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Information technology (IT) investments by the insurance industry will see strong growth that will exceed RM1mil as more companies turn to technology to upgrade their customer service capabilities. International Data Corp. (IDC) Malaysia estimates a 1.5% growth to US$5mil (RM1mil) as opposed to US$1.mil (RM118.6mil) last year as the technology driven Malaysian insurance industry strive to serve their customers better. The growth is in line with aggressive IT spending in general in Malaysia between .5% and 4% of gross domestic product (GDP). Malaysia's IT and telecommunications infrastructure is arguably first class due to the US$.5bil (RM.5bil) invested last year. Great Eastern Life Assurance (M) Bhd signed a memorandum with Intel Electronics (M) Bhd to equip the insurer's frontline customer service agents with a Intel's wireless-enabled notebook computer, Centrino Mobile Technology. Great Eastern Life's innovative use of new technology will enable greater efficiency among agents and improved customer service thus resulting in higher productivity. The company would also benefit from increased security, lower IT support costs and longer platform stability. Future plans to incorporate general packet radio services (GPRS) are also in the pipeline, subsequently putting Great Eastern as pioneers in the use of cutting-edge technology in the insurance industry.
The tremendous pace of cutting edge technology not only serves the consumer better but also increases revenue for industries in the long run.
Technology advances at such a rapid speed in this time and age and seems to be bursting into every industry. The media plays an extremely important role in updating the consumer to the advancements that will soon affect their daily lives.
K.P Lee (00) "IT spending by insurers expected to exceed RM1mil." in StarBiz,
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