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AIG Malaysia expects “marginal” 1% growth in gross written premiums (GWP) this year, according to CEO Antony Lee.
Lee said that while strong growth of 12% was recorded by its motor insurance segment, this was partially offset by weaker performance in its commercial insurance offering, Edge Markets reported.
Motor insurance is the largest source of income for AIG Malaysia, contributing around 40% of its MYR715 million (US$171.5 million) total revenue in 2017.
As part of its focus on motor insurance, AIG Malaysia will launch a new mobile app that harnesses telematics to teach driving habits via gamification. The app is set to launch in the second quarter of 2019.
“We are targeting to sign up 10,000 users within the first year after the launching of the mobile app,” Lee was quoted as saying by Edge Markets.
“Technology has allowed us to locate and manage real-time risks as we improve road safety standards for drivers and pedestrians alike. We will leverage data driven insights from the mobile app, along with our claims experience, to cultivate better driving behaviours nationwide.”
Road safety is one of AIG Malaysia’s advocacies, according to Lee, due to Malaysia’s poor traffic accident record. The Transport Ministry has recorded 533,875 road accidents cases nationwide and over 6,700 fatalities in 2017.
