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Takaful Malaysia Eyes 25 Pct Sales Growth With Online Portal
Last update: 02/03/2018

KUALA LUMPUR, March 2 (Bernama) --†Syarikat†Takaful†Malaysia Bhd (Takaful Malaysia) anticipates 20-25 per cent increase in sales with the launch of its online sales portal (OSP),†'Click for†Cover'.

Group Chief Executive Officer†Datuk Seri Mohamed Hassan†Kamil†said the group started selling its motor insurance online since March last year, and has†seen a†20 per cent increase in premium sales.

"This is a fantastic outcome as traction was very fast and sale grew tremendously in terms of volume.

"With the expansion of 'Click for Cover'†products, we believe†the (online) business will†continue to flourish in sales year-on-year,"†he told reporters after the launch of the Takaful†Malaysia Digital Strategy here today.

The 'Click for Cover'†portal was designed†with easy-to-use interfaces that enable†customers to access the company's products online, and is complete with e-payment facilities and real-time underwriting capabilities.

Currently, the portal offered†motor, personal accident (PA), and medical products, with more products such as term life, critical illness and Travel PA Takaful†would†be made available soon.

Mohamed said the portal was aimed at attracting the younger generation aged below 35,†who†were both†digital savvy and under-served with insurance coverage.

"We believe the OSP appeals†to†the†younger generation.†Hopefully with this, they will be more aware of insurance and over time, they will†realise†the importance of having a proper insurance protection,"†he said.

The launch of the Takaful†Malaysia's†digital strategy included†partnerships†with Remark International, an insurance digital marketing specialist†company†that focused†on developing marketing strategies and tactics for the distributions, and Fusionex†International, a leading data technology specialist, to help bridge†the gap between business and technology.

"Today, we signed collaboration agreements with Lembaga Tabung Haji†and Bank Islam Malaysia Bhd to†tap into their customer†base," he said, adding that the group was†also†in talks with several affinity partners which had a few million customers to cross-sell Takaful†Malaysia products.

On a separate development, Mohamed said Takaful Malaysia's†agency force†would continue to operate as there were market segments which preferred agency distribution.

"However, for areas inaccessible to agents, the OSP can be the solution," he said.

Mohamed said the agency force would continue to be a strong and dominant distribution channel†as there were products that could only be sold by agents such†complicated products which required advisory services. †--†BERNAMA

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