Friday, February 23, 2024

SUN LIFE MALAYSIA: Driving Innovation in the New Normal

The Malaysian life insurance and family takaful industry has been resilient in
mitigating the impacts of the COVID-19 pandemic, and Sun Life Malaysia was
one company which adapted quickly to the new normal. Sun Life Malaysia
CEO & President/Country Head, Raymond Lew, reflects on the drivers of the
organisation’s success throughout 2021 and reveals his plans for 2022 and beyond.

“2021 was another strong year for Sun Life Malaysia where our purpose to help people achieve lifetime financial security and live healthier lives shone the brightest. Despite the volatile insurance landscape, we sustained our leading position among the top bancatakaful operators in Malaysia with close to one-third of the market share, thanks to our commitment to our values.

The true measure of trust is seen only in moments of need, and Sun Life Malaysia validated the trust placed in us through various initiatives. For instance, we launched a RM2 million COVID-19 Relief Fund in multiple tranches which benefited 897 clients. We have also extended the Premium/Contribution Deferment programme until 31 March 2022, and the RM500,000 COVID-19 Vaccination Complications Fund until 30 June 2022. Additionally, we launched a new COVID–19 Medical Coverage plan to lessen the financial burdens of clients hospitalised due to the virus.

Advancing sustainability is a core strategic priority for Sun Life Malaysia. We are committed to cultivating financial security, promoting sustainable investing and fostering healthier lives. We took the lead to introduce the industry’s first investment-linked ESG fund, the Sun Life Malaysia Global Sustainable Fund, to make sustainable investment more accessible, while contributing to a more sustainable economy.

Our intensified digitalisation activities were bearing fruit as we managed to keep our people and clients safe while still innovating and rolling out new products and services. These include enhancing the features of our SunAccess Client App and web portal and launching an e-hibah nomination feature, an industry’s first-of-its-kind e-nomination feature.

To foster healthier lives, Sun Life Malaysia also curated an interactive six-month Brighter
Wellness programme to inspire physical, mental and financial health which has reached more than 2.5 million people. We carried on with our battle against diabetes through a blood screening programme and various community empowerment initiatives.

Under the Diversity, Equity & Inclusion (DE&I) pillar, we provided financial aid to uplift the underserved communities including B40 women entrepreneurs and indigenous children.

Fuelling Sustainability in 2022 & Beyond

At Sun Life Malaysia, we are optimistic about growth in 2022, driven by rising insurance awareness and the solid foundations laid in 2021. Our efforts throughout the year will be underpinned by a three-pronged strategy – delivering product innovation that empower people to achieve financial security and meet protection gaps; fast-tracking our Digital Enterprise (DE) initiatives; driving a deeper push on sustainability, and concurrently helping people take charge of their health.

Ultimately, our goal is to empower clients, and Malaysians as a whole, to achieve financial security and live healthier lives across the financial, physical and mental wellness pillars.”

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