iBanding Services Sdn. Bhd., an independent, knowledge-based company that provides transparent insights about the local insurance industry, recently awarded Syarikat Takaful Malaysia and Allianz Malaysia for the Best Motor Takaful Company and Best Motor Insurance Company in 2016 respectively. The awards were based on the results of a study conducted by iBanding and ranked insurance companies in Malaysia using feedback from Malaysian motor vehicle owners.
The annual study is based on the Net Promoter Score (NPS) methodology, which closely examines customer satisfaction. iBanding’s Study also uses statistical methods and fraud detection parameters to ensure unbiased results. From 4,000 unsolicited responses received nationwide in 2016, 2,600 responses were accepted, with Syarikat Takaful Malaysia scoring the highest for Islamic Insurance (or more often called Takaful), and Allianz Malaysia for Conventional Insurance.
The study revealed that Syarikat Takaful Malaysia customers are the most satisfied with their insurance services and recommend the motor insurance company to their family and friends more often than other companies. Takaful insurance holders quoted price, quality of service and policy benefits as the top three reasons why an insurance company is preferred.
“Our unique proposition of rewarding a 15% cash-back to our General Takaful customers for no claims during their coverage period, including Motor Takaful truly distinguishes us from any competitors in the industry. This award is a testament to the great benefits and undeniable value consistently being delivered to our Motor Takaful customers and further reflects the consumers’ approval of our brand and Motor Takaful products as we continue to strive in making life great for them,” said the Group Managing Director of the company, Dato’ Sri Mohamed Hassan Kamil.
Besides providing valuable insights from its study, iBanding’s yearly ranking of motor insurance companies for both Conventional and Takaful motor insurance provides consumers with the knowledge and confidence to choose the best insurance company that is right for them.
“For the past 30 years, Malaysians did not feel that it was necessary to shop around to compare different motor insurance policies. This was because motor insurance prices have been regulated by a tariff structure, which is set by Bank Negara Malaysia. This will change with the introduction of Motor Detariffication in July this year. With the implementation of Motor Detariffication, motor insurance prices are no longer regulated. This means that insurance companies will be able to set their own prices and offer a variety of differently priced services to consumers. However, lower price does not mean that the service offered is better. Our motor insurance ranking and insurance award will help consumers decide what company is best for them based on price and service quality. Ideally, consumers want to buy insurance with the best service and lowest price,” said Luke Roho, Co-Founder of iBanding.
Mr. Roho said that consumers will have to be ready for the changes that follow Motor Detariffication as buying motor insurance will become a bit more complicated. This is because insurance companies or agents will ask a lot more questions.
“This additional information will help insurance companies decide if you are a safe driver or a risky driver, which will ultimately affect the price of the insurance plan. If the insurance company decides that you’re more of a risky driver than a safe one, the price of your insurance will be higher. This means that two individuals purchasing the same car model may have to pay different insurance prices based on various considerations like occupation and traffic violations. With so many options to consider, it can be overwhelming especially for first time buyers. iBanding helps consumers select the right company through its annual Motor Insurance Award,” he explained.
iBanding is the first company in Malaysia that offers transparent, independent consumer insights into the motor insurance industry, “We are in a great position to lead the industry after detariffication is implemented, as there is no other independent company that provides insights into consumer experiences for motor insurance. We take this responsibility seriously and are dedicated to help consumers learn more on insurance, and provide independent information to Malaysians, so that they can find the best motor insurance for them,” Mr. Roho said.