ASIA INTERVIEW
So, a lot of easy underwriting, a lot of accessibility actually gives them the awareness the interest on insurance itself. Phil Fothergill: Now, looking at the development of the industry, you were talking about earlier on. what would you say the challenges and indeed opportunities are now, as the industry expands bit by bit? M y o M i n T h u : We l l o n e o f t h e first challenges that we face is of course intense competition b e c a u s e w e a r e l o o k i n g a t d i f fe r e n t players in the market, who come f r o m d i f fe r e n t c o u n t r i e s , w i t h a
lot of experience. So, one of the t h i n g s i s a c t u a l l y t o d i f fe r e n t i a t e ourselves from foreign players. And although, it is not a difficult task because the foreign insurance players will have to also get a local knowhow knowledge and the brand itself, we are more established in our own markets. But, having said that, the competition in terms of innovation, the technology, the know how expertise, these are where they have more advantage in. So, as a local company, we have to build our own resources actually try to have more innovative ways of competing them.
And the second challenge that we're looking at is of course regulation. I think regulation has evolved over time, because we've always been in a very closed and isolated economy away from others and what I believe is that with the move that government has taken up in terms of liberalizing the market, it would go a way forward in making sure that regulation becomes more robust, supporting both local players and of course the foreign insurance companies. The third is of course on the point that I've mentioned, on creating awareness among the locals. So, it serves as both the challenge and an opportunity, because there's a huge
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