Malaysian insurers come together to protect customers’ data

New data regulations aim to build customers’ confidence in the insurance and takaful industries

Malaysian insurers come together to protect customers’ data

Insurance News

By Gabriel Olano

In order to increase consumer confidence in the insurance and takaful industries of Malaysia, a trio of industry associations have cooperated to come up with the Code of Practice on Personal Data Protection Act (PDPA), which launched last week.
The Life Insurance Association of Malaysia (LIAM), General Insurance Association of Malaysia (PIAM), and Malaysian Takaful Association (MTA) spearheaded the initiative to formulate stricter procedures to enforce safer use of personal data in the life, general, and takaful insurance segments.
Under the PDPA, the insurance industry will commit to keep customers’ data safe, as well as ensure that these are accurate.
“Previously, the company individually applied the code of practice, but now we consolidate and put in together to ensure it is a consistent practice by the industry players,” LIAM President Toi See Jong told Malaysian media outfit Bernama.
“We (LIAM, PIAM, MTA) worked closely for almost one year to come out with the code, so that all the players will have the same practices, otherwise, it may be different in terms of how they handle the confidential customers’ data.”
Toi said that staff members of all insurance and takaful companies, especially frontliners, will be given continuous training on how to safeguard customer data.
“Apart from the requirements under the code, all insurance companies and takaful operators have to put up privacy notices to their policyholders and potential customers through various media such as websites, letters, or announcements,” he added.

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