KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd
(Takaful Malaysia) will align itself with the digitalisation trend in the financial services industry with the newly launched Kaotim, a new digital platform and brand managed by Takaful Malaysia.
Takaful Malaysia group chief executive officer (CEO) Nor Azman Zainal said looking at the insurance and takaful industry on the whole, there were some gaps in the market such as offering more cost-effective medical coverage plans to the public.
“Firstly, it pertains to service delivery, focusing on the need for faster, simplified solutions, aiming for a simpler version of takaful to provide better customer experience.
“Secondly, it concerns capacity in fulfilling the needs of the market as things are becoming increasingly expensive these days.
“As such, we need to provide solutions that are cheaper and accessible to everyone,” he said during the launch of Kaotim here yesterday.
Kaotim, Takaful Malaysia’s latest addition to enhance insurance and takaful mobility, is a digital initiative that streamlines administrative processes, enabling customers to enjoy a hassle-free and speedy subscription process.
The online straight-through platform offers MediKad, an all-in-one and low-priced medical coverage plan for Malaysians.
A cost-effective medical coverage plan with greater savings from as low as RM38 per month, MediKad provides cashless admission to panel hospitals in Malaysia, unlimited hospital admission days on room and board, and daily income for admission to government hospitals.
Offered to Malaysians between the ages of six and 69 with a coverage period of up to 85 years old, customers can choose from three different plans with an optional rider, MediBooster, according to coverage needs, which can allow customers to enhance their coverage up to RM1.1mil per year.
Nor Azman said the launch of Kaotim underpinned Takaful Malaysia’s strategic move to reinforce its retail direct business and gain new customers.
It also reflected the company’s effort to strengthen its presence in the digital insurance and takaful sphere, and meet the fast-evolving demands and expectations of customers.
“Through innovative technology and a vibrant brand identity, Kaotim is set to be a key differentiator based on customer value propositions, giving Takaful Malaysia an edge and customer affinity,” said Nor Azman.
He said the company will leverage on the lower transaction cost of the digital platform to deliver better pricing and an accessible takaful plan to the market.
“This is part of our holistic digital plan to attract new customer segments directly and better serve Malaysia’s growing population, while enhancing the financial resilience of customers whose medical coverage is inadequate or high-priced.
“This is also part of our initiative to help cushion the impact of high medical costs faced by Malaysians by offering an affordable medical coverage plan,” Nor Azman said.
He added that if an applicant was in good health, he or she could secure coverage within a few minutes with no medical check-up required. This is also another unique feature of Kaotim in comparison with other insurance products in the market. “More products will be introduced under the Kaotim brand. Our primary objective for this new product is its long-term sustainability.
“We have been around for almost 40 years now. Hence, our overarching goal is to maintain our relevance and competitiveness in the market. This initiative represents our commitment to elevating Takaful Malaysia to new heights,” he said.
Acknowledging that accessibility and agility were key in today’s era, Nor Azman said the company intends to provide customers with a seamless, efficient and convenient experience through Kaotim.
“The launch of Kaotim and the introduction of MediKad, in conjunction with our 39th anniversary, made it even more meaningful.
“Let this be part of our journey as we take a step further to strive towards strengthening our foothold as a leading Islamic financial institution to stay relevant, competitive and dynamic in the insurance and takaful industry,” he said.
Takaful Malaysia has two main units – Syarikat Takaful Malaysia Keluarga which manages the family takaful business, while Syarikat Takaful Malaysia Am Bhd (Takaful Malaysia Am) manages the general takaful business.
Takaful Malaysia Keluarga is the holding company and owns 100% of Takaful Malaysia Am. Both the subsidiaries operate through the Takaful Malaysia brand with a combined network of branches in 24 locations nationwide.
