Business

Wednesday April 11, 2012

GETSB eyes RM124m from takaful ops


BUTTERWORTH: Great Eastern Takaful Sdn Bhd (GETSB) is aiming for RM124mil in takaful contribution (or premium in conventional insurance) this year after achieving RM7.6mil in the first quarter.

Of the RM124mil, GETSB aimed to secure RM30mil in contribution from the Koperasi Angkatan Tentera Group Scheme which had more than 140,000 members, said its executive director/chief executive officer Mohamad Salihuddin Ahmad.

The low penetration in takaful offered vast opportunities for GETSB, he told reporters after launching the GETSB Agency Synergy Station (GASS) yesterday. “The penetration rate in 2006 was 6% and almost double now due to new licences to foreign players. The potential for takaful is still huge.”

Salihuddin said the low penetration was due to a lack of awareness among the community.

He said the company expected to have 8,000 qualifying takaful agents by year-end and launch a new product in the third quarter of this year.

He also said it was compulsory for all GETSB agents to be involved in the Treating Customer Fairly programme before they could market the takaful products to consumers. The company currently offers four products namely i-Great Damai, i-Great Abadi, i-Great Amal and i-Great Iqra.

On the GASS, Salihuddin said GETSB was planning on opening another three agency offices namely in Wangsa Maju, Jitra and Kota Kinabalu this year. It already has two stations in Kota Bharu and Butterworth respectively.

GETSB’s GASS acts as a management office, training centre as well as a recruitment centre to appoint new potential takaful agents. — Bernama

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