MSIG Malaysia ramps up data Investments to boost growth

Its CEO thinks industry growth lies in affordable insurance.

MSIG Insurance (Malaysia) Bhd. plans to ramp up investment in analytics and artificial intelligence (AI) to sharpen customer insight and accelerate decision-making as the insurer seeks to sustain growth in Malaysia’s expanding general insurance market.

“AI allows us to price more accurately and respond more quickly to market needs,” CEO Ang Yien Chia told Insurance Asia. “This isn’t just about operational efficiency but fundamentally changing how we engage with customers.”

Ang, who took the helm in July, said the industry’s long-term growth depends on making insurance more affordable and accessible without sacrificing quality.

“By offering modular, on-demand solutions, we can serve customers who might have been priced out of traditional products while also meeting the evolving expectations of digitally native consumers,” she said in an emailed reply to questions.

Gross written premiums of Malaysia’s general insurance sector are projected to grow 6.6% annually to $7.2b by 2029 from $5.5b now, according to GlobalData Plc.

MSIG Malaysia, a unit of Japan’s Mitsui Sumitomo Insurance Co., said its digital channels helped lift performance last year, contributing $19m (RM80m) in gross written premiums—up 39% from a year earlier. Growth was driven by online sales, digital partnerships, and targeted social media campaigns that boosted brand visibility.

The company has also deployed AI in its claim process, using image analysis to assess vehicle damage and identify cost-effective repairs. The system handled 56% of external body damage claims with 93% accuracy, cutting turnaround times and improving customer satisfaction.

Ang said her focus this year would also include talent development, particularly attracting young professionals amidst rising competition for skilled workers.

“Today’s young talents want to know their work matters,” she said. “They’re drawn to environments where collaboration is genuine, not a corporate buzzword, and where they can take on assignments that have real impact.”

MSIG is introducing fast-tracked career paths and investing in pricing tools to support this goal, whilst strengthening programmes on mental wellness and work-life balance.

The company faces a tight labor market: two in five Malaysian employees are considering switching jobs within a year, according to Aon Plc. Compensation remains the top factor, but Gen X and Millennial workers also prioritise flexibility and autonomy.

The greater differentiator is meaning, Ang said. “When we frame our work in terms of real-world impact—helping families recover from unexpected events or enabling businesses to take calculated risks—the insurance industry becomes much more attractive.”

Ang succeeds Chua Seck Guan, who retired on July 2 after a 42-year career. Chua oversaw two mergers and four acquisitions, introduced risk-based pricing, and built the insurer’s data analytics capability, steering 15 straight years of underwriting profitability.

MSIG Malaysia’s net income rose 9.8% year on year to $88.1m (RM370.13m) last year. Chua remains as senior adviser to ensure a smooth leadership transition.