Strong legislation to back up the requirement to provide insurance products As for the development in the insurance industry, life insurers in Australia are permitted under the Disability Discrimination Act to offer applicants for insurance different terms based on the risk they present, provided they are basing this discrimination on actuarial data or statistics. It is unlawful under the Disability Discrimination Act for insurers to deny applications for insurance without having reasonable and relevant information and data to support their decision. In Malaysia, we often received complaints from the OKU community that their applications were imposed with high premium loading as the OKUs are considered high risk. Therefore, we urge for the insurance industry here, to base their decisions on statistical evidence and not purely on assumptions. In light of these global trends, going forward, being a vibrant and progressive financial industry, we must always be at the forefront, embrace new innovation and adopt best practices in serving the needs of all segments of society including the OKUs. Expectations moving forward: Role of industry’s association – to drive industry towards OKU inclusive Moving forward, each party has to play its role in promoting and contributing towards this important agenda. Given the need to address the issues faced by the OKU community in gaining access to financial services in this country, the associations should drive the industry in enhancing the role of the financial sector towards this endeavor.
The industry needs to develop and implement an action plan to increase access of the OKUs to the financial products and services. Role of individual institutions – to ensure enabling environment for OKUs For a start, individual financial institution is encouraged to address immediate needs mentioned earlier that was highlighted by the OKUs such as providing lower counter, Talking ATMs, sign language for the deaf, website which is W3C compliance and offer appropriate insurance products for the OKUs. In providing the accessibility to the OKU community, the industry players need to ensure that the services and products are relevant, sustainable and affordable in meeting the needs of the OKUs, associated risks are mitigated and the OKU consumers are protected. 4  BIS central bankers’ speeches  Role of Bank Negara Malaysia – to consolidate effort and move forward together As mentioned earlier, it has always been high on Bank Negara Malaysia’s financial inclusion agenda that all facets of the Malaysian society are served by the financial industry. As such, I would like to call upon all of us here, let us embrace this journey together towards a more caring and responsible industry by ensuring the needs of the OKUs are provided for. Launching of “Cash Test” for the visually impaired As part of Bank Negara Malaysia’s continuous initiative to support the needs of OKU community, the Bank has introduced a device known as Ringgit Cash Test Cards, a credit card-sized plastic card with gauges designed to assist the visually impaired in identifying banknotes and coins.