Takaful Ikhlas General-Tan Chong partnership to provide motor takaful products

KUALA LUMPUR, Jan 20  -- Reinsurer MNRB Holdings Bhd’s wholly-owned subsidiary, Takaful IKHLAS General Bhd is partnering Tan Chong Motor Holdings Bhd to provide motor takaful products and services to customers of the automaker brands, namely Nissan, Renault, Infiniti and JMC.

Takaful IKHLAS, in a statement today, said through the partnership, which commenced on Jan 5, the Takaful IKHLAS General motor takaful product and services will be distributed via Edaran Tan Chong Motor franchises and dealers nationwide.

Tan Chong Motors customers would also benefit from Takaful IKHLAS General’s fast and easy claims process, as well as the IKHLAS Waqf and Endowment (IWE) benefit.

Takaful IKHLAS president and chief executive officer Datuk Rudy Rodzila Che Lamin said the partnership would boost its market share among Tan Chong Motors customers.

Quoting Insurance Services Malaysia (ISM) Statistical Bulletin, he said the company recorded an 11.7 per cent growth in Gross Written Contribution (GWC) during the first nine months of 2021 amounting to RM353.2 million against RM316.1 million a year ago.

Growth was driven by the motor and personal accident businesses with their respective GWC growing by 15.4 per cent and 16.7 per cent, respectively, compared to a year ago.

This suggests that Malaysians were more aware of the product offerings. Thus, this partnership would enable them to penetrate a wider market segment and boost Takaful IKHLAS numbers in the years to come.

Head of Tan Chong Insurance Business Stream Joshua Yong said the partnership would pave the way for Shariah-compliant motor insurance products.

-- BERNAMA