Salam Sejahtera, and a very good evening.

It is a pleasure to be here tonight at the AQBA Company Award Ceremony 2026. Allow me to begin by congratulating the Asian Institute of Insurance (Aii) for organising this meaningful event and for its continued efforts in promoting professionalism and excellence within the insurance and takaful industry.

I would also like to congratulate all the companies being recognised this evening. This recognition reflects your commitment to delivering value to consumers and maintaining high standards of professionalism in your business practices.

Ladies and gentlemen,

Awards such as AQBA serve as an important reminder that success extends beyond financial performance and market share. It is ultimately measured by the confidence consumers place on you and your ability to deliver meaningful value at every stage of their protection journey.

This evening, I would like to share three observations that are increasingly important for the future of the industry, the 3Cs: “Confidence”, “Commitment” and “Competence”. These three elements are closely interconnected.

1. Consumer confidence encourages individuals and families to seek protection;
2. Industry commitment ensures products and practices continue to evolve with consumers' needs; and
3. Professional competence enables consumers to make informed decisions.

Together, they form the foundation of a trusted and sustainable industry.

Let me begin with the first "C", which is “Confidence”.

Recent Customer Satisfaction Survey findings^[1] continue to reinforce an important reality. Based on the Survey^[2], "service efficiency" remains the strongest driver of customer satisfaction, followed by "product suitability" and "accessibility". Ultimately, consumers are less concerned with how products are designed and more concerned about whether the protection they purchase remains relevant, affordable and suitable over time.

In this regard, the companies being recognised tonight provide encouraging examples of how positive consumer outcomes and strong business performance can go hand in hand. One of the key factors underpinning this recognition is persistency^[3]. While persistency is not the sole measure of success, it is a useful indication that consumers continue to see value in the protection coverage and remain committed to maintaining it. As consumers’ needs evolve and expectations continue to rise, industry practices must evolve alongside them.

This brings me to the second "C", which is “Commitment”.

Ladies and gentlemen,

Building and sustaining consumer confidence requires commitment from both Bank Negara Malaysia (BNM) and industry players. In this regard, BNM continues to strengthen initiatives aimed at improving consumer protection and reinforcing public confidence in the industry.

One important step in this direction is the recent issuance of the Exposure Draft on Proper Advice Practices for Insurance and Takaful Business^[4]. At its core, the Exposure Draft is guided by a simple yet important principle: that is consumers should be able to trust that the recommendations they receive are made in their best interests based on their needs and circumstances, rather than being driven solely by the prospect of a sale.

Good advice begins with understanding the consumer. While consumers may not remember every product feature explained to them, they will remember whether they felt understood and whether the recommendation ultimately met their needs. The objective of the Exposure Draft is therefore not merely to strengthen sales practices. Rather, it is to strengthen advisory standards, improve consumer outcomes and reinforce confidence within the industry.

The same objective also underpins another important industry development this year, namely MediAsas under the RESET initiative. MediAsas reflects the industry's collective commitment towards improving access to affordable and sustainable medical protection amidst rising healthcare costs. The revised Policy Document on Medical and Health Insurance and Takaful Business (MHIT), expected to be issued by the end of this year, will further support the industry's efforts to strengthen affordability, sustainability and consumer protection. However, making protection available is only part of the solution. Ultimately, meaningful consumer outcomes depend on consumers receiving the right advice and guidance.

This brings me to the third "C", which is “Competence”.

Ladies and gentlemen,

The success of these initiatives will ultimately depend on the professionalism and quality of engagement demonstrated by those who interact with consumers every day. As products become more sophisticated and consumer needs become more diverse, the role of intermediaries will continue to evolve beyond product distribution towards trusted advisory.

Looking ahead, there are areas where the industry can continue to strengthen. First, deepen understanding of consumer needs and circumstances before recommending solutions. Second, continue investing in professionalism and competency to ensure consumers receive responsible advice. Third, strengthen long-term trust through transparency, integrity and meaningful engagement with policyholders.

At the same time, the way consumers engage with the industry is also changing. Innovation and technology will play an increasingly important role in supporting better experience for consumers. When applied thoughtfully, technology can improve accessibility, streamline customer journeys and equip intermediaries with better insights to provide more suitable recommendations.

However, technology should complement, not replace, the trusted adviser-consumer relationship. After all, trust cannot be automated. Technology may improve efficiency and accessibility, but professionalism, sound judgement and empathy remain uniquely human strengths. In an environment where information is abundant but not always accurate, professionalism will increasingly become a key differentiator. The most successful insurers and takaful operators and intermediaries will be those that consistently place consumers' interests at the centre of every recommendation and interaction.

Ladies and gentlemen,

When viewed together, the 3Cs – “Confidence”, “Commitment” and “Competence” are not separate aspirations. They reinforce one another. This is ultimately what underpins a trusted and sustainable industry.

Allow me to conclude with a thought from Malaysian philosopher, Royal Professor Tan Sri Dr. Syed Muhammad Naquib Al-Attas, who argued that the purpose of education is to produce a good person, not merely a trained one.

Similarly, the purpose of professionalism is not merely to create capable practitioners, but trusted practitioners. Technical competence will always be important. But lasting trust is built when knowledge is accompanied by integrity, sound judgement and a genuine commitment to serving consumers' interests.

If these values continue to be upheld across the industry, I am confident that public trust and confidence in the insurance and takaful sector will continue to strengthen in the years ahead.

Thank you.