Thus, my dare to you is to get yourselves financially educated, and from thereon to be financially prepared for your future. Elon Musk, of PayPal, SpaceX and Tesla electric car fame, was once quoted to say that and I quote “It is OK to have all your eggs in one basket,as long as you control what happens to that basket”. Now, obviously Elon Musk is not in the insurance industry. And putting all your eggs in one basket seem to be the anti-thesis of diversification and proper risk management. Nevertheless, as someone known to be a successful serial risk taker, he may be up to something. Think about it. There may be times, especially so during your youth to take exceptional risks, to be bold in new ventures and move out from your comfort zone. But always remember, life does occasionally deal you with its challenges. Contingencies such as illnesses, accidents and personal tragedies can and will challenge you in the future in your pursuits of your dreams. Financial shocks can occur to any of us, at any stage of our lifecycle. In such situations, smart options like insurance and takaful are perhaps the only way to ‘control what happens to your basket’. With all these in mind, we must dare to make that leap in life to be financially protected, for the sake of our loved ones. Moving on to my last dare to our esteemed industry leaders present here today.
I would like to record Bank Negara Malaysia’s appreciation to this bold initiative by LIAM together with academia and the Ministry of Education through the #IDareYouChallenge to educate and increase awareness among the younger generation on the importance of long-term financial planning and insurance. It is an unconventional collaboration between industry and academia, which allows the industry to benefit from new ideas and perspectives, build brand awareness among these university students and indirectly connect to a future talent pipeline. Likewise, universities and the student population benefit by having more of their students exposed to the industry and being prepared for their post-academic career. But my dare is also for the industry should go further in the age of digital disruption, to be at the forefront of innovation and to be an employer of choice for today’s graduates. A survey conducted among students and graduates of Malaysia’s 100 leading graduate employers, only had two insurance companies on the list, compared to a total of 18 banking institutions in Malaysia. Whether this is borne out of reality or lack of outreach, there is a need to promote and to brand the industry with a culture of innovation and a more visible consumer presence including via digital means, from which it will naturally grow into an exciting and engaging place for new generations to build a career in. To the competing teams today, all the very best to all of you. In my mind all of you are winners.