DIGITAL BOOST FOR TAKAFUL MALAYSIA
CEO says company will introduce innovative online protection solutions, among others
SYARIKAT Takaful Malaysia Keluarga Bhd (Takaful Malaysia) will continue its digital agenda to strengthen its brand-building efforts this year.
Group chief executive officer Datuk Seri Mohamed Hassan Kamil said the company would introduce innovative online protection solutions, increase its distribution capabilities, conduct strategic collaborations with leading Islamic financial institutions, implement investor relations programmes and advanced marketing strategies.
“We will focus on maintaining lower (operating) cost, a better balance sheet supervision and robust management of our business growth, profitability and financial position,” he said in the takaful operator’s annual report 2020 released yesterday.
He said Takaful Malaysia would execute business penetration and retention strategies as a professional and leading employee benefits (EB) takaful solution provider in managing medical costs with across-the-board value-added services.
“Corporate clients who are facing financial difficulties can opt to restructure their EB programme with only the minimum benefits and critical coverage to reduce their EB contribution commitment.”
He said the company was adopting a long-term approach to boost its general takaful business growth and increase its market penetration in its motor and nonmotor product portfolios.
Hassan said the takaful sector would sustain market growth given the forecast of resilient private consumption and low penetration rate catalysed by ethical investment strategy and programmes, substantial growth opportunities, rising levels of awareness, highmarket competition and stable demand in the Islamic banking and finance sector.
He said the collective efforts and initiatives by the Malaysian Takaful Association to intensify awareness and interactive programmes for consumers digitally would remain a focal point to promote Islamic insurance.
He said the company expected more business opportunities in the takaful business for personal financing to pick up as financial institutions targeted an increase in the personal loan business to address short-term financial needs of customers and small and medium enterprises.
Hassan also said industry players would prepare to implement the new Malaysian Financial Reporting Standard 17 accounting standard.
He said this was crucial to improve financial reporting by providing meaningful and equivalent information among takaful operators and insurers.