Malaysia has voted: Etiqa, Tokio Marine and Sun Life win Best Insurance and Takaful Award in 2019
Independent consumer webpage iBanding.com has revealed its annual rankings for the best insurance and takaful companies in Malaysia
By: iBanding Etiqa Tokio Marine Sun Life
Every year iBanding conducts an online survey to find Malaysia's best insurance and takaful companies. iBanding's survey is unique as it is unbiased, unsolicited and offers valuable insight for Malaysians about insurance and takaful companies.
Meng Chau Chia, CEO of iBanding.com explains: "Many times awards are given out to companies because they have paid for the top position or a group of people in a jury or panel selected the winners. With people involved in the decision process, you cannot be sure that the results are neutral. iBanding's ranking and selection of winners use actual customer reviews and a complex statistical model to provide neutral, unbiased results. This best reflects what Malaysian consumers believe about the service level of a company. It works like websites such as Booking.com or TripAdvisor, but instead of hotels, we provide insights into Malaysian insurance and takaful companies."
iBanding asks in the survey 12 - 18 questions to calculate a total customer satisfaction score for each company. The answers to questions like "How many years did you have your insurance?", "How likely is it that you would recommend the company to a friend or colleague? "and "Did you have a claim?" go into the statistical model to then make an independent decision which company is the best. For example, the model will put more weight on survey answers from people who have their insurance for 6 and more years, than people that have insurance for only one year. The total company score is then used to rank the companies. The higher the score, the better the customer satisfaction.
This year Etiqa General Takaful Berhad wins the Best Motor Takaful Award, and Tokio Marine Insurans (Malaysia) Berhad wins the Best Motor Insurance Award. iBanding has released a report that ranks 18 conventional motor insurance and four takaful companies. The ranking does not list all companies, because companies that did not receive a substantial number of responses have been excluded to ensure data quality.
The survey was conducted online from November 2018 to March 2019, and over 10,000 Malaysians participated in the survey. Besides helping to find the best companies in Malaysia, survey participants could win electronic gadgets and cash vouchers.
"We are truly delighted to be voted by independent consumers as the winner of the 2019 Motor Insurance Award for our effort in providing quality motor insurance coverage to the Malaysian market," said Ng Hang Ming, CEO of Tokio Marine Insurans (Malaysia) Berhad (TMIM). "This is in line with our Group's long-term vision and corporate philosophy in striving To Be a Good Company. TMIM is committed to always improve and strive to provide the best for our customers."
Upon receiving the Award, Zaharudin Daud, CEO Etiqa General Takaful Berhad said, "We are honoured that, once again, Malaysians have chosen us as their preferred motor takaful provider. It is a fitting testament to Etiqa, and how a customer's experience with us is fast and easy, whether it's to make purchases, submit claims when receiving payouts or other services."
Since 2016, iBanding has given out the Best Motor and Takaful company Award every year. This year iBanding is expanding its survey to include life insurance and family takaful companies. The survey was filled out by over 6,200 Malaysians who shared their opinion about their life insurance or family takaful company. The report ranks seven life insurance companies and six family takaful companies.
This year Etiqa Family Takaful Berhad wins the Best Family Takaful Award, and Sun Life Malaysia Assurance wins the Best Life Insurance Award.
Zafri Ab Halim, CEO Etiqa Family Takaful Berhad said, "At Etiqa, we are all about delivering fast and easy services to our customers whilst ensuring we provide advice that has their best interest at heart. Thus we are thrilled to receive this inaugural Award, as voted by the Malaysian public."
"This Award is a fabulous acknowledgement of the progress of our Client for Life strategy which puts the Client at the centre of everything we do, by making it easier to do business with us, being more proactive and personalised, and improving our problem resolution. To be honoured with an Award that is based on our service level and actual clients' reviews are a validation of how every function across our company is focused on providing outstanding value to our clients. Our business is about making a meaningful difference in people's lives, and this is in line with our Business Purpose to help them achieve lifetime financial security and live healthier lives," says Raymond Lew, CEO & President / Country Head, Sun Life Malaysia
Luke Roho, Director of iBanding.com, explains: "Our reports and rankings help Malaysians to understand better the quality of service that companies provide. In today's age with so much information at our fingertips, it is not a secret anymore whether a company offers excellent or bad service. Malaysians freely write and share exceptional customer experience to help their friends and families to enjoy the same benefits. On the other hand, if they experience bad service, consumers are also quick to share it on social media to help others from making the same mistake. Our iBanding's survey and model captures that experience independently and summarises it in a ranking so that every Malaysian can benefit from that information. "
More information https://www.ibanding.com/