Thank you Malaysia for all your votes! Our team at iBanding is proud to announce the Best Motor Insurance and Takaful Companies for 2016, as voted by you! You have made this possible Malaysia. Each survey entry that we received represents your voice and your opinion about your motor insurance company. We believe that each and everyone of you makes a difference and plays a critical part in making the insurance industry a better place for all Malaysians. And for this we THANK YOU!
You can find the official press release on our webpage Motor Insurance Award Press Release.
Malaysian Motor Insurance Award Winners and Runner-Up 2016
Why Does Motor Insurance Award Matter?
You may wonder why it should matter which company is the best. After all, aren’t they all the same, or more or less the same? Especially since motor insurance prices are tariffed? True. Motor insurance prices, also called premium are more or less the same with very little difference. This is why Malaysians do not care much from which insurance company their insurance is. But watch out! The service that each company provides is not the same. A company that offers excellent service is not only more convenient for you, but most importantly, settles your claims quickly when you have an accident.
And even though the prices are the same today, very soon they will no longer be, because of Detariffication in Malaysia. Therefore knowing the best motor insurance companies is important, because you want to make a smart decision considering price and service.
iBanding will help you to find out how the insurance companies compare to each other through our Insurance Ranking. Our annual Motor Insurance and Takaful Award helps you to know which insurance company has been voted the best.
What is Motor Detariffication?
Motor De-tariffication, Motor Detariffication or sometimes called “Phased Liberalisation of Motor Tariffs” is the process by which the motor insurance prices are changed from fixed prices to flexible prices. The current way insurance prices are calculated is controlled by Bank Negara Malaysia. This means prices are the same (or almost the same) no matter which insurance company you buy from. This will change starting from July 1st, 2017.
Under De-tariffication, premium calculation method will no longer be controlled. This means that each insurance company can set their own price for each customer. So insurance prices become flexible. Today, other countries like Singapore and UK are already de-tariffed and customers benefit from customized motor insurance prices. You can find more about it on Bank Negara’s webpage for “Phased Liberalisation of Motor and Fire Tariffs”
What are some of the trends in 2016?
Over all the satisfaction by Malaysian consumers about their motor insurance has increased from 2015 to 2016. This is very positive, because this means that insurance companies are improving their customer service to get ready for the Motor Detariffication.
Also, very interesting to see is that the behavior on how customers buy insurance is changing. Our research shows that there is a visible trend from 2015 to 2016 that less people are buying their insurance from traditional insurance agents. In 2015, 5 out of 10 people bought their insurance from an insurance agent face to face. In below graph it is shown as “Traditional Agents”. In 2016, only 3 out of 10 people bought their insurance from their agents.
A small increase of 2.6% is seen by the Car and Motorcycle Dealers, also sometimes referred to as Franchise Dealers. Those are the places, where you buy your car and get your insurance together with the loan. One contributing factor, why more people continue their insurance with their dealers are special programs like the Total Protect program offered by Perodua.
A big increase of 7.2% is seen at places, where the customer can walk in and immediately purchase insurance like insurance branches, banks and Pos Malaysia office.
More and more customers buy their motor insurance online. The biggest increase of 8.2% is seen for the Internet. This is not only, because insurance companies like Etiqa Takaful or Takaful Ikhlas sell insurance online. Main reason are that companies like MyEG and other big agencies now also have web-based platforms to sell insurance directly online via their webpage. Example of agency that sell insurance are House of Insurance (HOI Services Sdn. Bhd.), einsuran.com and renewinsurance.com.my. It is expected that this way of buying insurance will even increase, if the anticipated trend of selling insurance directly via the web continues with the agents.
Biggest surprise of the survey for us was the reason why people recommended their insurance companies to their friends and family. The main reason was Service Quality. This is good to know for the insurance companies, because the way to attract more customers is not only price. The key to gain more customers is to provide better service. With the overall service quality improving, insurance companies are on the right track.
Below the complete 2016 Ranking of Motor Insurance and Takaful companies.
Ranking of Motor Insurance and Takaful Companies as voted by Malaysia 2016
Conventional Insurance
1. Allianz General Insurance72 points
2. Etiqa72 points
3. AXA Affin71 points
4. AmGeneral & Kurnia71 points
5. MSIG Insurance (Malaysia)71 points
6. AIA70 points
7. Zurich Insurance Malaysia70 points
8. RHB Insurance70 points
9. Lonpac69 points
10. AIG Malaysia68 points
11. Tokio Marine67 points
12. Berjaya Sompo65 points
13. Liberty, formerly Uni.Asia64 points
14. Chubb, formerly known ACE Jerneh63 points
15. Pacific Insurance, formerly MCIS62 points
16. Pacific & Orient57 points
Takaful Companies
1. Syarikat Takaful Malaysia82 points
2. Etiqa Takaful77 points
3. Takaful Ikhlas76 points
4. ZURICH TAKAFUL, formerly known MAA TAKAFUL69 points
Why are not all insurance companies listed in the 2016 ranking?
In our 2016 motor insurance survey, we have received over 4,000 survey responses. We use fraud detection and statistical methodsto ensure unbiased results, so that 2,600 responses accepted and went into the results. Unfortunately for some companies, we only received a few survey answers, so that we have not included them in the ranking. We decided to include only those companies for which we have received a significant number of respondents, so that the evaluation of a company is based on a solid foundation of survey respondents.
Malaysia Motor Insurance Award And You!
iBanding’s Malaysia Motor Insurance Award is an annual study. All Malaysians above 18 years of age with a valid motor insurance policy can participate in. The survey was first carried out in 2015 with a very encouraging response from the public.
Don’t forget, you too can let your voice be heard. Let us know your experiences with your motor insurance company, be it good or bad, and help Malaysia determine which motor insurance companies they should buy from.
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