We frequently hear people say, “Oh, I already have a fire insurance policy. Thank you.” They may also add, “Insurance policies are quite standard.” Well, perhaps maybe yes, but more likely not.

Do you normally read the words in your policies? Do you know there are likely insurer-specific or product-specific conditions and exclusions which you may not expect? Has your insurance agent explained the details to you?

With insurance tariffs liberalisation initiatives spearheaded by Bank Negara Malaysia since 2016, insurers and their agents are aggressively innovating their products and services tailored for different consumers’ needs, preferences and risk profiles.

At the same time, each insurer and their agents will adopt specific risk models and strategies to stay ahead. The results will be more competitive risk-based pricing and a wider range of products and services.

Buying an insurance policy will never be the same because the days of standard policies are gone. More and more, we need the professionalism and expert knowledge of a good insurance agent to understand which policy suits us best.

Do you still think that an insurance policy is just another insurance policy?