Business Takaful

Source: Bernama, 15th November 2007

Mayban Fortis Holdings Bhd, the insurance and takaful arm of Malayan Banking Bhd, is poised to reshape Malaysia’s assurance landscape with the launch of its new brand, Etiqa.

In an industry where there is little product differentiation — where agreements and policies are typified by triplicate and the use of jargons that are difficult to understand in small print — Etiqa aims to make the process easier for people by being clear and transparent.

Etiqa will be the single master brand for all conventional and takaful businesses under Mayban Fortis.

In a statement here Thursday, chairman Tan Sri Mohamed Basir said that rising living standards and better education had resulted in a new breed of consumers with more sophisticated financial requirements and demanding needs.

“Today, they are not satisfied with just having great products and delivery channels. Sure, these factors remain critical but they now need to be complemented by strong brand affinity and brand values as consumers seek a relationship beyond their basic needs.

“More than ever, we need to be totally consumer-driven to give them that differentiated experience that will set us apart,” he said.

Meanwhile, Mayban Fortis chief executive officer, Aminuddin Mohd Desa, said at the core of the Etiqa brand was the essence of humanising insurance and takaful.

He said with simplification and empowerment, Etiqa was able to offer value-added benefits such as RM1,000 advance for funeral expenses in times of bereavement, over-the-phone settlement for green lane claims, immediate general policy approval via Etiqa Oneline and claims processes that are faster than industry average.

“These qualities encapsulate our behaviour, the way we work, the way we treat our customers, and most importantly, providing our customers a whole new positive experience when dealing with us.

“At the same time, we want to change our customers’ perception of insurance, and once again lead the wave of change,” he said.