Affin Bank Berhad | Annual Report 2020

LOOKING AHEAD The Malaysian economy and the life insurance industry are showing signs of recovery amid relaxation of movement control and the rollout of National Immunisation Programme. As the economy evolves and grows, AALI will be agile to seize the right opportunities because protection needs are ever more important. AALI will continue its focus on customers and employees with the purpose of “Acting for Human Progress by Protecting What Matters”. AALI intends to grow the business through the following measures: • Using a 3-pronged marketing strategy i.e. e-commerce, digital partnership and offline to online partnerships, to build a robust InsurTech ecosystem and penetrate the underserved lower- income emerging customer segment. • Focusing on product innovation and continuous technological improvements through robotics process automation (RPA) to improve efficiency and processes In order to cater to the ever-growing digitally-savvy consumers, the company launched several products that can be easily purchased online, such as eMedic – a medical and health plan for millennials consisting eMedic family plan for young families, critical illness package and eCombo, the first customisable online insurance, which combines 3 packages (life, critical illness and medical). AALI’s 2021 to 2024 strategic plan addresses gaps via employee value proposition strategy. This includes talent management, improved employee onboarding experience, employer branding and encouraging a healthy lifestyle and wellbeing of our employees. Going forward, AALI will continue to strengthen governance and risk management standards in managing risk, particularly in light of changing regulatory environment, business models and greater adoption of technology. AALI will remain focused on its business with an increased emphasis on Protection and Health. 88 MANAGEMENT DISCUSSION & ANALYSIS ORGANISATION EXECUTIVE SUMMARY CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION