Takaful Malaysia to digitalise following strong year

Firm to improve its online offerings after hitting record-high revenue and profits last year

Takaful Malaysia to digitalise following strong year

Insurance News

By Gabriel Olano

Takaful Malaysia Bhd is looking to expand its market share in the general takaful arena and improve its digital capabilities after a strong showing in the last fiscal year.

The Islamic insurer posted record-high revenue and profits for 2017. Revenue rose by 6.5% year-on-year to MYR2.14 billion (US$548.2 million) while net profit increased by 17.3% to MYR206.7 million (US$53 million), reported The Malaysian Reserve.

According to Takaful Malaysia CEO Datuk Seri Mohamed Hassan Md Kamil, the company’s general takaful business is still growing and it remains the market leader in the family takaful segment. However, he noted that there are still difficulties in establishing a stronger foothold in the takaful sector.

“We sustained our position as the market leader in the takaful business, and our general takaful, derived primarily from the fire and motor classes’ gross contribution, shot up 20% from FY16 to close at MYR591 million (US$151.4 million),” Mohamed Hassan said in a statement.

He also highlighted Takaful Malaysia’s continuing efforts to harness digital technologies in its business.

“We made significant investments in tools, applications and new technologies to improve operational efficiencies and enhance the customer experience via our digital strategy,” said Mohamed Hassan.

The company’s online sales portal, known as Click for Cover, also began offering its first batch of online products.

Related stories:
Malaysia’s insurance penetration issues linger
Islamic insurance grows faster than conventional counterpart in Malaysia
Malaysia set to improve professional standards for Islamic insurance

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