New CEO is confident that MCIS could achieve a double-digit growth over the next 3 to 5 years as it also targets millennials
By DASHVEENJIT KAUR
MCIS Insurance Bhd is expected to expand its insurance solutions that would be targeted at the low-income households particularly the bottom 40% (B40) group.
Its new CEO Prasheem Seebran (picture) said the plan is part of the company’s latest round of rebranding, which would see its portfolio also expanding into the middle 40% (M40) market.
Prasheem, who is also the newly appointed MD, said the main focus for 2019 would be the company’s rebranding with various initiatives within the next few months that could push MCIS Insurance more firmly into the forefront of the highly saturated market.
“Our current target market is towards the lower part of the M40 group, so now my bigger aim is to begin serving the low-income market,” he told The Malaysian Reserve (TMR) in Petaling Jaya yesterday.
The corporate rebranding exercise by MCIS Insurance is slated for the fourth quarter of this year.
“We want to provide more solutions for the B40, and that is what excites me, something MCIS Insurance has been meaning to do,” Prasheem added.
He said the low penetration rate of insurance and takaful among the B40 segment is a critical issue, as the prospects are mainly people who are highly vulnerable to financial shocks due to their low levels of savings.
Apart from the M40 and B40 groups, Prasheem said MCIS Insurance is also shifting its focus towards the millenials, a large untapped market within the industry.
Millennials — those born between 1981 and 1996 — are generally not known to be big on life insurance coverage.
“I am definitely looking at focusing on millennials, and it is mainly about education. We have to let them know that it is about insuring your family when you pass on,” he said.
Prasheem said insurers have to be creative in tackling the various needs of the millenials.
The penetration of the new market would also see MCIS Insurance expanding its capabilities, while going big on creativity to allow millennials the convenience of picking their policies at their own comfort.
“That is how the idea of a mobile application came about and I know it will be happening very soon,” he said.
Prasheem said MCIS Insurance, along with its shareholder Sanlam Emerging Markets Proprietary Ltd, have also been keeping a very good relationship with Bank Negara Malaysia (BNM).
“The Malaysian market has been relevantly stable and we welcome any changes made by BNM, as we know it is for the betterment of the industry,” he told TMR.
Prasheem is confident that MCIS Insurance could achieve a double-digit growth over the next three to five years.
His appointment on March 2019 was part of MCIS Insurance’s major changes since the start of this year.
“The team now is really focused on building ourselves towards the age of digitalisation and to transform our culture into one that is nimble and agile,” he added.