Business

Tuesday May 1, 2012

Takaful M’sia eyes top position


KUALA LUMPUR: Syarikat Takaful Malaysia Bhd is eyeing to emerge as the top market leader in the takaful market over the next three to five years through an aggressive rebranding campaign.

Presently, it ranks second out of 11 takaful operators in the country.

Group managing cirector Datuk Hassan Kamil said the campaign would include opening of new service centres and recruiting additional agents.

Mohd Hassan: Recruiting new agents will be a major initiative this year.

He said the company would invest around RM3mil to open six new Takaful myCare Centres by year-end in addition to its present 14 branches.

“We have identified Sungai Petani and Kulim in Kedah, to set up our service centre and currently we are looking at the Southern region, Kelantan and Terengganu to set up the rest,” he told reporters after launching Takaful myGenLife and We Should Talk campaign.

Hassan said the We Should Talk campaign was a primary initiative by the company to increase penetration and boost efficiency in order to achieve its target to become the leader in the takaful industry.

He said recruiting new agents would be a major initiative the company would undertake this year.

“Today, we have approximately 1,000 agents and we hope to double the numbers before December.

“We launched an agency financing scheme which will help new recruits get started in the first year in their new career as an insurance agent.

“With insurance similar to takaful, the distribution strategy must be right and it has been proven that agents’ distribution is the success factor in any sales target of insurance products,” he added.

On the newly launched Takaful myGenLife, Hassan said it was expected to contribute about RM20mil in premiums in the next six months.

The new comprehensive investment-linked product is targeted at those aged between 30 days and 70 years and it has five Syariah-compliant funds namely Ihfaz Equity Index Fund, Irad Dividend Fund, Istifad Blue Chips Fund, Ittihad Growth Fund and Ihsan Balanced Fund.

Hassan said the product also offered a wide range of supplementary benefits like Takaful myGenMedic, myGenCritical Illness, myGen Personal Accident and myGen Hospital, where customers get to select from any of the riders according to his or her needs without having to purchase another new plan. — Bernama

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