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Etiqa leads the way in Humanizing Insurance & Takaful
Kuala Lumpur, 15 November 2007 – Mayban Fortis Holdings Berhad, the insurance and takaful arm of Maybank, is poised to reshape Malaysia’s assurance landscape, with the launch of its new brand, Etiqa. Etiqa will be the single master brand for all conventional and takaful businesses under Mayban Fortis. An ongoing corporate streamlining exercise will see the eventual grouping of five operating entities under two anchor subsidiaries for conventional and Takaful respectively: Malaysia National Insurance Berhad, now known as Etiqa Insurance Berhad, and Takaful Nasional Sdn Bhd, renamed as Etiqa Takaful Berhad. These two subsidiaries were acquired by Mayban Fortis in 2005. For the financial year 2007, Mayban Fortis recorded total gross premium/contribution and profit before tax of RM4.0 billion and RM313.5 million respectively. Present at the launch are Tan Sri Mohamed Basir bin Ahmad, Chairman, Maybank and Mayban Fortis; Datuk Amirsham A Aziz, President and Chief Executive Officer, Maybank; Tan Sri Dato’ Megat Zaharuddin Megat Nohd Nor, Chairman, Etiqa Insurance and Etiqa Takaful; and Dato’ Aminuddin Mohd Desa, Chief Executive Officer, Mayban Fortis Holdings Berhad. At the core of the Etiqa brand is the essence of humanizing insurance and takaful. 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. “We are aware that rising living standards and better education have 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,” said Tan Sri Mohamed Basir Ahmad. The brand essence of humanizing insurance is further supported by four brand attributes namely performance with conscience, crystal clear, hand-in-hand and rock solid. While performance will continue to be driven by innovation, belief in caring for people is equally vital to achieve corporate goals. With simplification and empowerment, Etiqa is 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 encapsulates 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,” said Dato’ Aminuddin Md Desa. Etiqa also endeavours to simplify the language used in all policies and ease the process so that customers do not have to sweat over fine print. Working hand-in-hand with the agency force, insurance and takaful branches, Maybank branches, the Internet, ATMs and other third-party banks, the streamlined operations provide full accessibility and total convenience to customers, unmatched by any other. Backed by Malaysia’s largest bank, Etiqa’s rock solid financial standing puts it in good stead to become the No.1 insurer by the financial year 2009. Mayban Fortis is already in pole position for the takaful businesses with a market share of 54 per cent in 2006. It is also ranked second and third in the life and general insurance businesses respectively. “Working in tandem, the corporate streamlining and rebranding exercise is our strategic initiative to enhance customer focus, product optimisation and channel excellence with the aim of maximising top-line growth and improving operational efficiency. However, in pursuing these goals, we will not lose sight of our promise to humanize insurance and takaful, and hence, caring for people is absolutely vital for our business sustainability,” added Dato’ Aminuddin Md Desa.
Kuala Lumpur, 15 November 2007 – Mayban Fortis Holdings Berhad, the insurance and takaful arm of Maybank, is poised to reshape Malaysia’s assurance landscape, with the launch of its new brand, Etiqa. Etiqa will be the single master brand for all conventional and takaful businesses under Mayban Fortis. An ongoing corporate streamlining exercise will see the eventual grouping of five operating entities under two anchor subsidiaries for conventional and Takaful respectively: Malaysia National Insurance Berhad, now known as Etiqa Insurance Berhad, and Takaful Nasional Sdn Bhd, renamed as Etiqa Takaful Berhad. These two subsidiaries were acquired by Mayban Fortis in 2005. For the financial year 2007, Mayban Fortis recorded total gross premium/contribution and profit before tax of RM4.0 billion and RM313.5 million respectively. Present at the launch are Tan Sri Mohamed Basir bin Ahmad, Chairman, Maybank and Mayban Fortis; Datuk Amirsham A Aziz, President and Chief Executive Officer, Maybank; Tan Sri Dato’ Megat Zaharuddin Megat Nohd Nor, Chairman, Etiqa Insurance and Etiqa Takaful; and Dato’ Aminuddin Mohd Desa, Chief Executive Officer, Mayban Fortis Holdings Berhad. At the core of the Etiqa brand is the essence of humanizing insurance and takaful. 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. “We are aware that rising living standards and better education have 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,” said Tan Sri Mohamed Basir Ahmad. The brand essence of humanizing insurance is further supported by four brand attributes namely performance with conscience, crystal clear, hand-in-hand and rock solid. While performance will continue to be driven by innovation, belief in caring for people is equally vital to achieve corporate goals. With simplification and empowerment, Etiqa is 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 encapsulates 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,” said Dato’ Aminuddin Md Desa. Etiqa also endeavours to simplify the language used in all policies and ease the process so that customers do not have to sweat over fine print. Working hand-in-hand with the agency force, insurance and takaful branches, Maybank branches, the Internet, ATMs and other third-party banks, the streamlined operations provide full accessibility and total convenience to customers, unmatched by any other. Backed by Malaysia’s largest bank, Etiqa’s rock solid financial standing puts it in good stead to become the No.1 insurer by the financial year 2009. Mayban Fortis is already in pole position for the takaful businesses with a market share of 54 per cent in 2006. It is also ranked second and third in the life and general insurance businesses respectively. “Working in tandem, the corporate streamlining and rebranding exercise is our strategic initiative to enhance customer focus, product optimisation and channel excellence with the aim of maximising top-line growth and improving operational efficiency. However, in pursuing these goals, we will not lose sight of our promise to humanize insurance and takaful, and hence, caring for people is absolutely vital for our business sustainability,” added Dato’ Aminuddin Md Desa.
