Malaysia's best motor insurer and takaful provider revealed

Malaysia's best motor insurer and takaful provider revealed | Insurance Business

Malaysia

Etiqa Group has won the 2018 Motor Insurance Award in both conventional and takaful (Islamic) insurance categories, while Syarikat Takaful Malaysia Bhd was a co-winner in the takaful category for the second consecutive year.

The awards were organised by iBanding, an independent, knowledge-based insurance education provider which harnesses actual consumer experiences with insurance firms.

Allianz Malaysia Bhd, which topped the conventional motor insurance category last year, was runner-up this year.

“We are truly delighted to be named the winner of these two prestigious awards, not only for motor insurance, but also for the motor takaful,” said Kamaludin Ahmad, CEO Etiqa Group Insurance & Takaful. “At Etiqa we have always recognized the importance of providing exceptional customer service, and it’s an honour to be held in such high esteem by consumers.”

“We are pleased to be recognized as the nation’s top choice for motor takaful for the second consecutive year,” said Dato Sri Mohamed Hassan Kamil, Group CEO of Takaful Malaysia. “This recognition reflects the consumers’ approval of our motor takaful product and validates our brand as the preferred choice for insurance. Winning the award for the second time in a row gives us an advantage to further instate confidence and trust amongst the public.”

The 2018 Motor Insurance Awards are based on research conducted by iBanding, measuring various factors such as customer satisfaction, length of relationship with the insurer, and claims experience. Over 8,600 Malaysians were polled in the latest survey, which ended on January 31, 2018.

According to iBanding, Etiqa led the conventional insurance category with a score of 86, followed by Allianz with 82. In the takaful category, Etiqa and Takaful Malaysia tied for first with 88.

“Etiqa and Takaful Malaysia have done an outstanding job in providing excellent service to its customers, which we recognise through the awards,” commented Luke Roho, CEO of iBanding.

“Malaysia has over 20 companies that sell motor insurance. The rankings can help consumers in their decision to select the right company for them.”

Roho added that since Bank Negara Malaysia liberalised the motor insurance industry in the country, insurance and takaful providers now have the freedom to price their own premiums and offer innovative insurance products, improving competition in the sector.

“The survey shows that price still remains the number one reason for switching insurance companies,” he said. “However, better insurance coverage is gaining more importance and is the second most important reason. Malaysians look for features such as unlimited towing during road breakdowns, replacement cars during repairs or free personal accident insurance.”

 

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