Hong Leong MSIG Takaful launches new distribution channel


HONG Leong MSIG Takaful Bhd (HLM Takaful) has signed a partnership agreement with three agency leader corporations (ALCs) as part of its business mission to strengthen its distribution channel.

HLM Takaful CEO Mohd Asri Omar said the agreement will see the first three dedicated ALCs distributing a range of HLM Takaful’s innovative and comprehensive family takaful solutions and services.

“We are embarking on expanding the agency channel because the reality of the total growth for takaful within the industry depends quite hugely on agency.

“So, in order for us to accelerate our growth, we need to accelerate the growth of the agency size,” Mohd Asri told The Malaysian Reserve after the signing ceremony in Kuala Lumpur yesterday.

“We are doing a lot more activities and initiatives to make sure that the number of our agents are growing rapidly in a short time.

“Currently, we are looking at more than 30% growth year-on-year in this financial year,” he added.

According to him, currently HLM Takaful has about 1,400 agents and the takaful provider is looking to recruit up to 3,000 new agents on board.

“We have been very strong in bancatakaful channel, and it is our main distribution channel where we distribute the products through banks.

“But now, we are focusing more on agency because bancatakaful is already in the right direction to grow by itself with the strength that we already have,” he explained.

“Our partnership with the ALCs will not only enhance the quality of service by the intermediaries, but also provide more options for agency leaders to accelerate their growth in the takaful market.

“HLM Takaful is always on the lookout for mutually beneficial partnerships which increase the customer value proposition and deepen the takaful penetration in the country,” he said.

The ALCs that have signed the agreement are Panificio Sdn Bhd, Maypartners & Consultancy Sdn Bhd and ATP Setia Sdn Bhd.

In conjunction with the signing ceremony, HLM Takaful also introduced HLMFAST-IM solution, a digital sales platform for its agents to provide instant, efficient and superior customer service.

The company also unveiled its i-Jauhar, a savings and protection takaful plan which will be available in the market effective Oct 1, 2019.

According to Mohd Asri, the digital sales platform will empower its agents to provide superior customer experience with simple sales illustrations and straightforward sign-up process.

The takaful plan intends to provide customers the flexibility to contribute for as short as five years, but enjoy its benefits for up to 30 years.

Under the i-Jauhar plan, certificate holders can receive a continuous stream of income through its salient feature, living assistance payout (LAP) which provides customers an increase annual cash payout of up to 300% LAP sum covered.

Additionally, the plan also provides financial security where the certificate holders or their loved ones will receive a lump sum payment to see through the future in the case of death or total and permanent disability.