KUALA LUMPUR, July 21 – The Life Insurance Association of Malaysia (LIAM) and its 16 member companies concluded the #NoFOMO Social Wellness Challenge (#NoFOMO Challenge) with a grand finale at the Youth Festival in UiTM Puncak Alam. The event showcased the top 10 winning videos from over 2,000 entries, and the grand prize winner received RM10,000 cash and a brand-new iPhone 14 Pro. The challenge aimed to promote wellness awareness among the youth and educate them on the importance of physical, emotional, and financial well-being.
The Youth Festival Finale was attended by distinguished guests, including Lau Chin Ching, Director of Financial Development and Innovation Department at Bank Negara Malaysia, who presented the prizes and certificates to the winners. LIAM President Raymond Lew and LIAM CEO Mark O’Dell were also present, along with students from various universities and participants of the #NoFOMO Challenge at the UCS Multipurpose Hall. The grand prize of RM10,000 cash and an iPhone 14 Pro was awarded to Izz Idlan Zulkifly, a student from Universiti Kebangsaan Malaysia.
Additionally, 10 consolation winners from different higher learning institutions and social media users received RM2,000 cash each. The total value of prizes offered in the #NoFOMO Challenge amounted to over RM42,000. Raymond Lew, LIAM President, expressed that the life insurance industry has actively engaged with the youth to create a closer connection. The #NoFOMO Challenge aimed to educate young individuals on the importance of wellness in all aspects, including physical, emotional, and financial well-being.
LIAM aims to foster a positive mindset among the youth and raise awareness about financial planning for their future. The industry is committed to capturing the attention of the younger generation and delivering its messages on life insurance effectively. LIAM will continue to develop creative ideas and leverage digital technology, social media, and key opinion leaders/influencers to attract young individuals to embrace life insurance. The association plans to collaborate with the Ministry of Education, universities, Bank Negara Malaysia, and the Financial Education Network (FEN) to champion financial education and inclusion for the people of Malaysia.
Mark O’Dell, LIAM CEO, emphasized the importance of the #NoFOMO Challenge in inspiring and nurturing the young generation to be creative and innovative while raising awareness about insurance coverage against unforeseen risks in life. The challenge encouraged participants to create short videos focusing on the three key elements of wellness: physical wellness, emotional wellness, and financial wellness. These elements are interconnected and vital for overall well-being. The #NoFOMO Challenge, which commenced on December 1, 2022, and concluded on May 31, 2023, received over 2,000 entries from universities, colleges, and young individuals on social media platforms.
The campaign reached approximately 30 million people across various platforms, including Facebook, Instagram, TikTok, YouTube, and offline engagements. LIAM members and stakeholders set up booths at the Youth Festival, promoting financial planning, wellness tips, internship opportunities, and career prospects to students. The Youth Festival also featured performances by popular celebrities Yonnyboii, Alvin Chong, and Nicole Lai, who shared their insights on financial, emotional, and physical wellness during a town hall session with students.
The event provided a platform to engage with students, promote the life insurance industry as a career of choice, and highlight the vast career opportunities available to them. The #NoFOMO Challenge and the Youth Festival Finale demonstrated LIAM’s commitment to enhancing financial literacy and promoting overallwellness among the youth. By engaging with the younger generation and providing them with the necessary knowledge and tools, LIAM aims to combat misconceptions about insurance and guide them towards becoming informed and savvy consumers.
As the industry works towards achieving the targets set in the Financial Sector Blueprint 2022-2026, LIAM remains dedicated to adapting to the changing needs of consumers and the wider economy. By focusing on key priorities and collaborating with relevant stakeholders, LIAM aims to contribute to a more dynamic, innovative, and sustainable financial sector in Malaysia. The Youth Festival Finale not only celebrated the success of the #NoFOMO Challenge but also provided a platform for students to explore career opportunities in the life insurance industry.
With informative booths, wellness tips, and engaging performances by popular celebrities, the event aimed to inspire and educate students about the importance of taking care of their physical, emotional, and financial well-being. LIAM expressed its gratitude to all participants, universities, colleges, and social media users who took part in the #NoFOMO Challenge. Their creativity and enthusiasm contributed to the success of the campaign, reaching millions of people and promoting the significance of wellness among the youth.
As LIAM looks to the future, it remains committed to its objectives and aspirations of elevating the level of financial literacy and well-being among Malaysians. Through various initiatives and educational efforts, LIAM strives to empower individuals with the knowledge and skills necessary to make informed financial decisions and lead financially secure lives.
The grand finale of the #NoFOMO Challenge and the Youth Festival marked a significant milestone in LIAM’s ongoing efforts to engage and educate the youth on the importance of wellness and financial planning. With continued collaboration and innovative strategies, LIAM aims to build a financially literate and resilient society for the benefit of all Malaysians.
