Business

Wednesday May 14, 2008

MAA Assurance invests RM3mil in new system


KUALA LUMPUR: Malaysian Assurance Alliance Bhd (MAA Assurance), a subsidiary of MAA Holdings Bhd, will invest up to RM3mil in its Electronic Personal Lines System (ePEL), an online web-based policy issuance system launched yesterday.

MAA Holdings chief executive/group managing director, Muhamad Umar Swift said the system allows MAA agents to issue non-motor policies in 10 minutes.

Muhamad Umar said at present, the system could issue four types of personal accident (PA) policies namely, Personal Sentinel V2, Travellers' PA, AutoPac and Flexi PA.

“The foreign workers' insurance like the Foreign Workers Insurance Guarantee and Foreign Workers Compensation Scheme will be incorporated in ePEL by July.

“We will include the 'House-owner' and 'House-holder' fire classes in September and the 'Miscellaneous' classes by year-end,” he said after the launch.

Muhamad Umar said the company would focus on expanding its agent base and hoped to strengthen its existing market share.

“Currently, MAA Assurance holds 3.5 to 3.7% market share for general/non-life insurance in Malaysia. Motor policies contribute more than 60% of our overall general insurance business, while the remainder is from non-motor insurance,” he said.

MAA Assurance had around 4,000 active general insurance agents, he added. – Bernama

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