operandi of rogue tow truck providers and workshops. Sean Wang. 'The industry is losing about RM1 billion every year. The annual total claim sum in the (motor insurance) industry is roughly RM10 billion, and I estimate the leakage and exaggerated claim rates at about 10% of the total sum. 'We urge the government to introduce clearer, stricter regulations and enforcement measures specifically targeting these service providers. 'This can include enhancing industry oversight, establishing severe penalties for offenders, and promoting greater transparency in the towing and service sectors,' Wang told FMT in an interview. Modus operandi, false affiliations Wang said the fraudulent claims are the work of a network of touts, tow truck operators, and service workshops that thrive on inflating insurance claims by 15% to 20%. He said that these touts typically patrol urban areas on motorcycles, scouting for road accidents. Once alerted to potential 'assets', they quickly arrive at the scene to persuade drivers to use the services of particular tow trucks and workshops. The touts would also falsely claim themselves to be affiliated with insurance companies or offer seemingly convenient solutions to convince the victims to surrender their vehicles to them. Once the tout takes possession of the damaged vehicles, they will negotiate with workshops who are willing to inflate repair costs, sometimes using substandard parts or performing unnecessary repairs to exaggerate the claim amount. 'As a result, insurance companies suffered financially,' he said, Wang said these touts and tow truck operators tend not to send a car immediately for repair. 'Neither will the insurance company be informed (by the touts) about the vehicles being kept by them—sometimes for days and weeks—because they want to get the best deal out of it. 'The policy holders will think that the insurance company is attending to the repairs because the person who towed it would claim to be representing us,' he said, adding that such malpractice has been existing for the last four decades. Combatting fraudulent claims Wang said that Bank Negara Malaysia, the main regulator of the insurance industry, has initiated several measures to combat these fraudulent practices and protect the interests of policy holders. A crucial step has been in mandating that each insurer provide its own towing service and a means for the client to contact them directly in the event of an accident. Insurance companies can decide whether to invest in their own fleet of tow trucks or engage third party providers, he said. 'The insurance companies and the regulator are also looking into the possibility of creating e-police reporting. This is one way to eliminate one of the pain points of our clients, as making a police report is also part of a tout's services,' he added. Wang said Allianz has set up the Allianz Road Rangers, which operates over 300 tow trucks across the country that are always on standby for any emergency. The firm has also enhanced its claims management and blacklisted workshops and tow truck operators known for their unethical and fraudulent activities. Wang said insurance companies must educate policyholders and disseminate the right information to reduce fraud claims. 'For the public out there, the first thing to do during an accident is to contact your own insurance company. Once you contact the insurers, they will immediately be able to deploy their tow trucks to the site. 'I know it's easier said than done because an accident can be a very traumatising experience. But remember, whatever you sign on the spot may relinquish your rights later on,' he said.
