Postal service firm and takaful provider enter strategic partnership

Deal to offer family takaful plans could bring postal company up to 15% increased revenue

Insurance News

By Gabriel Olano

Postal service company Pos Malaysia Bhd and Etiqa Takaful Bhd have signed a partnership that allows a new takaful policy to be sold in the postal service’s 700 branches across the country.
The new product is named Pos Khairat Takaful and is the company’s pioneering family takaful plan. It can cover the policyholder’s spouse and up to three children. Higher benefits can be obtained through an optional payment.
“Mail operations contribute 30% to revenue, and by providing this service we can leverage on our network throughout the country,” said Datuk Mohd Shukrie Mohd Salleh, Pos Malaysia CEO. Pos Malaysia expects MYR10 million (US$2.25 million) in premiums next year, translating into additional revenue of 10% to 15%.
Aside from Etiqa Takaful, Pos Malaysia has signed distribution agreements with 14 other insurance providers, said Mohd Shukrie.
Kamaludin Ahmad, the CEO of Maybank Ageas Holdings Bhd (the parent company of Etiqa Takaful), revealed that Pos Khairat Takaful has issued almost 5,000 certificates with total contributions amounting to MYR331,400 (US$74,500)
“The partnership aims to cover more than 160,000 participants next year by offering the Khairat plan to all Pos Malaysia’s customers, aged between 18 and 70,” Kamaludin said.

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