AmAssurance Bhd is banking on innovation as part of its strategy to give the company a stronger foothold in the automobile or motor or even vehicles insurance industry.
It is currently one of the top two motor insurers and among the top 10 life insurance companies in Malaysia.
Chief executive officer Ng Lian Lu said AmAssurance would bank on innovation in its life and general insurance offerings to strengthen its position.
“We are confident that through continuous innovation, the company will be able to ride on the stiff competition and improve its market share as well,” he told StarBiz in an interview.
Ng, who is also the president of the Life Insurance Association of Malaysia, said being innovative would also help the company to realise its vision of becoming the preferred composite insurer.
Part of the company's innovation strategy involves providing swift settlement of claims.
This could be seen in the recent Genting Sempah Nuri helicopter crash tragedy and the Bukit Gantang bus accident, during which the company's claims professionals took the initiative to issue claim cheques even before any claims were submitted by the beneficiaries, he said.
Some of AmAssurance's leading products and services that it expects to strengthen its life business are the Super 0% Easy Payment Plan (EPP) and AmMillionnaire Kit.
In general insurance, Ng said the company was pinning its hopes on the AmAuto Extended Warranty (AEW) and Free Group Term Life Assurance (with motor insurance programme) to garner a larger market share in this segment.
He said in the coming months, its existing 4,000 life insurance agents would be empowered with the all new AmMillionnaire Kit, a powerful sales, recruitment and training tool targeted at increasing and elevating their recruitment and sales activities.
The Super 0% EPP is an interest-free virtual credit card that offers the company's customers the opportunity to own life insurance protection.
Ng said the AEW safeguarded car owners against paying for expensive and unforeseen repair bills, adding that AmAssurance was the first company to provide such insurance coverage.
The company was also the first insurer to offer free incremental life insurance coverage for every renewal made on an existing motor insurance policy.
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