KUCHING: Etiqa Group and Syarikat Takaful Malaysia Bhd (Takaful Malaysia) emerged the winners at this year’s Motor Insurance Award 2018, an annual honour accorded to top conventional and takaful motor insurance companies in the country.
The conventional insurance winner is Etiqa Insurance Bhd, followed by Allianz Malaysia Bhd in second place, while Takaful Malaysia ties with Etiqa Takaful Bhd as winners in the motor takaful category.
Hosted by independent, knowledge-based insurance education provider iBanding Services Sdn Bhd (iBanding), the awards aim to offer the public true insights as they are based on actual consumer experiences with their insurance providers.
Now in its third year, the awards are based on the results of extensive research conducted by iBanding that ranks insurance companies in Malaysia based on actual feedback from Malaysian motorists with valid motor insurance policies. The final score is calculated based on multiple factors, such as customer satisfaction, years with the insurance company and claims experience. Over 8,600 Malaysians participated in this year’s survey, which ended on January 31, 2018.
Commenting on the rankings, iBanding chief executive officer Luke Roho said: “The rankings of motor insurance and takaful companies provide transparency to Malaysians on which insurance companies provided the best service. Malaysia has over 20 companies that sell motor insurance. The rankings can help consumers in their decision to select the right company for them.”
Upon receiving the award, Etiqa Group Insurance & Takaful chief executive officer Kamaludin Ahmad said, “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.
“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.
“You can be sure that we will continue with our efforts to ensure that dealing with Etiqa is fast and easy, whether it’s through our claims processes, sales processing or post sales servicing.”
Group chief executive officer of Takaful Malaysia, Datuk Seri Mohamed Hassan Kamil said the award reflects the consumers’ approval of its motor takaful product and validates its 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.
“This is a good platform for us in getting the word out and entice car owners to make the switch to Takaful Malaysia to enjoy the great benefits and excellent customer service experience that we offer.”
The survey results reveal that more Malaysians are comparing insurance and takaful companies, since the start of the “Liberalisation of the Motor Tariff in Malaysia”. Bank Negara started the second phase of the “Liberalisation” in July 2017, which allowed insurance and takaful companies to vary insurance prices and offer new innovative motor products. Since then, insurance companies have started to change prices and offer a variety of new insurance products.
Roho further explained: “The survey shows that price still remains the number one reason for switching insurance companies. However, better insurance coverage is gaining more importance and is the second most important reason Malaysians switch their insurance. Malaysians look for features such as unlimited towing during road breakdowns, replacement cars during repairs or free personal accident insurance.”
He also emphasised that price is not the only factor consumers should look at when selecting an insurance provider. “The services that companies provide, especially during claims, are also important.
“This is why the Motor Insurance Award and insurance ranking take into account the claims experience of the drivers. They can help consumers decide which insurance company to choose. Etiqa and Takaful Malaysia have done an outstanding job in providing excellent service to its customers, which we recognize through the awards.”