In addition, financial advisers may be perceived to be more independent than tied agents, which will be important as consumers become more discerning. As a relatively new channel in most of Asia, the primary focus is to establish public confidence through raising professional and ethical standards of financial advisers. This is a key focus under the LIFE Framework for Malaysia. In addition, the Bank will reduce paid-up capital requirements for financial advisors to encourage new entrants. Previously consisting mainly of tele-marketing and direct mailing, direct distribution is today considered an important channel by most insurers, in view of the new possibilities enabled by the high levels of internet penetration and proliferation of mobile devices such as smartphones and tablets. Social media has become a vital platform for business to engage with consumers and build their brand as well as being a rich data source in its own right on today’s fast moving consumer trends. The availability of instantaneous information has tipped the balance of power in favour of consumers. One such innovation is the aggregator, which has seen an increase in utilisation of 44% and 50% for motor and home insurance respectively in just a short period from July 2012 to April 2013 16 according to a report on the insurance market in Asia-Pacific. In Malaysia, the high levels of internet banking and mobile  11  25th Pacific Insurance Conference 2011- Plenary Session 1 – Bancassurance and Its Impact on Consumers and the Insurance Industry. 12  BNM IFAS System. 13  BNM TOSS System.
2 See Draghi (2015), “Monetary Policy: Past, Present and Future”, speech at the Frankfurt European Banking  Congress, 20 November 2015. 3 Using the Phillips curve approach presented in Box 2 of the ECB Economic Bulletin, Issue 3 / 2016. 6/6  BIS central bankers' speeches