KUALA LUMPUR: MCIS Insurance Bhd plans to roll out products, under the government's Perlindungan Tenang initiative, for the Bottom 40 per cent of household (B40).
In recent years, many insurers had rolled out affordable protection plans under Perlindungan Tenang, a national initiative to serve the needs of all Malaysians, which is supported by Bank Negara Malaysia.
The Perlindungan Tenang initiative aims to reach out to eight million working-age Malaysians and over 700,000 micro enterprises that currently need insurance and takaful protection against key risks in life.
Insurance policies under the Perlindungan Tenang initiative allows for simplified claims processes where the money will be paid out within five working days upon full documentation.
"In pursuing further growth, we're looking at offering products to the underserved segments of our community, particularly the B40 households," said MCIS Insurance chief executive officer and managing director Prasheem Seebran.
"We were number one in the first half of 2019 in new business growth for life insurance products.
“The industry grew at about 20 per cent and we reached 60 per cent (in the first half of 2019), well above the industry," he added.
Prasheem, a South African national, was speaking to reporters after Minister of Energy, Technology, Science, Environment and Climate Change Yeo Bee Yin and South Africa High Commissioner Hesamkelisiwe Mhlanga officiated at the rebranding of the insurer's products to MCIS Life here today.
“Our brand-new identity is all about empowering people to be a part of something bigger than themselves and what better way than contributing towards a better environment for everyone,” said Prasheem.
The rebranding of the life insurer marks a new era of mutual assistance and protection as the company also unveiled its brand promise of “People Helping People”.
MCIS Insurance, established in 1954, has grown to a size of more than 2,000 agents.
Since 2017, MCIS Insurance is 51 per cent-owned by South Africa's Sanlam Group.