CONCEPTUALISING THE DETERMINANTS OF INSURANCE TECHNOLOGIES (INSURTECH) ACCEPTANCE AMONG AGENTS IN MALAYSIA

Abstract

Despite the strategic push for digitalization by Bank Negara Malaysia to elevate insurance penetration, the adoption of Insurtech among insurance agents remains inconsistent. This resistance threatens the industry’s modernization efforts and the transition toward a hybrid advisory model. This paper presents a conceptual model that investigates the determinants influencing Insurtech acceptance among licensed life insurance agents in Malaysia. Grounded in the Unified Theory of Acceptance and Use of Technology (UTAUT), the conceptual model depicts the effects of Performance Expectancy, Effort Expectancy, Social Influence, and Facilitating Conditions on agents' acceptance intention. Theoretically, this research extends UTAUT to the often-overlooked intermediary demographic in advanced technology within the insurance field. Practically, the findings offer actionable insights for insurers and regulators to address digital readiness gaps, aiming to formulate effective training and infrastructure strategies that empower agents as key enablers of Malaysia’s digital insurance ecosystem.